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Submitted in partial fulfilment of B.Com(H 3rd year TUSHAR AWASTHI Roll No.-348
MENTOR: Master your semester with Scribd DEPARTMENT: & The New York Times Special offer for students: Only $4.99/month.
MR. DEEPAK BALANI
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(University of Delhi) Delhi-110017 YEAR-2012 Roll No.-348
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B.COM (H) PART III Documents Sheet Music
ROLL NO:348 SRI AUROBINDO
COLLEGE
MENTOR- MR. DEEPAK BALANI
FINAL TERM PROJECT HEAD OF COMMERCE DEPARTMENT-Mrs. MEENAKSHI CHOUDHARY
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ACKNOWLEDGEME NT
This project could not have been possible without t DEEPAK PAK BAL BALANI ANI effo ef fort rtss of Mr DEE (Comme Depa De part rtme ment nt,, Sr Srii Au Auro robi bind ndo o Co Coll lleg ege) e) wh who o no nott served as an excellent mentor but also ensured tha leave no stone unturned in giving my best. I would li to thank my friends and family for giving m congenial environment to work in.
Lastly, I am deeply obliged to the editors and own of the various business news papers, web sites a magazines that I referred to, for providing me the rea Master your semester Scribd raw material with to create this project. Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
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CONTENTS S.NO
P NO
1.
INTRODUCTION
8.
2.
WHAT IS CARBON CREDIT?
9.
3.
HOW BUYING CARBON CREDITS CAN REDUCE EMISSIONS?
11
4.
BACKGROUND
13
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EMISSION ALLOWANCES Download With Free Trial
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16
KYOTO PROTOCOL
7. Master your semester Scribd KYOTO’S with FLEXIBLE MECHANISM Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
8.
JOINT IMPLEMENTATION
18
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13 .
COMMON BUT DIFFERENTIATED RESPONSIBILITY
32
14 .
MARKET TREND
33
15.
BUSINESS REACTION
34
1 6.
ASIA PACIFIC PARTNERSHIP ON CLEAN DEVELOPMENT AND CLIMATE
1 7.
INDIA AND COPENHAGEN MEET
40
1 8.
CRITICISM
44
1 9.
CONCLUSION
2 0.
36
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BIBLIOGRAPHY
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CERTIFICATE
This is to certify that TUSHAR AWASTHI,Roll No.348, a bonafide student of B.Com(H) III yea of Sri Aurobindo College,University of Delhi, ha carried out the project report entitled “CARBON CREDIT ”under our supervision and guidance .H may submit this project in the partial fulfilment the requirement for the B.Com(H) degree. You're Reading a Preview Unlock full access with a free trial.
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Mrs.Meenakshi Choudhary Balani
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University of Delhi Delhi
University
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DECLARATION
This is to certify that I,TUSHAR AWASTHI of Sri Auro College,B.Com(H),have completed a project on “CAR CREDIT”under the supervision of my academic mentor Mr.DEEP BALANI for partial fulfilment of the requirements for the degree bachelor of commerce (Hons)from the University of Delhi. This work done in the project is originally to the fullest of knowledge and have been carried out by me . You're Reading a Preview
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INTRODUCTION
D
ay by day the cycle of climate on earth is changing. Glo
warming has led to season shifting, changing landscap rising sea levels, increased risk of drought and fl stronger storms, increase in heat related illness and diseases all o the world. This has resulted due to emissions of Green Ho Gases(GHG’s) from various anthropogenic activities.
Since the inception of Kyoto Protocol in the year 1997, countries over the world have become more concerned about ‘Gl Warming’. Industrialized countries are the major contributors to these emissi compared to the developing countries. India being one of the developing has ratified the Ky You're Reading acountries Preview Protocol and is emerging as one of the leading Carbon traders un Unlock full access with a free trial. the Clean Development Mechanism (CDM) of Kyoto Proto Since India generates enormous amount of Municipal Solid Wa Download With Free Trial implementation of CDM project for power generation is incredi viable. India can be efficiently used as CDM activity for recovery emitted gases & power generation. CDM projects could be Master your semester Scribd significant for thewith economy of the country. Read Free Foron 30this Days Sign up to vote title improving the environment, would notuseful only contrib & The NewApart Yorkfrom Times Not itUseful Cancel anytime. substantially to the overall power generation capacity but can Special offer for students: Only $4.99/month. give a good return on investment.
