The first part of the book develops an innovative and robust Sustainable Model Rule for evaluating carbon market design, which is demonstrated in practice through chapters assessing the vast majority of real-life emissions trading schemes (ETS) from around the world. In the second part, the focus shifts to political feasibility, providing a political economy framework for evaluating ETS. The authors examine empirical data from case studies in several countries, and identify strategies and policy windows for implementing truly sustainable ETS. The cutting-edge tools outlined in this book for conducting assessments of carbon market design and feasibility will be invaluable for climate policy practitioners and environmental lawyers at national and international levels. The book will also be an important resource for policy makers, think tanks and stakeholders, as well as for scholars and students in environmental economics and climate change law and policy.