CONTENTS -- Acknowledgments -- About the Authors -- Chapter 1. Clean Development Mechanism: Past, Present, and Future -- ABOUT THIS BOOK -- BOOK OUTLINE -- BOOK CHAPTERS -- An Updated Review of Carbon Markets, Institutions, Policies, and Research -- The Activities Implemented Jointly Pilots: A Foundation for Clean Development Mechanism? -- Cost of Mitigation under the Clean Development Mechanism -- Diffusion of Kyoto's Clean Development Mechanism -- Why Adoption of the Clean Development Mechanism Di.ers Across Countries? -- Clean Development Mechanism as a Cooperation Mechanism -- Why So Few Agricultural Projects in the Clean Development Mechanism? -- CONCLUSION AND POLICY IMPLICATIONS -- EPILOGUE -- REFERENCES -- Chapter 2. An Updated Review of Carbon Markets, Institutions, Policies, and Research With Contributions by Philippe Ambrosi and Rebecca Entler -- SCIENCE AND POLICY -- FEATURES OF THE CLIMATE CHANGE FRAMEWORK -- Obligations Under the Framework -- Flexibility Mechanisms -- Emission Allocations and the Choice of Policy Instruments -- Permit systems versus carbon taxes -- Current Instruments -- Project Rules -- The CDM Project Cycle -- The JI Project Cycle -- Land Management Projects -- Supplementarity, Additionality, Diversion, and Carry Over -- Supplementarity -- Additionality and baselines -- Managing tradable units inventories under Kyoto -- Compatibility with the Trade Agreements40 -- EXPECTED OUTCOMES FROM THE CLIMATE CHANGE FRAMEWORK -- Policy Evaluations and Predictions -- Model Structures and Technology -- Market Power -- Leakages, Ancillary Bene.ts, and Crowding Out -- Uncertainty, Discounting, and Intergenerational Tradeoffs -- Technology Development and Transfer as a Policy Instrument -- Technology transfer and project financing -- DOMESTIC POLICIES IN THE EUROPEAN UNION, THE US, AND AUSTRALIA -- EU Emissions Trading Scheme.

Integration with the Climate Change Framework -- Regional Initiatives and Voluntary Markets -- Oregon -- California62 -- Northeastern US -- Chicago Climate Exchange -- Australia -- CARBON MARKETS64 -- Model Studies of Potential Size of the Market for the Flexibility Mechanisms -- The Evolution of Carbon Project Financing -- Evaluations of mitigation potential and project investment -- The Geographic Distribution of Kyoto-Project Credits -- Balance across asset classes -- Who is buying project credits? -- Markets and the pricing of project credits -- CONCLUSIONS AND AREAS FOR FUTURE STUDY -- REFERENCES -- ANNEX 2.1: Glossary of Acronyms. -- Chapter 3. The Activities Implemented Jointly Pilots: A Foundation for Clean Development Mechanism? With Contributions by Gunnar Breustedt -- ORIGINS OF THE AIJ PROGRAM -- RELATED STUDIES -- Numeric Studies -- Investment and Agency Approval -- Multilateral and Bilateral Transaction Costs -- A MODEL OF PROJECT INVESTMENT -- Conceptual Model -- Applied Model -- An Alternative Dichotomous Model -- Internalized Agency Preferences and Transaction Costs -- Additional Estimation Concerns -- DATA DESCRIPTION -- AIJ Investments -- Variables Affecting Investment Choice -- Variables Affecting Agency Preferences -- EMPIRICAL RESULTS -- Baseline Model Specification -- Project investment -- Agency preferences -- Model specification tests -- Revisiting the Contemporaneous Correlation Assumption -- Epilogue -- CONCLUSION -- REFERENCES -- Chapter 4. The Cost of Mitigation Under the Clean Development Mechanism -- ESTIMATING EMISSIONS ABATEMENT COST OF THE CDM -- Background -- The Conceptual Model -- The Applied Emissions Abatement Cost Function -- DATA DESCRIPTION -- Project Abatement Capacity -- Initial Investment, Income from Power Sales, and Maintenance Costs -- MODEL SPECIFICATION AND ESTIMATION RESULTS.

