Marketing of Carbon Credits: An Exploratory Research / "Marketing de créditos de carbono: um estudo exploratório"




The Kyoto Protocol was approved in February 2005 and the carbon market that was without rules, played by some pioneer companies interested in learning by doing with this new commodity and worried about their corporate image, started working in the ways of the formality. As the market of Certified Emissions Reduction (CER) has already an established Institutional Environment, it’s interesting to study, based on the Transaction Costs Economics (TCE) theory, how the transaction costs induced alternative ways of governance, in particular the contracts between Brazilian companies – with CDM (Clean Development Mechanism) projects - and the commercialization channels in multi-lateral organizations. This study, as the recommendations of Williamson (1993; 1991; 1985), was made analyzing the characteristics of the transactions in terms of asset specificity, frequency and uncertainty, considering the human behavior assumptions (limited rationality and opportunism). For this, the research used the case studies method to obtain private information about the transactions of CER, and their contracts, between Brazilian companies and a multi-lateral organization, the World Bank. A result is that, differently of the spot market relationship, the Brazilian CDM projects benefited - in terms of reduction of transaction costs – with the CERs transactions (contracts) involving the World Bank, since this bank realizes every distribution channel functions, except the acquisition of CERs property rights.


mecanismo de desenvolvimento limpo (mdl) transaction costs economics kyoto protocol canais de distribuição economia dos custos de transação (ect) protocolo de quioto distribution channels clean development mechanism

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