Before revision:  Existing ETSs have the indirect objective of reducing emissions instead of directly reducing warming. Even a global mechanism using an existing ETS cannot guarantee a particular warming path. Part 1: A Price on Warming addresses this. My proposed market trades contracts tied to temperature in a double-sided auction  of emissions permits and sequestration contracts . Unlike existing ETSs, the mechanism has a consistent timescale and metric tied to warming, with explicit limits on global temperature in every period into the far future .
After revision:  Existing ETSs have the indirect objective of reducing emissions . They provide poor future price information. And they have high transaction costs for implementation, requiring treaties and laws. To address these shortcomings, this paper proposes a novel double-sided auction of emissions permits and sequestration contracts . Unlike existing ETSs, the mechanism has a consistent timescale and metric tied to warming, with explicit limits on global temperature in every period into the far future .