CONCLUSIONS AND POLICY IMPLICATIONS -- REFERENCES -- ANNEX 4.1. The methodology for calculating (separating) the cost of emissions abatement for the CDM projects that produce tradable outputs -- Chapter 5. Diffusion of Kyoto's Clean Development Mechanism -- TECHNOLOGY DIFFUSION LITERATURE -- MITIGATION POTENTIAL, MODEL PREDICTIONS, AND THE CDM PIPELINE -- IS CDM ON TRACK? -- Data Description -- Applied Diffusions Models -- Estimation Results -- SUMMARY AND CONCLUSION -- REFERENCES -- Chapter 6. Why Adoption of the Clean Development Mechanism Differs Across Countries? -- THEORETICAL FRAMEWORK AND EMPIRICAL MODELS -- The Empirical Models -- Variables and Hypotheses -- DATA AND MEASUREMENTS -- ESTIMATION PROCEDURES -- RESULTS -- Growth of CDM in the World and in Individual Countries -- CDM Adoption by the Host Countries -- CDM Adoption by the Investor (Annex B) Countries -- CONCLUSIONS AND POLICY IMPLICATIONS -- REFERENCES -- ANNEX 6.1: Methodology for the Data Collection on the Capital Cost Data From Clean Development Mechanism Project Activity.14 -- Methods in Obtaining Capital Cost Data -- Perspective in Capital Cost Data -- Chapter 7. Clean Development Mechanism as a Cooperation Mechanism With Contributions by Philippe Ambrosi -- CONCEPTUAL FRAMEWORK -- Foreign Direct Investment, Foreign Aid, and International Trade -- Enabling Environment: Governance, Regulations, and Business Climate -- HYPOTHESES -- DATA DESCRIPTION, VARIABLE CONSTRUCTION, AND EMPIRICAL SPECIFICATION -- ESTIMATION PROCEDURES -- DESCRIPTIVE STATISTICS RESULTS -- Dyad-level Descriptive Statistics -- Results for the Cooperation Estimates -- CONCLUSIONS AND POLICY IMPLICATIONS -- REFERENCES -- ANNEXE 7.1 -- Chapter 8. Why So Few Agricultural Projects in the Clean Development Mechanism? With Contributions by J. Aapris Frisbie -- POTENTIAL SOURCES OF MITIGATION IN AGRICULTURE.

AGRICULTURAL AND LAND-USE PROJECTS UNDER THE CDM -- Baseline Methodologies for Agricultural and Land-use Forestry Projects -- PROJECT MARKETS OUTSIDE THE CDM -- HURDLES TO INCLUDING AGRICULTURAL PROJECTS IN THE CDM -- Objections to the CDM and their Influence on Its Design -- Flexibility Mechanisms -- Creating New Credits -- The development objective and bilateral approval -- Land Management Projects -- Consequences for Pricing and Profitability -- ANCILLARY BENEFITS AND SUSTAINABLE RURAL DEVELOPMENT -- Soil Carbon Sequestration and Productivity -- Carbon Sequestration and Other Environmental Services -- PATHS FORWARD -- Modifying the CDM -- Supplemental and Additional Mechanisms for Investing in Land-use Mitigation Projects -- CONCLUSIONS -- REFERENCES -- ANNEXE -- Chapter 9. Conclusion -- AIJ AS A MODEL -- ABATEMENT COSTS VIA CDM -- DIFFUSION OF THE CDM -- ADOPTION DETERMINANTS -- CDM AS A COOPERATION MECHANISM -- WHY SO FEW AGRICULTURAL PROJECTS? -- THE DEBATE ON CDM PERFORMANCE COMPARED TO ITS ORIGINAL OBJECTIVES -- The Mitigation Impact of the CDM -- Stimulate Capital Flows -- Did the CDM Tap the Lowest Cost Abatement Opportunities? -- Technology Transfer -- Promote Development -- FINAL REMARKS -- REFERENCES -- Index.