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Political implications of the long-term effect of surplus from the first and second Kyoto period

Reports

November 2012

There is a vast surplus of units in Kyoto's cap-and-trade system. . If no solution for the carry-over of this surplus from commitment period to commitment period is found, countries that have put forward a target for the second commitment period may be under no pressure to deviate from business-as-usual emissions until 2026.