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WHAT IS CARBON CREDIT?
“Carbon credits are a key component of national and internatio attempts to mitigate the growth in concentrations of greenhouse ga (GHGs). One Carbon Credit is equal to one ton of Carbon”.
Carbon trading is an application of an emissions trading appro Greenhouse gas emissions are capped and then markets are used allocate the emissions among the group of regulated sources. The i is to allow market mechanisms to drive industrial and commer processes in the direction of low emissions or less "carbon intens You're Reading a Preview approaches than are used when there is no cost to emitting car access with a free trial. dioxide and other GHGsUnlock intofullthe atmosphere. Since GHG mitigat projects generate credits, this approach can be used to finance car Download With Free Trial reduction schemes between trading partners and around the world.
There are also many companies that sell carbon credits to commer and semester individual customers who are interested in lowering their car Master your with Scribd Read Free 30this Days Sign up to vote on title footprint on a voluntary basis. These carbon offForsetters purchase & The New York Times Not useful Useful Cancel anytime. credits from an investment fund or a carbon development comp Special offer for students: Only $4.99/month. that has aggregated the credits from individual projects. The quality
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Carbon Offset Credits consist of clean forms of energy product wind, solar, hydro and bio fuels.
Carbon Reduction Credits consists of the collection and storag Carbon from our atmosphere through bio sequestration (reforestat forestation), ocean and soil collection and storage efforts. approaches are recognized as effective ways to reduce the Glo Carbon Emissions crises.
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How buying carbon credits can reduce emissions?
Carbon credits create a market for reducing greenhouse emissions giving a monetary value to the cost of polluting the air. Emissi become an internal cost of doing business and are visible on the bala sheet alongside raw materials and other liabilities or assets. For example, consider a business that owns a factory puttin 100,000 tonnes of greenhouse gas emissions in a year. Its governmen an Annex I country that enacts a law to limit the emissions that You're Reading a Preview business can produce. full access with a free trial. So the factory is given aUnlock quota of say 80,000 tonnes per year. T factory either reduces its emissions to 80,000 tonnes or is required Download With Free Trial purchase carbon credits to offset the excess. After costing up alternat the business may decide that it is uneconomical or infeasible to inves new machinery for that year. Instead it may choose to buy carbon cre on the semester open marketwith from organizations that have been approved as be Master your Scribd Read Free Foron 30this Days Sign up to vote title able to sell legitimate carbon credits.
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We should consider the impact of manufacturing alternative ene
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20,000 tonnes of carbon dioxide emissions from the atmosphere that year.
Another seller may have already invested in new low-emiss machinery and have a surplus of allowances as a result. The fact could make up for its emissions by buying 20,000 tonnes of allowan from them. The cost of the seller's new machinery would be subsidi by the sale of allowances. Both the buyer and the seller would sub accounts for their emissions to prove that their allowances were correctly. •
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BACKGROUND
Burning of fossil fuels is a major source of industrial greenhouse emissions, especially for power, cement, steel, textile, fertilizer many other industries which rely on fossil fuels (coal, electr derived from coal, natural gas and oil). The major greenhouse ga emitted by these industries are carbon dioxide, methane, nitrous ox hydro fluorocarbons (HFCs), etc, all of which increase atmosphere's ability to trap infrared energy and thus affect the clim
The concept of carbon credits came into existence as a result increasing awareness of the need for controlling emissions. The IP (Intergovernmental Panel on Climate Change) has observed that:
You'reor Reading a Preview Policies that provide a real implicit price of carbon could cre incentives for producersUnlock andfull consumers significantly invest in l access with a freeto trial. GHG products, technologies and processes. Such policies Download With Free Trial include economic instruments, government funding and regulation, While noting that a tradable permit system is one of the po instruments that has been shown to be environmentally effective in industrial sector, as long as there are reasonable leve Master your semester with Scribd Read Free Foron 30this Days predictability over the initial allocation and long-t Signmechanism up to vote title & The New York Times Not useful Useful price. Cancel anytime. Special offer for students: Only $4.99/month. The mechanism was formalized in the Kyoto Protoco
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Emission allowances
The Protocol agreed 'caps' or quotas on the maximum amoun Greenhouse gases for developed and developing countries, listed in Annex I. In turn these countries set quotas on the emission installations run by local business and other organizations, generic termed 'operators'. Countries manage this through their own natio 'registries', which are required to be validated and monitored compliance by the UNFCCC (United Nations Framework Conven on Climate Change ). Each operator has an allowance of credits, where each unit gives You're Reading a Preview owner the right to emit one metric tonne of carbon dioxide or ot Unlock full access with a free trial. equivalent greenhouse gas. Operators that have not used up th quotas can sell their unused Downloadallowances With Free Trial as carbon credits, businesses that are about to exceed their quotas can buy the e allowances as credits, privately or on the open market. As demand energy grows over time, the total emissions must still stay within Master your with Scribd cap,semester but it allows industry some flexibility and predictability in Read Free Foron 30this Days Sign up to vote title planning to accommodate this. & The New York Times Not useful Useful Cancel anytime. By permitting allowances to be bought and sold, an operator can s Special offer for students: Only $4.99/month. out the most cost-effective way of reducing its emissions, either
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significant anthropogenic greenhouse gases. In United States, which has not ratified Kyoto, Australia, whose ratification came into force in Mar 2008, similar schemes are being considered.
