The carbon market puzzle

The kyoto protocol forces the developed countries which ratify it to reduce their greenhouse effect gases emissions. The reductions cost is decreased by the clean development mechanisms: the carbon markets. That is why the protocol implementation will not have a major effect on the evolution of the greenhouse effect gases for 2012. The author presents the situation and discusses the economic tools of the Kyoto protocol, the european system of quotas, the clean development mechanisms and the impacts on a future and more ambitious climatic agreement. (A.L.B.)