Evolution of polluting atmospheric emissions markets. Ozone layer depletion and climate change

Abstract

This article analyzes the historical period of the polluting atmospheric emissions markets that began in 1988 and continues to the present day. During this period, the market to protect the ozone layer was established in 1988 and the global carbon market to combat climate change in 2005. These two markets are distinguished from previous market experiments in the regulation of air pollutants because in their implementation they developed innovative features that became the essence of the polluting atmospheric emissions markets, shaping the cap-and-trade regime that now prevails worldwide as an environmental policy for regulating air pollution. This historical period is what we call the evolution of the polluting atmospheric emissions markets.