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International emissions trading is widely seen as an indispensable policy pillar of climate change mitigation [Stern, N., 2007. The Economics of Climate Change. The Stern Review. Cambridge University Press, New York]. This article analyzes five different types of trading architectures, classified into two top-down (UNFCCC driven) and three bottom-up (driven by individual countries or regions) approaches. The two types of approaches are characterized by a trade-off between environmentaldoi:10.1088/1755-1307/6/3/232005 fatcat:2gjbsb3bojgqzcirjpfxpekfl4