Society’s efforts to ‘manage’ the problem of human-induced climate change – for example through setting targets, tracking progress, imposing sanctions and incentives, and creating markets in emission rights and offsets – have given rise to numerous calculation, measurement, attribution, monitoring, reporting and verification challenges, which are being addressed by many different communities (including scientists, governments, businesses and accountants) in many different ways. Carbon accounting – this diverse and ever-expanding assemblage of calculative practices – is a rapidly evolving phenomenon, which has only recently become a subject of academic accountancy-related research. This thesis explores what carbon accounting means, who it involves, and how different communities define and lay claim to competence in the field. It also examines, through case studies on the emergence of the Climate Disclosure Standards Board and the controversies around generating tradable carbon offsets from forestry projects in the UK, the immense technical, cognitive, social and political work required to make carbon measurable, commensurable and thereby amenable to various forms of management. The thesis contributes to both conceptual and practical understanding of carbon accounting as an emerging field of study. Bringing together a wide range of empirical examples of different types of carbon accounting practices, it proposes a unique definition of carbon accounting which expands the horizons of the field. It provides a conceptual basis for making sense of carbon accounting by considering it not as a unitary phenomenon but rather as a set of overlapping frames, each associated with different communities of practice. It shows that competence in carbon accounting is contested, particularly where these frames overlap, and that boundary organisations are emerging that offer the opportunity to negotiate such tensions and lead to more productive policy-making. Finally, it makes the case that engagement with the detail of the ‘nuts and bolts’ of carbon accounting is essential, as these apparently technical details can have major implications for the effectiveness of society’s response to climate change, and it is only by opening them up to rigorous scrutiny that we can make progress, both conceptually and practically.

Le changement climatique appartient à une nouvelle classe de problèmes environnementaux, pour laquelle nous ne savons pas concevoir de solutions. En effet, dans le cas de pollutions dites classiques, c'est-à-dire des pollutions ciblées et localisées, des solutions techniques sont supposées atteignables à un effort de recherche près. A l'inverse, lutter contre le changement climatique nécessite de repenser en profondeur l'organisation de nos sociétés modernes. Le pilotage de cette transition sociétale dite bas carbone nécessite de concevoir de nouveaux dispositifs institutionnels. Traditionnellement, les théories néo-institutionnelles, qui se sont penchées sur la question de l'innovation institutionnelle, se sont centrées sur la question de la diffusion de l'innovation et ne nous proposent pas d'outils satisfaisants pour instruire la conception de dispositifs institutionnels. Face aux limites de nos modèles de développement dont le changement climatique n'est qu'un des nombreux symptômes (crises financières répétées, chocs pétroliers, etc.) cette lacune théorique devient une question à traiter en urgence. Ce travail de thèse étudie les mécanismes de la “conception institutionnelle” à travers le cas très actuel des marchés du carbone. Nous avons construit deux notions pour analyser ces mécanismes : la notion de plateforme expérimentale et la notion de travail institutionnel de conception. Enfin, nous avons travaillé la notion de bricolage, et les conditions d'efficacité de cette activité de conception dans un contexte d'innovation institutionnelle. / Climate change belongs to a new category of environmental issues, for which we don't know how to design solutions. Indeed, it is possible to treat traditional pollutions using technical solutions that are already known. To the contrary, mitigating climate change involves a profound revision of the organizational models that support our modern societies. The institutional device to guide this low carbon transition still needs to be designed. Traditionally, the question of institutional innovation is addressed in a field of organization theories named “neo-institutional theory”. Nevertheless, research in this field has focused on the diffusion of institutional innovation, but not on the design of institutional innovation itself. In a global context of crisis of our societal models, there is an emergency for this gap to be explored. In the context of institutional theory, this work analyzes the mechanisms of “institutional design” through the case of carbon markets. We build two notions that help to better understand the mechanisms at play: the notion of experimental platforms and the notion of institutional design work. Eventually, we build on previous work in management sciences on the concept of bricolage to identify the efficiency conditions of this design activity.

