Details
- The first book on this complex subject
- Written with practitioners in mind by authors involved in Kyoto Protocol transactions
- Timely given the recent adoption of an Emissions Trading Scheme for Europe and its linkage to the Kyoto Protocol
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.
Readership: Lawyers, international and national civil servants, ministries of environment and foreign affairs, scholars and postgraduate students of international environmental law and policy.
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
Edited by David Freestone, Deputy General Counsel, the World Bank, Washington, D.C., and Charlotte Streck, Senior Counsel, the World Bank, Washington, D.C.
Contributors:
Benoit Bosquet
James Cameron
Josh Carmody
Robert Casamento
Charles Cormier
Charles DiLeva
Chris Dodwell
Robert Dornau
Natalie Eddy
David Freestone
Markus W. Gehring
Mina Guli
Peter Hawkes
Anthoney Hobley
Saleemul Huq
Franck Lecocq
Jürgen Lefevere
Marcela Main
Simon Marr
Ernestine Meijer
Maria Netto
Ian Noble
Robert O'Sullivan
Aniko Pogany
Dane Ratliff
Hannah Reid
Kai-Uwe Barani Schmidt
Sebastian M. Scholz
Jaya Singhania
Charlotte Streck
Richard Tarasowsky
Daniel van der Weerd
Jari Väyrynen
Jake Werksman
Matthieu Wermaere
Martijn Wilder
Rutger De Witt Wijnen
Monique Willis
"...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
