ContentsPART I SETTING THE SCENE1 Introduction to carbon markets: from theory to practice 2Harro van Asselt and Jørgen Wettestad2 The economics of carbon markets 19Christoph Böhringer and Knut Einar Rosendahl3 The politics of carbon markets 38Robert Watt and Matthew Paterson4 The law of carbon markets 51Michael MehlingPART II INTERNATIONAL AND TRANSNATIONAL DIMENSIONS OFCARBON MARKETS5 International carbon markets and the international climate regime: a roller-coaster ride 71Axel Michaelowa6 Carbon markets, carbon leakage, and trade 86Alice Pirlot7 The voluntary carbon market: reinventing itself to align with the Paris Agreement? 96Nicolas Kreibich and Hanna-Mari Ahonen8 Linkages among compliance, hybrid, and voluntary carbon markets 115Elena Marro and Jos DelbekePART III REGIONAL AND NATIONAL CARBON MARKETS9 EU emissions trading: a late-blooming frontrunner 131Jørgen Wettestad and Brendan Moore10 China's carbon market: slow and steady wins the race? 145Gørild Heggelund, Iselin Stensdal, Maosheng Duan, and Yan Qin11 Carbon pricing in North America: a review of federal and subnational policies 162Easwaran J. Narassimhan, Aman Srivastava, and Kelly Sims Gallagher12 The hybrid construction of Australia's carbon market 190Rebecca Pearse13 Can climate change acts cure the political maladies of emissions trading?Lessons from Aotearoa New Zealand 205Ian Bailey and Tor Håkon Jackson Inderberg14 Emissions trading in the Republic of Korea: limits and trade-offs of carbonpricing in the context of fossil fuel development 218Asgeir Barlaup and Katja Biedenkopf15 Carbon markets in Brazil: the interoperability of a compliance and a voluntary framework 233Natascha TrennepohlPART IV CROSSCUTTING ISSUES16 Carbon markets and climate justice 245Tomilola Akanle17 Carbon dioxide removal and carbon markets 261Asbjørn Torvanger.