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Summary
Summary
Climate change is an environmental problem of unprecedented complexity, not just in terms of its physical, social, economic and political impacts, but particularly in terms of the range of policy instruments being designed by countries to reduce greenhouse gas emissions.Climate Change and Carbon Markets aims to provide an accessible and practical guide to cutting edge market-based mechanisms which will reduce greenhouse gas emissions. This book is a guide for national and international policy-makers and industry professionals, who need to understand the carbon markets established pursuant to the Kyoto Protocol, one of the most complex agreements ever negotiated. The book sets out how carbon markets will function by explaining the rules, institutions and procedures of the Kyoto mechanisms, including: emissions trading, joint implementation (JI) and the Clean Development Mechanism (CDM). It also provides an in-depth explanation of the EU Emissions Allowance Trading Scheme, emerging mechanisms in the US and developing countries, and how these will link up.For policy-makers, researchers and scholars; industry practitioners, companies, market service providers, technical and legal consultants, NGOs and all stakeholder organizations engaged in the Kyoto markets, this is the authoritative and comprehensive practical guide to this rapidly evolving area.Contains the full text of the key European Union documents setting up the EU Emissions Allowance Trading Scheme and the Linking Directive.
Author Notes
Farhana Yamin is a Fellow in Environment at the Institute of Development Studies at the University of Sussex in the UK. She is an international lawyer specializing in climate change law and policy. She is a lead author for the Intergovernmental Panel on Climate Change, former Legal Advisor to AOSIS and consultant to the European Commission on the EU Emissions Allowance Trading Directive. Her other publications include The International Climate Regime: A Guide to Rules, Institutions and Procedures.
Table of Contents
List of abbreviations | p. ix |
List of figures, tables and boxes | p. xiv |
Foreword | p. xvii |
Preface and acknowledgements | p. xxi |
About the contributors | p. xxv |
Introduction | p. xxix |
Purpose | p. xxix |
Structure of book | p. xxxii |
The nature of the climate change problem | p. xxxvi |
An overview of the UNFCCC | p. xxxvii |
An overview of the Kyoto Protocol | p. xxxix |
An overview of the Kyoto mechanisms | p. xli |
Part I The international rules on the Kyoto mechanisms | p. 1 |
I.1 Introduction | p. 1 |
I.2 Activities implemented jointly | p. 11 |
I.3 Cross-cutting mechanism issues | p. 15 |
I.4 Participation/eligibility requirements | p. 19 |
I.5 Emissions trading | p. 26 |
I.6 Clean Development Mechanism | p. 29 |
I.7 Joint Implementation (Article 6) | p. 53 |
I.8 Compliance procedures and mechanisms under the Protocol | p. 61 |
Notes | p. 67 |
References | p. 73 |
Part II The EU Greenhouse Gas Emission Allowance Trading Scheme | p. 75 |
II.1 Introduction | p. 75 |
II.2 The EU burden-sharing agreement | p. 77 |
II.3 EU environmental policy: from command and control towards market-based mechanisms | p. 81 |
II.4 The concept of emissions trading | p. 86 |
II.5 The ethical dimension of emissions trading | p. 92 |
II.6 The development of emissions allowance trading in the EU | p. 95 |
II.7 Core elements of the ET Directive | p. 101 |
II.8 The ET Directive and the Kyoto project-based mechanisms | p. 126 |
II.9 Conclusion | p. 139 |
Notes | p. 139 |
References | p. 148 |
Part III Development and implementation of the Kyoto mechanisms worldwide | p. 151 |
Chapter 1 Emissions trading under the Kyoto Protocol: how far from the ideal? | p. 153 |
