1: Introduction and Motivation -- 1.1 Introduction and Motivation -- 2: Joint Implementation -- 2.1 Introduction -- 2.2 What is Joint Implementation? -- 2.3 Joint Implementation in International Law -- 2.4 Forms of FCCC Trading -- 2.5 Problems -- 2.6 Conclusions -- Appendix 2 A: Agreement Reached at FCCC COP 1 in Berlin, 20 March - 7 April 1995 -- 3: The Cost of Carbon in a Carbon Permit Market -- 3.1 Introduction -- 3.2 The FCCC Pilot Phase -- 3.3 Carbon Damage Costs -- 3.4 The Data -- 3.5 Methodology -- 3.6 Results -- 3.7 Sensitivity Analysis -- 3.8 Rusagas -- 3.9 Conclusions -- 4: The Carbon Hierarchy Revisited -- 4.1 Chapter 3's Results -- 4.2 Support for Chapter 3's Results -- 4.3 The Carbon Hierarchy -- 4.4 Will Prices Fall as Trading Begins? -- 4.5 Wider Costs of Emission Reduction -- 4.6 Joint Implementation as Foreign Policy -- 4.7 Conclusions -- 5: Summary and Conclusions -- 5.1 Summary -- 5.2 Conclusions -- Units.

Lowering the Cost of Emission Reduction by Dr Michael Ridley investigates a novel way to reduce the cost of carbon dioxide and sulphur dioxide emission reduction. This book asks whether allowing countries to substitute emission reduction undertaken abroad in lieu of emission reduction at home will reduce the cost of emission reduction and allow more rapid and acute falls in pollution. Analysing US Department of Energy data on US emission reduction projects undertaken in Eastern Europe and Central America, this book explains differences in the cost of emission reduction by method and by country. The book sets out the conditions that would allow a joint implementation system to evolve into a full-blown tradable permits system. Political and practical objections to joint implementation are aired and addressed. This book is targeted at the environmental policy community, government officials, academics, the NGO community, economists and financiers, members of large corporations and museum educators everywhere.