Doctoral Dissertation Research: Understanding the Formation of an International Carbon Market: An Examination of Three Financial Service Centers

减缓气候变化需要地球系统治理，即对产生温室气体排放的一系列社会经济进程进行协作和国际管理。迄今为止，通过超国家政治渠道构建地球系统治理是困难的。碳市场（尤其是全球金融服务业）背后日益增长的势头表明，碳排放交易计划可以用来构建地球系统治理。使用跨学科的理论框架，结合三个领域的概念-环境政策，经济地理学和金融社会学-该项目旨在：1)调查市场的性质及其在环境背景下的建设；2)理解市场建设、设计和路径依赖之间的关系；3)解释先于政策制定者运作的市场在监管建设中所扮演的角色。为了适应碳市场的复杂动态，研究设计包括定性和定量元素的跨学科组合。主要方法——对伦敦、纽约和芝加哥的机构进行案例研究，以及对布鲁塞尔、欧盟委员会、华盛顿特区和旧金山的政策制定者进行访谈——将提供对一个复杂而持续的过程的深入理解。金融服务公司在构建市场中的作用以及市场过程与环境政策之间的关系特别令人感兴趣。定量地，q分析应用于访谈和近距离对话将揭示潜在的偏见。该研究将通过监管机构和金融服务行业（做市商）的视角，对碳市场的发展进行详细分析，并绘制跨大西洋碳市场网络需求侧地图。这项研究将通过提供有关碳市场需求侧运作性质的重要信息，做出独特的贡献。该研究进一步提供了捕捉市场创建初期的机会，为碳市场和一般市场的未来研究提供了宝贵的比较基线。研究结果将回答有关环境市场的性质、推动其建设的过程以及市场与环境政策之间关系的问题。特别是，这项研究将对这些市场的财务或经济与其实现真正环境收益的潜力之间的关系提供有价值的见解。这些信息将有助于政策制定者和市场制定者努力提高市场的效率和绩效，从而增强市场为实现应对气候变化的社会目标作出贡献的能力。

Mitigating climate change calls for earth system governance -- the collaborative and international management of a range of socio-economic processes that produce greenhouse gas emissions. To date, the construction of earth system governance through supranational political channels has proven difficult. The growing momentum, particularly on the part of the global financial service industry, behind carbon markets suggests that carbon emissions trading schemes can instead be used to construct earth system governance. Using an interdisciplinary theoretical framework combining concepts from three fields -- environmental policy, economic geography and the sociology of finance -- the project seeks to: 1) investigate the nature of markets and their construction within an environmental context; 2) understand the relationship between market construction, design and path dependency; and 3) explain the role markets -- operating ahead of policymakers -- play in the construction of regulation. To accommodate the complex dynamic of the carbon markets, the research design includes an interdisciplinary mix of qualitative and quantitative elements. The primary method -- case studies of institutions in London, New York and Chicago as well as interviews with policymakers in Brussels at the European Commission, Washington D.C. and San Francisco -- will provide an in-depth understanding of a complicated and ongoing process. The role of financial service firms in constructing the market and the relationship between market processes and environmental policy are of particular interest. Quantitatively, Q-analysis applied to the interviews and close dialogue will reveal potential bias. The study will provide detailed analysis of the development of carbon markets through the lens of regulatory entities and the financial service industry (the market makers), and a transatlantic map of the demand-side of the carbon market network. The study will make a unique contribution by providing important information about the nature of the demand-side operation of carbon markets. The research further presents the opportunity to capture the creation of a market at its inception, providing an invaluable baseline of comparison for future studies of the carbon market and markets in general. The results of the research will answer questions about the nature of environmental markets, the processes that drive their construction and the relationship between markets and environmental policy. In particular the study will provide valuable insight on the relationship between the finance or economics of these markets and their potential for achieving real environmental gains. This information will aid policy and market makers in efforts to enhance the efficiency and performance of the markets, which will strengthen the ability of the markets to contribute to society's goals of addressing climate change.