A decade after the Climate Change Convention from Rio in 1992 the developed world - excluding the U.S. - is likely to ratify the Kyoto Protocol, which will impose legally binding greenhouse gas emission reductions on industrialized countries. Taking account of the agreements achieved at the Conferences of Parties to the United Nations Framework Convention on Climate Change in Bonn and Marrakech, this paper quantifies international prices for emission permits under different policy-relevant scenarios for the implementation of the Kyoto Protocol. These prices constitute a key parameter for detailed economic impact analyses of German climate policies.

Keywords

Kioto-Protokoll, Zertifikatepreise, Klimaschutz, PACE