ABSTRACT
Despite the long negotiations and the compromises that many felt seriously weakened the final agreement, the months following the adoption of the Kyoto Protocol in late 1997 were times of heady enthusiasm among those who championed the cause of climate protection and sustainable development. In particular, those who saw the use of market mechanisms as an essential part of the environmental policy toolkit were excited by the inclusion of International Emissions Trading, Joint Implementation and the Clean Development Mechanism among the Protocol’s provisions.
