Document Type


Publication Date



International Emission Trading (IET) has been a key element of the cost-containing flexible mechanisms of the Kyoto Protocol and could prove to be a useful tool in the future. However, trading of AAUs from countries whose emissions have declined since their baseline year under the Kyoto Protocol has led critics to be skeptical of carbon markets due to the lack of actual emission reductions that occur as a result of these trades.

Copyright Statement

This is an author-produced, peer-reviewed version of this article. The final, definitive version of this document can be found online at Joint Implementation Quarterly, published by Joint Implementation Network. Copyright restrictions may apply.