ABSTRACT
Introduction To date, international negotiations to address climate change have largely focused on the problem of designing market-based tools to encourage efficient adjustments in the carbon intensity of the global economy. The Conference of Parties1 (COP) process has promoted this profit-focused strategy in the belief that it is essential to facilitate cooperation in the reduction of greenhouse gas (GHG) emissions. Its work is codified in the Kyoto Protocol2 and the Marrakech Accord.
