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Faure, Michael; Peeters, Marjan --- "Introduction" [2011] ELECD 259; in Faure, Michael; Peeters, Marjan (eds), "Climate Change Liability" (Edward Elgar Publishing, 2011)

Book Title: Climate Change Liability

Editor(s): Faure, Michael; Peeters, Marjan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849802864

Section: Chapter 1

Section Title: Introduction

Author(s): Faure, Michael; Peeters, Marjan

Number of pages: 10

Extract:

1. Introduction
Michael Faure and Marjan Peeters

1. PROBLEM DEFINITION: REASONS FOR THIS
BOOK

Climate change has undoubtedly been the most important topic in envi-
ronmental law and policy on the agenda of both policy makers and envi-
ronmental lawyers since the beginning of the 21st century. Moreover, it is
highly likely that this will continue to be the case for at least a large part
of the remainder of it as well. Lawyers critically accompany the political
process by commenting on instruments that are developed at interna-
tional, regional and local level to attempt to mitigate climate change and
to adapt to its consequences. Much research has therefore understandably
been devoted to the legal aspects of the document that constitutes the basis
for the international legal framework to fight climate change, being the
United Nations Framework Convention on Climate Change (UNFCCC)
and more particularly to its most important legal instrument, the Kyoto
Protocol.1 Much research has more particularly been focused on the
question of which would be the legal or policy instrument most suited
to provide incentives to industry and other sources to reduce greenhouse
gas emissions. In line with the use traditionally suggested by economists
of Pigovian taxes to internalize environmental externalities, the market-
based instrument of emissions trading has become very popular not only
in theory but also in practice. Economic literature is however still divided
on the preference for carbon taxes or carbon trading,2 and some still argue
for taxes, or even a hybrid ...