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The Reduction Of Air Pollution: States And Markets For An Environmental Global Governance, Marta D'Auria

Bocconi Legal Papers

The air pollution is a global issue; therefore, in order to deal with it, the solution cannot be national. Not only does the Kyoto Protocol establish specific deadlines and quantitative targets for the reduction of greenhouse gases, but it also provides for the so-called ‘flexibility mechanisms’. Among these, it should be mentioned the ‘emissions trading’ system, which establishes a cap of allowable emissions, by allocating ‘emissions allowances’ and trade in them. The paper analyses four main aspects. Firstly, the choice of market-based instruments in the environmental policy, which mark the shift from ‘command-and-control’ to a new type of regulation. Secondly, …