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[ D] The Kyoto Protocol sets legally binding emission targets for industrialized countries contained in Annex B of the Protocol. Furthermore, it allows for the use of the so-called flexible mechanisms, i.e. emissions trading (ET), joint implementation (JI) and the clean development mechanism (CDM). The idea of these instruments is to allow countries to reduce emissions where it is cheapest. The pre-requisites to using these instruments and achieving a given target in a cost efficient way are - among others - the design of a sufficient compliance regime (monitoring and sanctions in the case of non-compliance) and a functioning market for emission rights. We seek to identify areas where emissions trading might be applicable and what shape the design should take in order to achieve a well-functioning market. In doing so, we take into account issues like transaction costs, regulatory overlaps and market power. Especially in this field, we combine quantitative (modelling) and qualitative (policy design) methods in order to improve the quality of our research.
