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

Hardcover | April 11, 2005

EditorDavid Freestone, Charlotte Streck

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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 contributeto 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 aredesigned 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 250pages 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 moreapparent.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.

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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 contributeto climate change. The targets are unprecede...

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.

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Format:HardcoverDimensions:696 pages, 9.21 × 6.14 × 1.68 inPublished:April 11, 2005Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199279616

ISBN - 13:9780199279616

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Table of Contents

Roberto Danino, Sinior Vice-president and General Counsel, The World Bank: ForewordKen Newcombe, Senior Manager, Carbon Finince Business, The World Bank: PrefaceList of ContributorsTable of LegislationList of AbbreviationsI. INTRODUCTIONDavid Freestone: 1.The UN Framework Convention on Climate Change, the Kyoto Protocol, and the Kyoto MechanismsJames Cameron: 2. Climate Change in BusinessII. THE KYOTO FLEXIBLE MECHANISMS: GENERAL ISSUESMatthieu Wermaere and Charlotte Streck: 3. Legal Ownership and Nature of Kyoto Units and EU AllowancesRobert Casamento: 4. Accounting for and Taxation of Emission Allowances and CreditsNathalie Eddy: 5. Public Participation in CDM and JI ProjectsIII. ARTICLE 6 OF THE KYOTO PROTOCOL: JOINT IMPLEMTATIONCharlotte Streck: 6. Joint Implementation: History, Requirements, and ChallengesAnthony Hobley and Peter Hawkes: 7. GHG Emissions Trading RegistriesJari Vayrynen and Franck Lecocq: 8. First Track JI and 'Greening of AAUs': How could it work?IV. ARTICLE 12 OF THE KYOTO PROTOCOL: CLEAN DEVELOPMENT MECHANISMMaria Netto and Kai-Uwe Barani Schmidt: 9. CDM Project Cycle and the Role of the UNFCCC SecretariatErnestine Meijer and Jacob Werksman: 10. Keeping it Clean-Safeguarding the Environmental Integrity of the Clean Development MechanismRobert O'Sullivan and Charles Cormier: 11. Meeting Participating Country Responsibilities under the CDM: Designating a National AuthoritySaleemul Huq and Hannah Reid: 12. Benefit Sharing under the Clean Development MechanismMartijn Wilder: 13. Can Companies or Entities from a Non-Party to the Kyoto Protocol Participate in the Flexible Mechanisms?V. CARBON SEQUESTRATIONSebastian M. Scholz and Ian Noble: 14. Generation of Sequestration Credits under the CDMBenoit Bosquet: 15. Specific Features of Land Use, Land-Use Change, and Forestry TransactionsVI. JI AND CDM: CARBON CONTRACTSMartijn Wilder, Monique Willis, and Mina Guli: 16. Carbon Contracts, Structuring Transactions: Practical ExperiencesDaniel van der Weerd: 17. CERUPT and ERUPT ContractsAniko Pogany: 18. Negotiating a JI Contract: A Project Developer's PerspectiveJaya Singhania: 19. Experiences with the Clean Development Mechanism in IndiaCharlotte Streck: 20. World Bank Carbon Finance Business: Contracts and Emission Reductions Purchase TransactionsDane Ratliff: 21. Dispute Settlement in 'Flexible-Mechanism' ContractsVII. ARTICLE 17 OF THE KYOTO PROTOCOL: EMISSION TRADINGRutger de Witt Wijnen: 22. Emissions Trading under Article 17 of the Kyoto ProtocolRobert Dornau: 23. The Emissions Trading Scheme of the European UnionSimon Marr: 24. Implementing the European Emissions Trading Directive in GermanyChris Dodwell: 25. World Bank Chapter: UK Emissions Trading SchemesMarcela Main S.: 26. Pollution Permit Trading in ChileJosh Carmody and Monique Willis: 27. World Bank Chapter: Emissions Trading Schemes in AustraliaMarkus Gehring and Bradnee Chambers: 28. Canada's Experience in Emissions Trading and Participating in the Kyoto MechanismsJurgen Lefevere: 29. Linking Emissions Trading Schemes: The EU ETS and the 'Linking Directive'VIII. CONCLUSIONDavid Freestone and Charlotte Streck: Summary and OutlookAppendix 1: Text of the Kyoto Protocol to the UN Framework Convention on Climate ChangeAppendix 2: Draft Decision -/CP.7 (Mechanisms) of the Conference of the PartiesGlossaryIndex