Carbon is a metric at the centre of contemporary debates. It is invoked to explain responses to climate change and justify political decisions over the economy and environment. Its ubiquity might suggest that the definition of carbon is broadly agreed upon, but along with greenhouse gas (GHG) measurements, articulating carbon as a commodity has incorporated debates over sustainable development (SD). The use of market-based mechanisms to manage carbon quantities results in articulations of the concept that reinforce consumption as a means to achieve public policy aims, but these are also contested. This research examines the concept of carbon to explore what might be taken-for-granted or overlooked when carbon is invoked. The research takes an ethnographic approach to carbon by examining offsetting – paying for reductions in GHG emissions at one location to make up for a continuation or increase of emissions at another. The novelty, complexity and lack of trust in carbon offsetting have resulted in numerous voluntary standards to improve consumer confidence in this commodity. The standard organisations’ position in codifying, measuring and accrediting carbon makes them valuable sites at which to describe the materialities of the concept. I use data collected from the administrative offices of two voluntary carbon offset standards in 2010-11 to explore what is included and excluded within carbon as it was enacted at these sites. Carbon is described in this research as an assemblage and a multiplicity – it is articulated in varying ways by actors within offset markets. Through the work of standards organisations, the “orthodoxies” of offsetting are identified as taken-for-granted features of carbon. In contrast, the position of SD is identified as variable across different articulations of carbon. Using a post-Actor Network Theory approach innovatively combined with Suchman’s typology of legitimacy, this diversity in carbon is not normatively evaluated; instead the focus is on how assemblages of carbon differentiate the legitimacy of SD as a feature of offsetting. Some take SD for granted as an inherent aspect of offsetting, for others it is a desirable feature, but not necessary. Alternatively it could be offered as an add-on possibility without suggesting SD implied better offsetting, and for others offsetting was best enacted without assembling SD concerns. Exploring carbon as an assemblage demonstrates the continuous and flexible constructions of carbon as a commodity and concept. When examined in detail, the marketing strategies and technical rules of different standards produce varying articulations of carbon. Furthermore, this research explores how the work of voluntary carbon offset standards excludes the scrutiny of sites of consumption of offsets. This exclusion, as with the integration of SD, is notable for the differences in how it is articulated by standard staff – challenged by some, taken-for-granted by others but with diverse rationales for each position. These features are informative in relation to the roles ascribed to voluntary standards across other commodities as well as in relation to carbon. Attending to the multiplicity that exists in the daily practices of offset markets suggests possibilities for those looking to stabilise or reform the concept of carbon as well as understanding the activities of voluntary standards.

Forestry activities play a crucial role in climate change mitigation. To make carbon credits generated from such activities a tradable commodity, it is important to analyze the price dynamics of carbon markets. This dissertation contains three essays that examine various issues confronting world’s carbon markets. The first essay investigates cointegration of carbon markets using Johansen maximum likelihood procedure. All carbon markets of the world are not integrated. North American carbon markets show integration and so do the CDM markets. For future, the possibilities of arbitrage across world’s markets are expected to be limited, and carbon trading in these markets will be globally inefficient. There is a strong need of a global agreement that allows carbon trade to prevent climate change at the least cost options. The second essay evaluates various econometric models for predicting price volatility in the carbon markets. Voluntary carbon market of Chicago is relatively more volatile; and like other financial markets, its volatility is forecasted best by a complex non-linear GARCH model. The compliance market of Europe, on the other hand, is less volatile and its volatility is forecasted best by simple econometric models like Historical Averages and GARCH and hence is different from other markets. Findings could be useful for investment decision making, and for making choice between various policy instruments. The last essay focuses on agent based models that incorporate interactions of heterogeneous entities. Artificial carbon markets obtained from such models have statistical properties - lack of autocorrelations, volatility clustering, heavy tails, conditional heavy tails, and non-Gaussianity; which are similar to the actual carbon markets. These models possess considerably higher forecasting capabilities than the traditional econometric models. Forecast accuracy is further improved considerably through experimentation, when agent characteristics like wealth distribution, proportion of allowances and number of agents are set close to the real market situations.

