기후변화협약 신축성 메커니즘의 경제적 파급효과 비교 연구

Abstract

Abstract A Comparative Analysis for the Economic Consequences of the Kyoto Flexibility Mechanism This essay introduces the fundamental issues in need of new analysis that explains the economic consequences of the Kyoto flexibility mechanism. First, the role of the Kyoto flexibility mechanism for the sustainable development is explained in the line with the development of the efficient financial industry for the economic growth by emphasizing the efficient working of the carbon financial sector. To explain the economic consequences of the emission trading system of the Kyoto mechanism, the essay secondly discusses the case in which the carbon credits for emission as the financial derivatives are traded in the future markets. The positive externalities that increase in trading the emission permits in the carbon financial market as well as the various types of advances or innovations in the clean technologies could be the favourable consequences although abating carbon emission for the firms are nonetheless costly. The externalities can be encouraged at the well organized institutional arrangement and necessary policies. Thirdly, the clean development mechanism(CDM) could be beneficial for both the donor and accepting countries with economic profits and emission abatements. But this promising features of the CDM may be tarnished when the donor countries strategically decide the level of clean technology transfer for sustaining the international comparative advantage against its competitors. Thus, rigorous empirical studies with the relevant data sets are needed to examine the successful implementation of the Clean Development Mechanism.