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Article: Making markets work: A review of CDM performance and the need for reform

TitleMaking markets work: A review of CDM performance and the need for reform
Authors
Issue Date2008
PublisherOxford University Press. The Journal's web site is located at http://ejil.oxfordjournals.org/
Citation
European Journal Of International Law, 2008, v. 19 n. 2, p. 409-442 How to Cite?
AbstractThe Kyoto Protocol's Clean Development Mechanism (CDM) is the first global market mechanism in international environmental law. It has been much lauded for its success. However, doubts whether the CDM governance structure is robust enough to meet the challenges of regulating an international market mechanism in the long term are emerging. The Executive Board (EB)'s decision-making practice is often not predictable and many of its decisions have come as a surprise to project participants and technical project experts. Members of the EB often have multiple responsibilities which result in a complicated situation of conflicting interests. Finally, private sector participants in the CDM who have been aversely affected by EB decisions have no right of recourse and essentially little if any due process rights. This article argues that incorporating mechanisms to promote procedural fairness and creating an appeals process for aggrieved CDM participants will promote transparency and accountability in the CDM decision-making processes. This is essential for the sound operation of the CDM regulatory regime which will have a direct positive effect on the international carbon market. After conducting a comparative analysis of other regimes in which international bodies take decisions that directly affect individuals, most notably the system of targeted sanctions of the UN Security Council and the Anti-Doping Regime, as well as examining the World Bank Inspection Panel and the European Ombudsman as models of international review mechanisms, the authors set out proposals for reform of the CDM, including professionalizing the EB and the panels, securing better and more consistent funding, the elimination of political interference, and the introduction of administrative law-like processes. © The European Journal of International Law Vol. 19 no. 2 EJIL 2008; all rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/74793
ISSN
2015 Impact Factor: 0.913
2015 SCImago Journal Rankings: 0.722
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorStreck, Cen_HK
dc.contributor.authorLin, Jen_HK
dc.date.accessioned2010-09-06T07:04:56Z-
dc.date.available2010-09-06T07:04:56Z-
dc.date.issued2008en_HK
dc.identifier.citationEuropean Journal Of International Law, 2008, v. 19 n. 2, p. 409-442en_HK
dc.identifier.issn0938-5428en_HK
dc.identifier.urihttp://hdl.handle.net/10722/74793-
dc.description.abstractThe Kyoto Protocol's Clean Development Mechanism (CDM) is the first global market mechanism in international environmental law. It has been much lauded for its success. However, doubts whether the CDM governance structure is robust enough to meet the challenges of regulating an international market mechanism in the long term are emerging. The Executive Board (EB)'s decision-making practice is often not predictable and many of its decisions have come as a surprise to project participants and technical project experts. Members of the EB often have multiple responsibilities which result in a complicated situation of conflicting interests. Finally, private sector participants in the CDM who have been aversely affected by EB decisions have no right of recourse and essentially little if any due process rights. This article argues that incorporating mechanisms to promote procedural fairness and creating an appeals process for aggrieved CDM participants will promote transparency and accountability in the CDM decision-making processes. This is essential for the sound operation of the CDM regulatory regime which will have a direct positive effect on the international carbon market. After conducting a comparative analysis of other regimes in which international bodies take decisions that directly affect individuals, most notably the system of targeted sanctions of the UN Security Council and the Anti-Doping Regime, as well as examining the World Bank Inspection Panel and the European Ombudsman as models of international review mechanisms, the authors set out proposals for reform of the CDM, including professionalizing the EB and the panels, securing better and more consistent funding, the elimination of political interference, and the introduction of administrative law-like processes. © The European Journal of International Law Vol. 19 no. 2 EJIL 2008; all rights reserved.en_HK
dc.languageengen_HK
dc.publisherOxford University Press. The Journal's web site is located at http://ejil.oxfordjournals.org/en_HK
dc.relation.ispartofEuropean Journal of International Lawen_HK
dc.rightsEuropean Journal of International Law. Copyright © Oxford University Press.en_HK
dc.titleMaking markets work: A review of CDM performance and the need for reformen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0938-5428&volume=19&issue=2&spage=409&epage=442&date=2008&atitle=Making+Markets+Work:+A+Review+of+CDM+Performance+and+the+Need+for+Reform+en_HK
dc.identifier.emailLin, J:jolene@hku.hken_HK
dc.identifier.authorityLin, J=rp01262en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1093/ejil/chn014en_HK
dc.identifier.scopuseid_2-s2.0-44449110050en_HK
dc.identifier.hkuros142836en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-44449110050&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume19en_HK
dc.identifier.issue2en_HK
dc.identifier.spage409en_HK
dc.identifier.epage442en_HK
dc.identifier.isiWOS:000256796800006-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridStreck, C=24336992700en_HK
dc.identifier.scopusauthoridLin, J=24335664100en_HK

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