Forestry activities play a crucial role in climate change mitigation. To make carbon credits generated from such activities a tradable commodity, it is important to analyze the price dynamics of carbon markets. This dissertation contains three essays that examine various issues confronting world’s carbon markets. The first essay investigates cointegration of carbon markets using Johansen maximum likelihood procedure. All carbon markets of the world are not integrated. North American carbon markets show integration and so do the CDM markets. For future, the possibilities of arbitrage across world’s markets are expected to be limited, and carbon trading in these markets will be globally inefficient. There is a strong need of a global agreement that allows carbon trade to prevent climate change at the least cost options. The second essay evaluates various econometric models for predicting price volatility in the carbon markets. Voluntary carbon market of Chicago is relatively more volatile; and like other financial markets, its volatility is forecasted best by a complex non-linear GARCH model. The compliance market of Europe, on the other hand, is less volatile and its volatility is forecasted best by simple econometric models like Historical Averages and GARCH and hence is different from other markets. Findings could be useful for investment decision making, and for making choice between various policy instruments. The last essay focuses on agent based models that incorporate interactions of heterogeneous entities. Artificial carbon markets obtained from such models have statistical properties - lack of autocorrelations, volatility clustering, heavy tails, conditional heavy tails, and non-Gaussianity; which are similar to the actual carbon markets. These models possess considerably higher forecasting capabilities than the traditional econometric models. Forecast accuracy is further improved considerably through experimentation, when agent characteristics like wealth distribution, proportion of allowances and number of agents are set close to the real market situations.

Mitigating climate change requires the collaborative and international management of a range of socio-economic processes that produce greenhouse gas emissions. Governments in a number of regions are developing carbon markets to mitigate climate change by limiting the production of greenhouse gases. This thesis examines the construction of carbon markets in the United States and Europe to understand what role these markets play in mitigating climate change. Using a relational economic geography framework and institutional theory, I frame the markets into two components: 1) the regulatory structures which give the markets existence and bound their rules of operation, and 2) the financial and service components which operationalized the markets. Within these components, I investigate four specific facets of market development: complementarity, spacetime, design vs. path dependence and institutional development. The study is conducted through close dialogue and case studies of organization in London, New York and Chicago as well as interviews with policymakers in Washington D.C. Sacramento, and San Francisco. I find that the regulatory components of the market are built both by regulatory agencies and private organizations such as legal firms. Political path dependence constrains the development of the regulatory framework of the carbon markets. The financial service components are constructed in existing financial service centers such as London and New York by directly adopting expertise, products, services and infrastructure from other markets. With respect to the spacetime construction of markets, I find that carbon markets are being adapted to management in existing time zones, with a seamless transaction of activity between North America, Europe and Asia. However, the nature of spacetime within the markets is changing; the markets now manage non-spacetime. In sum, the carbon markets are constructed as a social institution which mitigates greenhouse gas production by communicating and widely disseminating the value of the absence of emissions.

abstract: This dissertation explores the intersection of two major developments in global environmental governance: the vision for a Green Economy and the growing influence of non-state actors. The work draws on multi-sited thick description to analyze how relationships between the state, market, and civil society are being reoriented towards global problems. Its focus is a non-binding agreement between California and Chiapas to create a market in carbon offsets credits for Reducing Emissions for Deforestation and forest Degradation (REDD). The study draws on three bodies of scholarship. From the institutionalist study of global environmental politics, it uses the ideas of orchestration, civil regulation, and private entrepreneurial authority to identity emerging alignments of state and non-state actors, premised on an exchange of public authority and private expertise. From concepts borrowed from science and technology studies, it inquires into the production, certification, and contestation of knowledge. From a constitutionalist perspective, it analyzes how new forms of public law and private expertise are reshaping foundational categories such as territory, authority, and rights. The analysis begins with general research questions applied to California and Chiapas, and the international space where groups influential in these sites are also active: 1) Where are new political and legal institutions emerging, and how are they structured? 2) What role does scientific, legal, and administrative expertise play in shaping these institutions, and vice versa? And 3) How are constitutional elements of the political order being reoriented towards these new spaces and away from the exclusive domain of the nation-state? The dissertation offers a number of propositions for combining institutionalist and constructivist approaches for the study of complex global governing arrangements. It argues that this can help identify constitutional reconfigurations that are not readily apparent using either approach alone. / Dissertation/Thesis / Doctoral Dissertation Science and Technology Policy 2015

