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Climate change is a global phenomenon, but the institutions needed to implement effective policy reside mainly with national governments. This mismatch explains why serious efforts to control emissions of greenhouse gases, such as markets for emission credits, are fragmented across national and regional lines. Climate policy is emerging from the bottom up rather than through globally orchestrated treaties such as the Kyoto Protocol.
The stellar performance of BP's emission control program has led many observers, inside and outside BP, to ascribe success to the firm's emissions trading system. As countries and other firms have considered the adoption of trading systems they often point to BP's pioneering experience as a guiding star. Yet no study has ever explained the operation and impact of BP's trading system. Which factors truly drove the leaders of BP's business units to cut emissions? What lessons should be learned from BP's experience to guide other trading systems?
This paper is part of a larger study on the historical experience of Independent Power Producers (IPPs) in countries undergoing transition in their institutions of governance. The study seeks to explain the patterns of investment in IPPs and project outcomes with the aim of using this information to plot alternative future models for IPP investment. This paper follows the research methods and guidelines laid out in the research protocol, "The Experience with Independent Power Projects in Developing Countries: Introduction and Case Study Methods".
This paper is part of the wider Program on Energy and Sustainable Development study on the historical experience of Independent Power Producers (IPPs) in countries that are in the midst of transforming the industrial organization of their electric power sectors. The study seeks to explain the patterns of investment in IPPs and the variation in IPP experiences. The aim is not only to assess the historical record accurately but also to chart possible future paths for the IPP mode of power sector investment.
A new currency is emerging in world markets. Unlike the dollars, ruros and yen that trade for tangible goods and human services, money exchanges hands for pollution - particularly emissions of carbon dioxide, which are caused by burning fossil fuels and are the leading cause of global climate change. Carbon credits, as they are called, are poised to transform the world energy system and thus the world economy.
Experience with Independent Power Projects (IPPs) in Developing Countries: Introduction and Case Study Methods, The
Starting in the late 1980s many nations began to reform their electric power markets away from state-dominated systems to those with a greater role for market forces. In developing countries, especially, these reforms have proved challenging. Successful reform requires a complex set of institutions and complementary reforms, such as in public finance and corporate governance. State-dominated systems typically create their own powerful constituencies that block or redirect the reform process.