Climate Change and Carbon Markets: A Handbook of Emissions Reduction Mechanisms

Front Cover
Farhana Yamin
Earthscan, 2012 - 469 pages
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.

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Contents

The international rules on the Kyoto mechanisms
1
I2 Activities implemented jointly
11
I3 Crosscutting mechanism issues
15
I4 Participationeligibility requirements
19
I5 Emissions trading
26
I6 Clean development mechanism Overview
29
I7 Joint Implementation Article 6
53
the Protocol
61
44 The preference for domestic action
205
early experience with projects
210
46 Mechanism participation requirements and CEEs
213
47 Early JI experiences
215
48 The future potential of JI
218
49 European emissions trading in Central and Eastern Europe
222
Notes
229
Implementing the Clean Development Mechanism and emissions trading beyond Europe
231

Notes
67
References
73
The EU Greenhouse Gas Emission Allowance Trading Scheme
75
II2 The EU burdensharing agreement
77
from command and control towards marketbased mechanisms
81
II4 The concept of emissions trading
86
II5 The ethical dimension of emissions trading
92
theEU
95
II7 Core elements of the ET Directive
101
mechanisms
126
II9 Conclusion
139
References
148
Development and implementation of the Kyoto mechanisms worldwide
150
Emissions trading under the Kyoto Protocol how far from the ideal?
153
focusing on economic efficiency
154
throwing governments into the costminimization game
157
a step closer to the ideal?
160
15 Conclusion
163
Notes
164
Trading through the flexibility mechanisms quantifying the size of the Kyoto markets
166
21 Methodology and assumptions
167
22 Characteristics of the five cases
169
23 Analysis of the market features of the five cases
171
24 Conclusion
180
Notes
181
References
182
Implementation challenges insights from the EU Emission Allowance Trading Scheme
183
32 National Allocation Plans
184
33 Permitting procedures
196
34 Monitoring and verification
197
36 Conclusions
198
Notes
199
Joint Implementation and emissions trading in Central and Eastern Europe
200
43 CEE international emissions trading and hot air
203
52 Emissions trading Article 17
232
53 Joint Implementation Article 6
244
54 The Clean Development Mechanism Article 12
246
55 International development agencies
259
57 Conclusion
261
The Clean Development Mechanism a tool for promoting longterm climate protection and sustainable development?
263
62 Assessing the CDMs contribution to sustainable development
265
63 Tools to assess CDM project eligibility and sustainability
269
64 Evolution of the CDM market
278
65 Future issues and options
284
Notes
287
References
288
Determination of baselines and additionality for the CDM a crucial element of credibility of the climate regime
289
72 Baseline determination
290
73 Why baseline and additionality determination are not the same
296
74 Conclusions
302
Notes
303
Creating the foundations for host country participation in the CDM experiences and challenges in CDM capacity building
305
82 Capacity requirements to successfully implement the CDM
306
83 Donor activities
310
84 Challenges
317
85 Conclusions
319
Notes
320
Conclusion Mechanisms linkages and the direction of the future climate regime
321
IV2 Links among domestic GHG emissions trading programmes
328
IV3 Direction of the future climate change regime
334
Notes
342
References
346
Documents related to the EU emission allowance trading Scheme
353
EU Emission Allowance Trading Scheme Directive
355
EU Directive 2004101EC
371
EU Guidelines on Allocations of Allowances
383
Index
413
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About the author (2012)

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.

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