1.1 Introduction and scope | p. 153 |
1.2 Emissions trading: focusing on economic efficiency | p. 154 |
1.3 Article 17 of the Kyoto Protocol: throwing governments into the cost-minimization game | p. 157 |
1.4 The EU Emission Allowance Trading Scheme: a step closer to the ideal? | p. 160 |
1.5 Conclusion | p. 163 |
Notes | p. 164 |
References | p. 164 |
Chapter 2 Trading through the flexibility mechanisms: quantifying the size of the Kyoto markets | p. 166 |
2.1 Methodology and assumptions | p. 167 |
2.2 Characteristics of the five cases | p. 169 |
2.3 Analysis of the market features of the five cases | p. 171 |
2.4 Conclusion | p. 180 |
Notes | p. 181 |
References | p. 182 |
Chapter 3 Implementation challenges: insights from the EU Emission Allowance Trading Scheme | p. 183 |
3.1 Introduction | p. 183 |
3.2 National Allocation Plans | p. 184 |
3.3 Permitting procedures | p. 196 |
3.4 Monitoring and verification | p. 197 |
3.5 Registries | p. 197 |
3.6 Conclusions | p. 198 |
Notes | p. 199 |
Chapter 4 Joint Implementation and emissions trading in Central andd Eastern Europe | p. 200 |
4.1 Overview | p. 200 |
4.2 Interest in Joint Implementation and emissions trading in EITs | p. 200 |
4.3 CEE, international emissions trading and 'hot air' | p. 203 |
4.4 The preference for domestic action | p. 205 |
4.5 AIJ in CEE: early experience with projects | p. 210 |
4.6 Mechanism participation requirements and CEEs | p. 213 |
4.7 Early 'JI' experiences | p. 215 |
4.8 The future potential of JI | p. 218 |
4.9 European emission trading in Central and Eastern Europe | p. 222 |
Notes | p. 229 |
References | p. 229 |
Chapter 5 Implementing the Clean Development Mechanism and emissions trading beyond Europe | p. 231 |
5.1 Introduction | p. 231 |
5.2 Emissions trading (Article 17) | p. 232 |
5.3 Joint Implementation (Article 6) | p. 244 |
5.4 The Clean Development Mechanism (Article 12) | p. 246 |
5.5 International development agencies | p. 259 |
5.6 Other emissions trading activities | p. 259 |
5.7 Conclusion | p. 261 |
Notes | p. 261 |
Chapter 6 The Clean Development Mechanism: a tool for promoting long-term climate protection and sustainable development? | p. 263 |
6.1 Introduction | p. 263 |
6.2 Assessing the CDM's contribution to sustainable development | p. 265 |
6.3 Tools to assess CDM project eligibility and sustainability | p. 269 |
6.4 Evolution of the CDM market | p. 278 |
6.5 Future issues and options | p. 284 |
Notes | p. 287 |
References | p. 288 |
Chapter 7 Determination of baselines and additionality for the CDM: a crucial element of credibility of the climate regime | p. 289 |
7.1 Introduction | p. 289 |
7.2 Baseline determination | p. 290 |
7.3 Why baseline and additionality determination are not the same | p. 296 |
7.4 Conclusions | p. 302 |
Notes | p. 303 |
References | p. 303 |
Chapter 8 Creating the foundations for host country participation in the CDM: experiences and challenges in CDM capacity building | p. 305 |
8.1 Introduction | p. 305 |
8.2 Capacity requirements to successfully implement the CDM | p. 306 |
8.3 Donor activities | p. 310 |
8.4 Challenges | p. 317 |
8.5 Conclusions | p. 319 |
Notes | p. 320 |
References | p. 320 |
Part IV Conclusion: Mechanisms, linkages and the direction of the future climate regime | p. 321 |
IV.1 Domestic GHG trading programmes | p. 321 |
IV.2 Links among domestic GHG emissions trading programmes | p. 328 |
IV.3 Direction of the future climate change regime | p. 334 |
Notes | p. 342 |
References | p. 346 |
Appendices | |
1 Documents related to the EU emission allowance trading Scheme | p. 353 |
2 EU Emission Allowance Trading Scheme Directive | p. 355 |
3 EU Directive 2004/101/EC | p. 371 |
4 EU Guidelines on Allocations of Allowances | p. 383 |
Index | p. 413 |