Carbon markets after Durban

Reyes, Oscar
May 2012
Ephemera: Theory & Politics in Organization;May2012, Vol. 12 Issue 1/2, p19
Academic Journal
The carbon market is in crisis, with offset prices crashing to all-time lows and carbon branded the 'world's worst performing commodity'. Yet, as traders withdraw from the market, climate negotiators at COP17 have agreed to expand the scope of the Clean Development Mechanism (CDM) and create 'new market mechanisms'. This article examines the record of the CDM and the Durban decision to keep it alive in the absence of binding emissions reduction targets. It then examines the reasons behind the creation of 'new market mechanisms', arguing that these are locked into international negotiations by a mix of interest, ideology and institutional inertia, as well as being consistent with broader attempts to redefine the international climate regime.


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