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SUMA K4175 Global Environmental Markets. 3 points.

Harnessing the power of financial markets to address environmental challenges is not a new idea, yet it offers one of the most promising mechanisms to deal with many of the world's most pressing issues including climate change, deforestation, acid rain, biodiversity and water. Environmental markets utilize transferable permits to control pollution, and have evolved from a little known policy tool to a broadly applied international program to address the largest global environmental challenges. The course will examine the theory and practice of environmental markets and will consider why emissions can now be traded. Climate change, carbon markets and the international agreements that underpin carbon markets will be discussed. The class will also look at the role of the public sector, including various U.N. agencies, multilaterals such as the World Bank, and various United States regulatory agencies including the Environmental Protection Agency, as well as the part played by the private sector. The course will end with a look to the future, to the role of the developing world, to the direction that international negotiations are heading and to programs such as avoided deforestation (REDD).