Chapter 9 provides an overview of the availability and applicability of exceptions that could potentially save aspects of emissions trading schemes that otherwise violate international economic law. Drawing on the justifications set out in respect of those impugned aspects of emissions trading schemes in Chapter 8, Chapter 9 explains which of those justifications might be permissible under international economic law, and the kind of evidence that would be required to make out a successful defence. This chapter finds that justifications that are rationally connected to the goal of mitigating climate change or safeguarding financial markets, and which deploy the least trade-restrictive means possible, could form the basis of a defence in many instances. However, justifications that are grounded in other economic or social policy goals, or for which there is a less trade-restrictive means of achieving that end, will be less likely to save a measure that is otherwise a violation of international economic law.
Keywords: exceptions, Article XX of GATT 1994, chapeau, necessity, conservation of exhaustible natural resources, least-trade-restrictive, arbitrary or unjustifiable, Paris Agreement, prudential measures
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