The 1997 Kyoto Conference introduced emissions trading as a new policy instrument for climate protection. This book's contributions from the fields of economics, political science and law analyze theoretical aspects of regulatory instruments for climate policy, provide an overview of U.S. experience with market-based instruments, draw lessons from existing trading schemes for the control of greenhouse gases, and discuss options for emissions trading in climate policy. They also highlight the background of climate policy and instrument choice in the U.S and Europe.