Climate Change Law: Emissions Trading in the EU and the UKThis book is the first comprehensive analysis of the regulatory framework for carbon trading in Europe. It brings together in one volume the first full legal analysis of EU and UK law relating to the EU emissions trading scheme, and all the legislative materials necessary to understand this innovative and complex area of environmental law. It is an essential companion for any professional advising on carbon trading in the UK or EU and a user-friendly reference tool for lawyers, carbon traders, and those working in regulated industries and financial institutions with an interest in carbon finance. It also provides an invaluable set of materials and lessons learned for policy makers and industry in jurisdictions where carbon trading are under development and for those with an interest in the use of market-based mechanisms to address other environmental problems. |
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Contents
List of Contributors | 20 |
The Response to the Challenge of Global Climate Change | 28 |
Requests for Further Information 225 | 31 |
KEY ELEMENTS AND THEEVOLUTION | 55 |
Sectors and Gases | 58 |
Compliance and Enforcement | 66 |
Meaning of Combustion Installations | 74 |
Unilateral Inclusion of Activities Installations and Other Greenhouse Gases by Member States | 81 |
Determination of Applications | 226 |
H Subsistence Charges | 232 |
SURRENDER AND REVOCATION OF PERMITS | 243 |
Allocation of Allowances to Late Installations | 254 |
Installations in a Pool | 268 |
Application to the Crown | 283 |
APPEALS | 285 |
DEVELOPMENT AND ALLOCATIONS TO EXISTING | 293 |
PERMITS | 91 |
Monitoring and Reporting | 97 |
Verfication | 103 |
ALLOWANCES SUBSTANTIVE | 111 |
Criteria Relating to the Distribution of Allowances Among Installations | 123 |
Member State Discretion | 129 |
ALLOWANCES PROCEDURE FOR NATIONAL ALLOCATION PLANS | 137 |
Public Consultation After Notification of a NAP | 146 |
ALLOWANCES ALLOCATION AND ISSUE | 153 |
Issue of Allowances | 158 |
Pooling | 166 |
THE USE OF KYOTO UNITS AND UNITS FROM SCHEMES IN OTHER STATES | 173 |
Linking the EU ETS with Schemes in Other States | 186 |
SURRENDER OF ALLOWANCES AND | 197 |
EVOLUTION OF THE UK REGULATIONS | 217 |
Applications for a Greenhouse Gas Emissions Permit | 223 |
NEW ENTRANTS CLOSURE AND AUCTIONING | 301 |
UK NAP FOR THE SECOND PHASE DEVELOPMENT AND SUBSTANTIVE PROVISIONS | 307 |
THE UK GREENHOUSE GAS EMISSIONS TRADING SCHEME | 319 |
Direct Participant Agreements | 326 |
F The Auction | 334 |
Effect of Changes in Operation I Penalties for Noncompliance 343 | 343 |
Climate Change Agreement Participants | 352 |
National Audit Office Report | 358 |
Climate Change Agreements | 364 |
E Application Process to Determine Eligibility for a Climate Change Agreement | 373 |
Target Reviews | 380 |
B Emissions Trading Arrangements | 387 |
Variation of Targets | 396 |
Audits | 403 |
Common terms and phrases
2003 Commission Guidance 31 December allocation of allowances allowances allocated amendments application auction baseline carbon dioxide carbon dioxide equivalent CERs and ERUs chapter CITL climate change agreement climate change levy combustion installations comitology Community independent transaction Community scheme compliance account criteria criterion direct participant Emissions Trading Directive Emissions Trading Scheme ensure environmental EU ETS European Commission European Parliament Finance Act 2000 force majeure gas emissions permit Gas Emissions Trading gases greenhouse gas emissions identification code identify independent transaction log IPPC Directive issued Kyoto Protocol Kyoto units listed in Annex Mandatory monitoring and reporting national allocation plan notice notify number of allowances operator holding account paragraph participant’s procedure proposed provides pursuant to Article quantity of allowances Registries Regulation registry administrator relation relevant Scheme Rules second phase Secretary sector association source list specified surrender allowances target unit total quantity transfer underlying agreement UNFCCC verified emissions