Our hero in Obelisk Seven is Nick Kangles, who is a trader in greenhouse gas emissions. Once we settled on that occupation for Nick, we started digging into emissions trading, and it wasn't long before our digging lead us to the creator of the Kyoto emissions trading scheme.
Her name is Graciela Chichilnisky, the author of the carbon market of the Kyoto Protocal that became international law in 2005. Her website has more detail on her illustrious career.One quote from it:
Chichilnisky is a world renowned economist and mathematician that the Washington Post calls an "A-List Star" and appears in the 2009 Time Magazine issue on "Heroes of the Environment". Chichilnisky acted as a lead author of the Intergovernmental Panel on Climate Change, which received the 2007 Nobel Prize. A special adviser to several UN organizations and heads of state, her pioneering work uses innovative market mechanisms to reduce carbon emissions, conserve biodiversity and ecosystem services and improve the lot of the poor.
The emissions trading scheme (ETS) of the Europian Union is the practical manifestation of her theoretical study of the most efficient way for open societies to implement effective emissions reduction techiques using the power of the marketplace.
In January 2005 the European Union Greenhouse Gas Emission Trading System (EU ETS) commenced operation as the largest multi-country, multi-sector Greenhouse Gas Emission Trading System world-wide.
The ETS currently covers more than 10,000 installations with a net heat excess of 20 MW in the energy and industrial sectors which are collectively responsible for close to half of the EU's emissions of CO2 and 40% of its total greenhouse gas emissions.
The EU ETS, which is a working example of Graciela's recommended course of action for harnessing the power of the market to the reduction of emissions, is a prototype for other emissions trading schemes in other areas of the world.
For her practical recommendations, based firmly on sound economic and financial analysis, Graciela Chichilnisky deserves her place in our Hall of Global Warming Heroes.
We salute her.