
A review of Global Carbon Markets from Kyoto to Paris and beyond: the persistent failure of implementation
1 IntroductionSince the Kyoto protocol (KP) in 1997, carbon markets have emerged as a main politico-economic tool in global efforts to address climate change (Böhm et al., 2012). The idea of Global Carbon Markets (GCM) was first introduced under the KP as one of the so-called flexibility mechanisms, i.e., the joint implementation schemes and clean development mechanism. These are mechanisms that constitute attractive options due to their potential to exploit cost-effective mitigation potential and activate the private sector (Höhne et al., 2015). The Paris Agreement (PA) provides for global markets by acknowledging that states, if working together to implement their