Skip to main content

Thank you for visiting nature.com. You are using a browser version with limited support for CSS. To obtain the best experience, we recommend you use a more up to date browser (or turn off compatibility mode in Internet Explorer). In the meantime, to ensure continued support, we are displaying the site without styles and JavaScript.

  • Commentary
  • Published:

Is the global carbon market working?

The Clean Development Mechanism can be viewed not only as a market, but also as a subsidy and a political mechanism. Michael Wara argues that it has been most effective, so far, in achieving its political goals.

This is a preview of subscription content, access via your institution

Access options

Rent or buy this article

Prices vary by article type

from$1.95

to$39.95

Prices may be subject to local taxes which are calculated during checkout

References

  1. DEFRA EU Emissions Trading Scheme, UK National Allocation Plan at http://www.defra.gov.uk/phaseII-nap.pdf (2006).

  2. Victor, D. G., House, J. & Joy, S. Science 309, 1820–1821 (2005).

    Article  CAS  Google Scholar 

  3. Energy Information Administration International Energy Outlook 2006 at http://www.eia.doe.gov/oiaf/ieo/index.html (2006).

  4. Wara, M. Measuring the Clean Development Mechanism's Performance and Potential at http://pesd.stanford.edu/publications/cdm (2006).

  5. Heller, T. C. & Shukla, P. R. Development and Climate: Engaging Developing Countries (Pew Center on Global Climate Change, Arlington, 2003).

    Google Scholar 

  6. Jackson, M., Joy, S., Heller, T. C. & Victor, D. Greenhouse Gas Implications in Large Scale Infrastructure Investments in Developing Countries: Examples from India and China at http://pesd.stanford.edu/publications/deals/ (2006).

Download references

Author information

Authors and Affiliations

Authors

Additional information

See Business, page 584 .

Rights and permissions

Reprints and permissions

About this article

Cite this article

Wara, M. Is the global carbon market working?. Nature 445, 595–596 (2007). https://doi.org/10.1038/445595a

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1038/445595a

This article is cited by

Search

Quick links

Nature Briefing

Sign up for the Nature Briefing newsletter — what matters in science, free to your inbox daily.

Get the most important science stories of the day, free in your inbox. Sign up for Nature Briefing