carbon market Articles
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Establishing a global carbon market
In its 2007 publication Policy Directions to 2050, the WBCSD proposes an outline for a post-2012 international framework. It features four key elements: The establishment of a quantifiable long-term (50-year) trajectory for the management of global greenhouse gas (GHG) emissions. Global cooperation to accelerate energy technology development and deployment and enable the rapid transfer of ...
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Transnational aspects of a linked carbon market
As greenhouse gas emissions trading systems emerge worldwide, the prospect of linking these systems has increasing economic appeal. However, there are a number of, practical and political considerations to take into account which may in many cases outweigh this theoretical attractiveness. There are also several legal instruments and approaches that can be used to link schemes ranging, from the ...
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Carbon market and global climate governance: limitations and challenges
Climate change has been a challenge to international diplomacy and to global climate governance (GCG) involving governments, companies and civil society. This paper discusses the limitations and challenges of the global carbon market as a mechanism of GCG and its role in the post–Kyoto period. This study is part of an interdisciplinary and multi–institutional research about GCG and carbon market ...
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Who picks up the remainder? Mitigation in developed and developing countries
A fair, effective, flexible and inclusive climate regime beyond 2012 will need several political balances. Mitigation and funding will be at the heart of the agreement. The IPCC's Fourth Assessment Report indicates that absolute reductions will be needed in Annex I (AI) countries and substantial deviation from baseline in some non-Annex I (NAI) regions by 2020. Although the latter was not ...
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The Carbon Market and the Post-2012 Climate Regime: Key Legal Scenarios
Less then six months before Copenhagen, even the broad outline of the post-2012 legal framework remains undecided. The reasons for this are both political and procedural. Legal issues are politically highly sensitive – this is the main reason why they have not been clarified earlier. Procedurally, negotiations are proceeding on two separate “tracks,” one under the Kyoto Protocol and another one ...
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Suspension of Eligibility to Use of the Kyoto Flexible Mechanisms: A Review of Substantive Issues (Part 2)
This article assesses a vital aspect of the flexible mechanisms of the Kyoto Protocol: the rules governing participation in the carbon market created by these mechanisms, and the effects of non-compliance with applicable legal provisions. Part one of this two-part article described the flexible mechanisms of the Kyoto Protocol with a view to rules on market access, participation and eligibility. ...
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Explaining the construction of global carbon markets: REDD+ as a test case?
Market–based instruments increasingly shape international environmental governance. Against this background, this paper puts forward a conceptual framework on the development of regulated global carbon markets. Regarding the adoption of carbon trading as an instance of wider shifts in governance allows us to benefit from the rich literature on (international) institutional change. At the same ...
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Achieving the benefits of carbon trading: It`s all in the design
The global carbon market is real and growing rapidly. The World Bank reported that the market grew in 2006 to reach US$30 billion and that the value of carbon credits being bought and sold nearly tripled in 2006 from 2005 levels. For 2007, indications are that this rapid pace of growth has continued, driven by regulations at the national level under the Kyoto Protocol, at the corporate level ...
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In the REDD: A Conservative Approach to Reducing Emissions from Deforestation and Forest Degradation
One of the key questions for consideration in December in Copenhagen will be whether to include Reducing Emissions from Deforestation and forest Degradation (REDD) in developing countries as an internationally regulated activity. REDD involves payments to developing countries for reducing their deforestation rates below an historical or projected reference rate (the “baseline”). These payments ...
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COVID-19, climate policy and carbon markets
The COVID-19 pandemic is having a dramatic impact on economic activities worldwide. This has both direct and indirect effects on greenhouse gas emissions and global warming. On the one hand, the current pandemic has a direct and immediate effect on emissions since the fall in production and traffic volumes drastically reduces emissions, as it has already been observed after a few weeks of ...
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Market convergence through the back door: Inadvertent integration of the world’s carbon markets under NAFTA
Canada has promised to set up a greenhouse gas trading program to facilitate its greenhouse gas emissions reductions and has expressed an interest in tying its program to the European Union Emission Trading Scheme. At the same time, the United States Congress is contemplating legislation that would set up the country’s own, domestically-scaled GHG trading program and attempt to insulate it from ...
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Climate Change Central Develops Nitrogen Quantifi cation Protocols with ClimateCHECK
Climate Change Central is a unique public-private partnership that promotes the development of innovative responses to global climate change. The organization helps Alberta businesses, governments and other stakeholders work together to pursue greenhouse gas reduction initiatives. In 2007, Climate Change Central was collaborating with Alberta Environment, an international agricultural product ...
By ClimateCHECK
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The human side of social technology for climate change mitigation and human development: the case of 'efficient stoves' in Brazil
Carbon management has gradually gained attention within the overall environmental management and corporate social responsibility agendas. The clean development mechanism, from Kyoto Protocol, was envisioned as connecting carbon market and sustainable development objectives in developing countries. Previous research has shown that this potential is rarely being achieved. The paper explores how the ...
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On the up
The global carbon markets traded an estimated € 92 billion worth of carbon credits in 2008. 4.9 billion t of CO2 equivalent (CO2e) of greenhouse gas (GHG) reductions changed hands under the various international, regional, national and sub-national carbon trading schemes that together make up the global carbon marketplace. These figures demonstrate the phenomenal expansion and maturation of the ...
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On the potential of flexible instruments under the Kyoto Protocol
This paper analyses the potential market for project-based international cooperation within the framework of the Kyoto Protocol. With the help of existing cost data, it is shown that the scope for cost savings by using the project-based flexible instruments of the Protocol is considerable, and that a multi-billion dollar carbon credit market can emerge.Keywords: clean development mechanism, ...
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Forests, carbon markets, and avoided deforestation: Legal implications
Forestry and agriculture contribute significantly to the World’s emissions in greenhouse gases. But they also hold the potential to play an important part in climate change mitigation. The Kyoto Protocol addresses land-use only unsatisfactorily and does not create any incentives for reductions of forest-based emissions in developing countries, where tropical deforestation alone contributes to a ...
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Energy security, economic development and global warming: addressing short and long term challenges
Energy security, economic development and averting global warming are conflicting objectives in a fossil fuel economy. In the long run, sustainable development requires a shift to renewable energy sources. In the short run it requires swift action (IPCC) and different strategies. The article analyses a negative carbon process to co-produce electricity while reducing carbon concentration in the ...
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Moving the Fulcrum: A primer on public climate financing instruments used to leverage private capital
The Problem: Projected climate change mitigation investment needs in developing countries- -including for low-carbon sectors–are significant, growing, and may not be met. Experts estimate new investments of up to $300 billion annually by 2020, growing up to $500 billion annually by 2030, are required to mitigate developing countries’ greenhouse gas emissions to levels in line with ...
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The emerging Canadian carbon market: New fundamentals and opportunities
Steps have recently been taken by the Ontario government to implement a cap and trade system in Ontario, and by the Canadian federal government to facilitate trading of offset credits for greenhouse gas ('GHG') emissions.Ontario introduced enabling legislation on May 27, 2009 (Bill 185) to amend the Environmental Protection Act (Ontario) to allow the provincial government to establish a cap and ...
By McMillan LLP
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Protectionism under a green label: analysis in light of the waxman-markey climate change bill of 2009
This research article analyzes and evaluates the key provisions of the Waxman-Markey Climate Change Bill, which was introduced to establish an aggressive cap-and-trade programme aimed at promoting renewable energy, energy efficiency, and reducing global warming pollution. However, the bill became controversial and was opposed by various countries as the provisions of the bill are against rules of ...
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