The first protocol to the UN Framework Convention on Climate Change (UNFCCC) was adopted in Kyoto in 1997 and entered into force in February 2005. It is a unique international law instrument which sets legally binding targets for the reduction of emissions of greenhouse gases which contribute to climate change. The targets are unprecedented in an environmental agreement and will involve substantial financial commitment in virtually all industrialized country parties to the protocol. The Kyoto Protocol is also the first international agreement to include economic instruments which are designed to involve private sector entities and assist parties to meet their targets. These economic instruments, known as the Kyoto or flexible mechanisms, are Joint Implementation (JI), the Clean Development Mechanism (CDM), and International Emissions Trading. The Kyoto Protocol defined these mechanisms but did not set out the details necessary for their operation. After protracted negotiations, detailed rules were finalized at the Seventh Session of the UNFCCC Conference of the Parties held in Marrakech in 2001.
The Marrakech Accords run to almost 250 pages but still leave many important practical issues unaddressed. As the 2008-2012 commitment period of the Kyoto Protocol draws close more and more projects under CDM and JI are being developed to take advantage of the Kyoto mechanisms and the key issues and problems are now becoming more apparent. Drawing on the emerging body of expertise in this complex area, this book conveys a knowledge of what is becoming known as 'Carbon Finance'. It thereby aims to contribute to the development of the market for carbon emission reductions - one of the objectives of the Kyoto mechanisms.
The first protocol to the UN Framework Convention on Climate Change (UNFCCC) was adopted in Kyoto in 1997 and entered into force in February 2005. It is a unique international law instrument which sets legally binding targets for the reduction of emissions of greenhouse gases which contribute to climate change. The targets are unprecedented in an environmental agreement and will involve substantial financial commitment in virtually all industrialized country parties to the protocol. The Kyoto Protocol is also the first international agreement to include economic instruments which are designed to involve private sector entities and assist parties to meet their targets. These economic instruments, known as the Kyoto or flexible mechanisms, are Joint Implementation (JI), the Clean Development Mechanism (CDM), and International Emissions Trading. The Kyoto Protocol defined these mechanisms but did not set out the details necessary for their operation. After protracted negotiations, detailed rules were finalized at the Seventh Session of the UNFCCC Conference of the Parties held in Marrakech in 2001.
The Marrakech Accords run to almost 250 pages but still leave many important practical issues unaddressed. As the 2008-2012 commitment period of the Kyoto Protocol draws close more and more projects under CDM and JI are being developed to take advantage of the Kyoto mechanisms and the key issues and problems are now becoming more apparent. Drawing on the emerging body of expertise in this complex area, this book conveys a knowledge of what is becoming known as 'Carbon Finance'. It thereby aims to contribute to the development of the market for carbon emission reductions - one of the objectives of the Kyoto mechanisms.
I. Introduction
1: David Freestone: The International Climate Change Legal and
Institutional Framework: An Overview
II. General Issues
2: Thiago Chagas, Matthieu Wermaere and Charlotte Streck: Legal
Ownership and Nature of Kyoto Units and EU Allowances
3: Alan Cook: Accounting for Emission Reductions: From Costless
Activity to Market Operations
4: Markus Gehring and Marie-Claire Cordonnier Segger: Trade and
Investment Implications of Carbon Trading for Sustainable
Development
5: Michael Mehling: Linking of Emissions Trading Schemes
6: Jolene Lin: Private Actors in International and Domestic
Emissions Trading Schemes
III. The Kyoto Protocol Mechanisms
7: Sander Simonetti and Rutger de Witt Wijnen: International
Emissions Trading and Green Investment Schemes
8: Jelmer Hoogzaad and Charlotte Streck: Taking Stock of Joint
Implementation
9: Anthony Hobley and Carly Roberts: The Practicalities of
Contracting JI Transactions
10: Maria Netto and Kai-Uwe Barani Schmidt: CDM and the Role of the
UNFCCC Secretariat
11: Matthias Krey and Heike Santen: Trying to catch up with the
Executive Board - regulatory decision-making and its impact on CDM
performance
12: Axel Michaelowa: Interpreting the Additionality of CDM
Projects: Changes in Definitions and Regulatory Practices over
Time
13: Christina Voigt: Responsibility for the Environmental Integrity
of the CDM: Judicial Review of Executive Board Decisions
14: Martijn Wilder and Louisa Fitz-Gerald: Carbon Contracting
15: Andrew Hedges: The Secondary Market for Emissions trading:
Balancing Market design and Market Based Transactions
IV. Carbon Trading outside Kyoto: Regional Schemes
16: Markus Pohlmann: The European Union Emissions Trading
Scheme
17: Navraj Singh Ghaleigh: Emissions Trading before the European
Court of Justice: Market Making in Luxembourg
V. Carbon Trading outside Kyoto: National and Sub-National
Schemes
18: K Russell LaMotte, David M (Max) Williamson and Lauren A
Hopkins: Emissions Trading in the US: Legal Issues
19: Kyle Danish Van Ness: Off-set provisions in emerging US Cap and
Trade Programmes
20: Martijn Wilder and Louisa Fitz-Gerald: Carbon Markets and
Policy in Australia: Recent Developments
21: Gray E Taylor and Michael R Barrett: Canada's Experience in
Emissions Trading and Related Legal issues
22: Christopher Tung: Carbon Law and Practice in China
VI.Voluntary Markets
23: Michelle Passero: The Voluntary Carbon Market: Its Growth and
Outstanding Legal and Policy Issues
VII. Post Kyoto: Moving towards Copenhagen
24: Murray Ward: What might a Future Global Climate Change Deal
look like?
25: Jos Cozijnsen and Michael Coren: The Role of Project-Based
Mechanisms in a Future Carbon Market
26: Christiana Figueres and Charlotte Streck: A Post-2012 Vision
for the Clean Development Mechanism
27: Bob O'Sullivan and Rick Saines: International Market Solutions
to Protect Tropical Rainforest
Thiago Chagas and Clayfox Clarke: Aviation and Climate Change
Regulation
VIII. Summary and Outlook28:
29: David Freestone and Charlotte Streck: Summary and Outlook
Dr David Freestone is Deputy General Counsel at the World Bank, Washington, D.C. Dr Charlotte Streck is Senior Counsel at the World Bank in Washington, D.C.
...a remarkable single volume containing cutting-edge, state of the
art knowledge on the implementation of the Kyoto mechanisms,
domestic emissions trading schemes and transactions of emission
reduction credits... I would highly recommend this book ... The
editors deserve much credit for this invaluable contribution
towards the literature on the Kyoto regime.
*Jolene Lin, Singapore Year Book of International Law*
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