Download or read book Reversing Climate Change written by Graciela Chichilnisky and published by World Scientific Publishing Company. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kyoto Protocol capped the emissions of the main emitters, the industrialized countries, one by one. It also created an innovative financial mechanism, the Carbon Market and its Clean Development Mechanism (CDM), which allows developing nations to receive carbon credits when they reduce their emissions below their baselines. The carbon market, an economic system that created a price for carbon for the first time, is now used in four continents, is promoted by the World Bank, and is recommended even by leading oil and gas companies. However, one critical problem for the future of the Kyoto Protocol is the continuing impasse between the rich and the poor nations. Who should reduce emissions -- the rich or the poor countries?