Legal Aspects of Implementing the Kyoto Protocol Mechanisms Making Kyoto Work

About this book

Invaluable technical book on Kyoto, for all those who needed a detailed understanding of the Protocol.

From the publisher's announcement:

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.

Contents

Roberto Da#ino, Senior Vice-president and General Counsel, The World Bank: Foreword: Ken Newcombe, Senior Manager, Carbon Finince Business, The World Bank: Preface: List of Contributors: Table of Legislation: List of Abbreviations
I. INTRODUCTION David Freestone: 1.The UN Framework Convention on Climate Change, the Kyoto Protocol, and the Kyoto Mechanisms James Cameron: 2. Climate Change in Business II. THE KYOTO FLEXIBLE MECHANISMS: GENERAL ISSUES Matthieu Wermaere and Charlotte Streck: 3. Legal Ownership and Nature of Kyoto Units and EU Allowances Robert Casamento: 4. Accounting for and Taxation of Emission Allowances and Credits Nathalie Eddy: 5. Public Participation in CDM and JI Projects III. ARTICLE 6 OF THE KYOTO PROTOCOL: JOINT IMPLEMTATION Charlotte Streck: 6. Joint Implementation: History, Requirements, and Challenges Anthony Hobley and Peter Hawkes: 7. GHG Emissions Trading Registries Jari V#yrynen and Franck Lecocq: 8. First Track JI and 'Greening of AAUs': How could it work? IV. ARTICLE 12 OF THE KYOTO PROTOCOL: CLEAN DEVELOPMENT MECHANISM Maria Netto and Kai-Uwe Barani Schmidt: 9. CDM Project Cycle and the Role of the UNFCCC Secretariat Ernestine Meijer and Jacob Werksman: 10. Keeping it Clean-Safeguarding the Environmental Integrity of the Clean Development Mechanism Robert O'Sullivan and Charles Cormier: 11. Meeting Participating Country Responsibilities under the CDM: Designating a National Authority Saleemul Huq and Hannah Reid: 12. Benefit Sharing under the Clean Development Mechanism Martijn Wilder: 13. Can Companies or Entities from a Non-Party to the Kyoto Protocol Participate in the Flexible Mechanisms? V. CARBON SEQUESTRATION Sebastian M. Scholz and Ian Noble: 14. Generation of Sequestration Credits under the CDM Beno#t Bosquet: 15. Specific Features of Land Use, Land-Use Change, and Forestry Transactions VI. JI AND CDM: CARBON CONTRACTS Martijn Wilder, Monique Willis, and Mina Guli: 16. Carbon Contracts, Structuring Transactions: Practical Experiences Daniel van der Weerd: 17. CERUPT and ERUPT Contracts Anik Pogny: 18. Negotiating a JI Contract: A Project Developer's Perspective Jaya Singhania: 19. Experiences with the Clean Development Mechanism in India Charlotte Streck: 20. World Bank Carbon Finance Business: Contracts and Emission Reductions Purchase Transactions Dane Ratliff: 21. Dispute Settlement in 'Flexible-Mechanism' Contracts VII. ARTICLE 17 OF THE KYOTO PROTOCOL: EMISSION TRADING Rutger de Witt Wijnen: 22. Emissions Trading under Article 17 of the Kyoto Protocol Robert Dornau: 23. The Emissions Trading Scheme of the European Union Simon Marr: 24. Implementing the European Emissions Trading Directive in Germany Chris Dodwell: 25. World Bank Chapter: UK Emissions Trading Schemes Marcela Main S.: 26. Pollution Permit Trading in Chile Josh Carmody and Monique Willis: 27. World Bank Chapter: Emissions Trading Schemes in Australia Markus Gehring and Bradnee Chambers: 28. Canada's Experience in Emissions Trading and Participating in the Kyoto Mechanisms J#rgen Lefevere: 29. Linking Emissions Trading Schemes: The EU ETS and the 'Linking Directive' VIII. CONCLUSION David Freestone and Charlotte Streck: 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

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