Climate change mitigation necessitates substantial alterations to patterns of worldwide economic activity, be that reduction in demand, switches to new technology or 'end-of-pipe' abatement of greenhouse gases. There are profound political, economic and ethical questions surrounding the governance of the means, rate and location of change. Within advanced capitalist economies and internationally through the auspices of the United Nations Framework Convention on Climate Change emissions trading systems have been introduced as part of the broader neoliberal attempts to 'correct market failure' through the definition of new property rights.This thesis investigates the development, constitution and consequences of institutions for the production, exchange and consumption of credits for emissions reductions. Such credits are financial instruments awarded to organisations for putative reductions in emissions from 'business as usual'. In consumption, credits are equated with a quantity of emissions released elsewhere. The 'Instituted Economic Process' framework (Randles and Harvey, 2002) is used to distinguish the various classes of agent involved in these exchanges and identify the economic and non-economic relationships that constitute these institutions. Inspired by the economic anthropology of Karl Polanyi, this approach asks how economic activity is organised and stabilised within society without presuming that there are universal economic laws of 'the market', that there are essential properties of commodities and agents, or that all economic transfers are conducted within markets.I argue that crediting is a socially contingent process of commodification of atmospheric pollution which is both ontologically and normatively problematic. Extant institutions are shown to be precarious by appealing to neutral techno-scientific justifications but remaining reliant on subjective judgement. However, they are sufficiently consistent and credible that they persist and expand. These findings are of interest to the academic communities of political economy and environmental and economic geography, climate change policy makers and the environmental movement more broadly.

International efforts to promote REDD+ (reducing emissions from deforestation and forest degradation, and the role of conservation, sustainable management of forests and enhancement of forest-carbon stocks) have enjoyed widespread support in climate negotiations. While proponents of this ‘payments for ecosystem services’ approach proclaim win-win benefits, others critique this commodification of forest carbon for contributing to social and environmental injustices that will undermine conservation and development in the longer-term. In this dissertation I respond to these concerns by critically examining how REDD+ initiatives emerge in the context of Lindi Region, Tanzania. I specifically investigate how REDD+ initiatives interact with local livelihood practices, local forest governance and the drivers of land use in order to interrogate the mechanism’s contribution to local development. I conducted ethnographic fieldwork in two villages, both characterised by relatively large forest areas and ‘shifting cultivation’, where different REDD+ projects are underway. In total I stayed in Tanzania for 11 months and applied qualitative and quantitative methods that resulted in 116 recorded interviews, one focus group discussion, innumerable journal entries from ethnographic interviewing and participant observation, 118 household surveys and data from document analysis. Drawing on debates within international development and neoliberalisation of nature I conceptualise REDD+ initiatives as processes promoting ‘inclusive’ neoliberal conservation. In doing so I point at the inherent contradictions of this mechanism that aims to combine a neoliberal conservation logic with inclusive development objectives. I empirically examine local livelihood practices to question popular notions of land use and argue that REDD+ initiatives must grapple with poverty, intra-village inequality and villagers’ dependence on land for crop production to contribute to inclusive economic development. I follow up on this argument by discussing the importance of material and discursive effects of REDD+ initiatives to the livelihoods of poor, middle income and wealthy households and to forest conservation. I then link these effects to an examination of how power and politics shape the implementation of REDD+ initiatives on the ground, specifically discussing the technically complex and politically contested process of territorialisation and the local practices of community-based forest management. I illustrate how seemingly technical REDD+ initiatives are inherently political, which gives them the potential to contribute to local empowerment. At the same time I question naïve assumptions over community conservation and good governance reforms by showing in detail how community-based forest management institutions are practiced on the ground and how this affects benefit distribution within the villages. My last empirical chapter examines how Conservation Agriculture is introduced in the villages as the best way to reconcile agricultural development with forest protection. I specifically discuss the role of social relations in shaping the dissemination and adoption of this new technology in rural Tanzania. Throughout this thesis I argue that local livelihood practices, power struggles and politics over land and people shape how REDD+ initiatives, as inherently contradictory processes of ‘inclusive’ neoliberal conservation, emerge on the ground and I empirically show what this means to different forest stakeholders.

L'analyse statistique des données a été effectuée avec le logiciel R. / Au cours de la dernière décennie, l'Union Européenne a instauré une réglementation environnementale afin de limiter les émissions de Gaz à Effet de Serre sur son territoire. Ceci a contribué à la mise en place d'un marché du carbone européen (EU ETS) où s'échangent des certificats d'émission de CO2 (les EUA et les CER) ainsi que des produits dérivés reliés à ceux-ci. Ce mémoire aura pour objectif d'évaluer et de comparer différents modèles afin de représenter le prix des certificats d'émission et de tarifer les produits dérivés des marchés du carbone. / During the last decade, the European Union has regulated emissions of Greenhouse Gases on its own territory. Consequently, a European Carbon Market (EU ETS) is currently emerging where CO2 emission certificates (EUA and CER) and derivatives are traded on Exchanges. The objectif of this research is to evaluate and compare different models to represent the emission certificates' price and to price derivatives of the carbon markets.