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List of Contributors vii Introduction Climate Change as a Problem of Law and Policy: The International Climate Change Regime and its European Implementation Michael Bothe and Eckard Rehbinder 1 PART I: International Negotiations and Implementation of the Kyoto Protocol Chapter 1 The Dynamics of the Climate Negotiations: A Focus on the Developments and Outcomes from The Hague to Milan Barbara Buchner 19 Chapter 2 Equity Principles to Enhance the Effectiveness of Climate Policy: An Economic and Legal Perspective Barbara Buchner and Janna Lehmann 45 Chapter 3 A Comparative Analysis of the Long-Range Transboundary Air Pollution, Ozone Layer Protection and Climate Change Regimes Janna Lehmann 73 Chapter 4 Greenhouse Gas Emissions Trading: A Background Jiirgen Lefevere 103 Chapter 5 The Clean Development Mechanism and Ancillary Benefits Barbara Buchner, Alejandro Caparr6s Gass and Tarik Tazdaft 131 Chapter 6 Biodiversity and Carbon Sequestration in Forests: Economic and Legal Issues Alejandro Caparr6s Gass and Frkedric Jacquemont 149 Chapter 7 Twenty Thousand Leagues Under the Sea: On the Legal Admissibility of Strategies to Mitigate Climate Change by Ocean Sequestration Susan Nicole Krohn 183 PART II: EU and Climate Change Policies Chapter 8 State Aid Issues Raised by the Implementation of Climate Change Policy Instruments Mercedes Ferndndez Armenteros 219 Chapter 9 The EU Greenhouse Gas Emission Allowance Trading Scheme Jiirgen Lefevere 259 Chapter 10 Inhomogeneous Allocation and Distortions of Competition in the Case of Emissions Trading in the EU Dietrich Brockhagen 309 Chapter 11 The Kyoto Compliance Regime, the European Bubble: Some Legal Consequences Frekdric Jacquemont 351 Chapter 12 Emissions Trading and Joint Implementation: Interactions in the Enlarged EU Mercedes Ferndndez Armenteros and Leonardo Massai 407