Climate change is seen as the most pressing environmental problem of our time by many companies, policymakers and other stakeholders. It is currently also at the forefront of attention in view of attempts to conclude a successor to the Kyoto Protocol that expires in 2012. In bail-out plans and...

Although the Kyoto Protocol intended to implement emissions trading globally, this has so far been impossible. As a result, particularly Multinational Corporations (MNCs) currently face a wide variety of emissions trading schemes that differ in scope and enforcement, thus creating divergent...