Collaborative Reseach: Creating Carbon Markets in Brazil and India: A Comparative Study of Firm Environmental Investment Decisions Under the Clean Development Mechanism

环境服务市场被提倡作为解决地方和全球环境问题的办法。最雄心勃勃的环境市场是不断发展和重叠的碳市场网络，旨在减少与气候变化有关的温室气体的全球排放。本研究探讨了发展中国家公司为何以及如何决定参与碳市场。该研究的重点是巴西和印度在1997年《京都议定书》的清洁发展机制下，在制糖和水泥部门产生和出售碳信用额的坚定决定。通过比较选择启动清洁发展机制项目的公司与同行公司没有，我们评估公司参与清洁发展机制的驱动因素，跟踪公司进入新的碳市场的过程，映射公司对清洁发展机制项目风险和收益的看法，并确定巴西和印度新兴碳市场的显著特征。跨国，跨部门的比较设计，使国家干预水平（巴西高，印度低）和行业集中度（水泥高，糖低）对企业碳市场参与的影响进行比较。数据将通过与关键碳市场知情人的背景访谈以及与约150家CDM和非CDM公司的公司访谈收集。这项研究正值美国和国际气候政策演变的关键时刻。 发展中国家经济将在制定国际环境条约和决定全球环境质量方面发挥越来越重要的作用。了解发展中国家公司开展清洁发展机制项目的决策和风险管理程序，有助于改善发展中国家私营部门对持续开展气候变化国际行动的支持。随着2009年和2010年关于后京都气候协定的谈判预计将加紧进行，国家和国际气候政策谈判者将直接关注这项研究。

Markets for environmental services are being advocated as solutions to local and global environmental problems. The most ambitious of environmental markets is the evolving and overlapping network of carbon markets that seek to reduce global emissions of greenhouse gases linked to climate change. This research examines why and how developing-country firms decide to participate in carbon markets. The research focuses on firm decisions to generate and sell carbon credits under the Clean Development Mechanism (CDM) of the 1997 Kyoto Protocol, in the sugar and cement sectors in Brazil and India. By comparing firms that choose to initiate CDM projects with peer firms that do not, we assess drivers of firm CDM participation, trace the processes by which firms enter new carbon markets, map firm perceptions of CDM project risks and benefits, and identify salient characteristics of the emerging carbon markets in Brazil and India. The cross-national, cross-sector comparative design enables a comparison of the effects of both level of state intervention (Brazil-high; India-low) and degree of sector concentration (cement-high; sugar-low) on firm carbon market participation. Data will be collected through context interviews with key carbon market informants and through firm interviews with approximately 150 CDM and non-CDM firms.The research comes at a critical juncture in the evolution of US and international climate policy. Developing-country economies will play increasingly important roles in shaping international environmental treaties and determining global environmental quality. Understanding the decision and risk management processes by which developing-country firms undertake CDM projects can contribute to improving developing-country private sector support for continued international action on climate change. With negotiations for a post-Kyoto climate agreement expected to intensify in 2009 and 2010, the research will be of direct interest to national and international climate policy negotiators.