In this book, Richard Rosenzweig, describes the policies proposed and adopted in the first generation of climate change policy-making including the Kyoto Protocol and the carbon markets and assesses their failure to halt the increases of rising emissions of greenhouse gases. Carefully structured throughout, each chapter demonstrate how the first generation of policies failed because they were top down, overly ambitious and complex. The author uses the lessons drawn from this analysis to recommend more modest, targeted policies, arguing that they will be more successful in fighting climate change in the new era of policy-making.  An invaluable reference for advanced undergraduate and graduate students in taking relevant courses in Environmental Policy, Law and Business. This book will also be a useful overview for researchers working in the field as well as those working in government and policy. Richard Rosenzweig has extensive experience in climate change policy and carbon markets. In Government, Mr. Rosenzweig participated in the formulation of climate policy as U.S. Department of Energy Chief of Staff from 1993-1996. In business, he served as Chief Operating Officer of Natsource, the world's largest buyer of carbon credits through 2007 according to independent research.