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Legal Aspects of Implementing the Kyoto Protocol Mechanisms: Making Kyoto Work

ISBN13: 9780199279616
ISBN: 0199279616
Published: February 2005
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £150.00

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The first protocol to the UN Framework Covention on Climate Change (UNFCCC) was adopted in Kyoto in 1997. It is a unique international law instrument which sets stringent, legally binding targets for the reduction of emissions of the 'greenhouse gases' (primarily Carbon Dioxide) which contribute to climate change. The targets are unprecedented in an environmental agreement and will involve substantial financial commitment in virtually all industrialized countries. This is also the;first international agreement to include 'economic instruments' to assist parties to meet the targets. These economic instruments, known as the 'Kyoto Mechanisms' or the 'flexibility mechanisms' are joint implementation, the Clean Development Mechanism, and 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 Parties in Marrakech. The 'Marrakech Accords' run to almost 250 pages, but still leave many important practical issues unaddressed. As the Executive Board of the Clean Development Mechanism begins to operate and more and more projects are developed to take advantage of the;Kyoto Mechanisms, 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.

Environmental Law
Foreword; Preface; List of Contributors; Table of Legislation; List of Abbreviations; I. INTRODUCTION; 1.The UN Framework Convention on Climate Change, the Kyoto Protocol, and the Kyoto Mechanisms; 2. Climate Change in Business; II. THE KYOTO FLEXIBLE MECHANISMS: GENERAL ISSUES; 3. Legal Ownership and Nature of Kyoto Units and EU Allowances; 4. Accounting for and Taxation of Emission Allowances and Credits; 5. Public Participation in CDM and JI Projects; III. ARTICLE 6 OF THE KYOTO PROTOCOL: JOINT IMPLEMTATION; 6. Joint Implementation: History, Requirements, and Challenges; 7. GHG Emissions Trading Registries; 8. First Track JI and 'Greening of AAUs': How could it work?; IV. ARTICLE 12 OF THE KYOTO PROTOCOL: CLEAN DEVELOPMENT MECHANISM; 9. CDM Project Cycle and the Role of the UNFCCC Secretariat; 10. Keeping it Clean-Safeguarding the Environmental Integrity of the Clean Development Mechanism; 11. Meeting Participating Country Responsibilities under the CDM: Designating a National Authority; 12. Benefit Sharing under the Clean Development Mechanism; 13. Can Companies or Entities from a Non-Party to the Kyoto Protocol Participate in the Flexible Mechanisms?; V. CARBON SEQUESTRATION; 14. Generation of Sequestration Credits under the CDM; 15. Specific Features of Land Use, Land-Use Change, and Forestry Transactions; VI. JI AND CDM: CARBON CONTRACTS; 16. Carbon Contracts, Structuring Transactions: Practical Experiences; 17. CERUPT and ERUPT Contracts; 18. Negotiating a JI Contract: A Project Developer's Perspective; 19. Experiences with the Clean Development Mechanism in India; 20. World Bank Carbon Finance Business: Contracts and Emission Reductions Purchase Transactions; 21. Dispute Settlement in 'Flexible-Mechanism' Contracts; VII. ARTICLE 17 OF THE KYOTO PROTOCOL: EMISSION TRADING; 22. Emissions Trading under Article 17 of the Kyoto Protocol; 23. The Emissions Trading Scheme of the European Union; 24. Implementing the European Emissions Trading Directive in Germany; 25. World Bank Chapter: UK Emissions Trading Schemes; 26. Pollution Permit Trading in Chile; 27. World Bank Chapter: Emissions Trading Schemes in Australia; 28. Canada's Experience in Emissions Trading and Participating in the Kyoto Mechanisms; 29. Linking Emissions Trading Schemes: The EU ETS and the 'Linking Directive'; VIII. CONCLUSION; Summary and Outlook; APPENDIX 1: TEXT OF THE KYOTO PROTOCOL TO THE UN FRAMEWORK CONVENTION ON CLIMATE CHANGE; APPENDIX 2: DRAFT DECISION -/CP.7 (MECHANISMS) OF THE CONFERENCE OF THE PARTIES; GLOSSARY; INDEX