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202 development dialogue september 2006 – carbon trading61 Curtis A. Moore, ‘Marketing Failure: TheExperience with Air Pollution Trading in the UnitedStates’, Health and Clean Air, 2003, http://www.healthandcleanair.org/emissions/marketing_failure.pdf or www.acidrain.org/AN2-04.htm.62 Ibid., p. 9; David M. Driesen, ‘Is Emissions Tradingan Economic Incentive Program? Replacing theCommand and Control/Economic IncentiveDichotomy’, Washington and Lee Law Review 55, 1998.63 Ibid.64 United Nations Framework Convention on ClimateChange (UNFCCC), document FCCC/SB/1999/8,149 f.65 Douglas Russell, ‘Design and Legal Considerationsfor North American Emissions Trading’, June 2002,Working Paper for the Commission for EnvironmentalCooperation of North America, Montreal; C.Philibert and J. Reinaud, ‘Emissions Trading: TakingStock and Looking Forward’, OECD, Paris, 2004,http://www.oecd.org/dataoecd/58/59/32140134.pdf,note that allowances granted to corporations ‘canbe assimilated to a lump-sum subsidy’ (p. 22). Seealso Aaron Cosbey, ‘The Kyoto Protocol and theWTO’, Royal Institute for International Affairs andInternational Institute for Sustainable Development,London, 1999; and Tom Brewer, ‘The Trade andClimate Regimes: Compatibilities and Conflicts inWTO-Kyoto Relationships’, Policy Brief, McDonoughSchool of Business, Georgetown University,Washington DC, 2002.66 UNFCCC, ‘Principles, Nature and Scope of theMechanisms Pursuant to Articles 6, 12 and 17 of theKyoto Protocol’, Preamble Paragraph 5, Decision15./CP.7; and Draft Decision -/CMP.1 (mechanisms).67 Financial Times, 29 May 2005; Helmut Schreiber,World Bank Europe and Central Asia Department,‘World Bank Carbon Finance: Experience, Strategyand New Products: Opportunities and Challengesunder the Kyoto Protocol for Russia’, Moscow, 22December 2004; Richard Rosenzweig et al., ‘TheEmerging International Greenhouse Gas Market’,March 2002, Pew Centre for Climate Change,Washington.68 United States Department of Energy, ‘EnergyInformation Administration, Analysis of S.139, theClimate Stewardship Act of 2003: Highlights andSummary’, Washington, p. 6.69 Cole, op. cit supra note 19, p. 86.70 Steve Rayner, Testimony to House of CommonsEnvironmental Audit Committee, in House ofCommons Environmental Audit Committee, TheInternational Challenge of Climate Change: UKLeadership in the G8 and EU. Fourth Report of Session2004–5, The Stationery Office, London, 2005, p. Ev141.71 Fiona Harvey and Raphael Minder, ‘Permit GlutUndermines EU Carbon Scheme’, Financial Times,15 May 2006.72 Per Lekander, ‘Guest Comment’, Carbon MarketEurope, 12 May 2006, p. 3.73 Fred Pearce, ‘A Most Precious Commodity’, NewScientist 2481, 8 January 2005, p. 6.74 Energy Risk, 8 July 2004.75 Fred Pearce, ‘A Most Precious Commodity’, NewScientist 2481, 8 January 2005, p. 6.76 ‘Is it All Over for Phase One?’, Carbon MarketEurope, 5 May 2006.77 ‘Commission Reassures on Carbon Price Crash’,Environmental Finance News, 4 May 2006.78 Carbon Market Europe, 12 May 2006.79 ‘EU ETS Hits German Firms Too Hard – Report’,Point Carbon, 1 June 2006.80 ‘[F]or renewables, it is a pretty thin slice [ofincentives] from emissions trading, the rest comesfrom other incentives’ (James Cameron, ClimateChange Capital, Evidence given before House ofLords Select Committee on the European Union,‘Towards a Sustainable EU Policy on ClimateChange’, 24 March 2004, p. 34).81 Garth Edwards, presentation at InternationalEmissions Trading Association, Fifth AnnualWorkshop on Greenhouse Gas Emissions Trading,Paris, 27–28 September 2005.82 IPA Energy Consulting, ‘Implications of the EUEmissions Trading Scheme for the UK PowerGeneration Sector’, report to the UK Department ofTrade and Industry, 11 November 2005.83 James Cameron, Testimony to House of CommonsEnvironmental Audit Committee, in House ofCommons Environmental Audit Committee, TheInternational Challenge of Climate Change: UKLeadership in the G8 and EU. Fourth Report ofSession 2004–5, The Stationery Office, London,2005, p. Ev130.84 Rayner, op. cit. supra note 70.85 Open Europe, ‘The High Price of Hot Air: Why theEU Emissions Trading Scheme is an Environmentaland Economic Failure’, Executive Summary, London,2006, http://www.openeurope.org.uk/research/ets.pdf, p. 3.86 ‘RWE Makes CO 2 Windfall Profits of €1.8 billion,Users Claim’, Point Carbon, 26 October 2005.The industry has struck back by saying that lack ofcompetition in electricity markets makes the EUETS ‘absurd’ (Point Carbon, 3 February 2006).87 Point Carbon, 29 September 2005.