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	bibo:abstract "This paper examines the potential costs of a ceiling on the use of flexibility mechanisms in the Kyoto Protocol using POLES, a partial equilibrium model of the world energy systems. The results suggest that if emission trading were restricted to Annex I countries, halving the traded volume would increase costs by US$11 billion per year. If emission trading were to operate at a global level, reducing the trade to half the perfect market volume would increase annual costs by US$12 billion per year. Global carbon emission might, however, be 1% lower. The sensitivity of the results is discussed."^^xsd:string;
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