Annex I countries (industrialized countries): Austra Austria, Belarus, Belgium, Bulgaria, Canada, Croa Czech Republic, Denmark, Estonia, Finland, Fran Germany, Greece, Hungary, Iceland, Ireland, Ita Japan, Latvia, Liechtenstein, Lithuania, Luxembou Monaco, Netherlands, New Zealand, Norway, Pola Portugal, Romania, Russian Federation, Slovak Slovenia, Spain, Sweden, Switzerland, Turkey, Ukrai United Kingdom, United States of America You're Reading a Preview Unlock full access with a free trial.
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Kyoto Protocol
As of February 2009, 183 states have signed and ratified the Ky Protocol to the United Nations Framework Convention on Clim Change, aimed at combating global warming .The Kyoto Protocol protocol to the United Nations Framework Convention on Clim Change (UNFCCC or FCCC), an international environmental with the goal of achieving "stabilization of greenhouse concentrations in the atmosphere at a level that would pr dangerous anthropogenic interference with the climate system."
The Kyoto Protocol establishes legally binding commitment for reduction of four greenhouse gases (carbon dioxide, methane, nitr groups of gases (hyd oxide, sulphur hexafluoride), and a two You're Reading Preview fluorocarbons and per fluorocarbons) produced by "anne Unlock full access with a free trial. (industrialized) nations, as well as general commitments fo 183 parties have ratified member countries. As ofDownload JanuaryWith 2009, Free Trial protocol, which was initially adopted for use on 11 December 1 in Kyoto, Japan and which entered into force on 16 Febru 2005.
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Under Kyoto Protocol, industrialized countries agreed to red & The New YorktheTimes Useful Not useful theirOnly collective Special offer for students: $4.99/month.greenhouse level in 1990.
Cancel anytime. gas (GHG) emissions by 5.2% from
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3. Joint Implementation To allow annex I economies to meet their GHG emission limitati by purchasing GHG emission reductions credits from elsew through financial exchanges, projects that reduce emissions in n annex I economies, from other annex I countries, or from anne countries with excess allowances. In practice this means that n annex I economies have no GHG emission restrictions, but financial incentives to develop GHG emission reduction projec receive "carbon credits" that can then be sold to annex I buy encouraging sustainable development. In addition, the fle mechanisms allow annex I nations with efficient, low GHG- emitt industries, and high prevailing environmental standards to purch carbon credits on the world market instead of reducing greenhouse emissions domestically. Annex I entities typically will want to acq carbon credits as cheaply as possible, while non-annex I entities w to maximize the value ofYou're carbon credits generated from their dome Reading a Preview Greenhouse Gas Projects. Unlock full access with a free trial. Among the annex I signatories, all nations have establ Designated National Authorities manage their greenhous Download Withto Free Trial portfolios; countries including Japan, Canada, Italy, the Netherla Germany, France, Spain and others are actively prom government carbon funds, supporting multilateral carbon funds in on purchasing credits from non-annex I countries, Master your semestercarbon with Scribd and Read Free Foron 30this Days Sign up to vote title working closely with their major utility,Useful energy,Not oil and ga & The New York Times useful Cancel anytime. chemicals conglomerates to acquire greenhouse gas certificates Special offer for students: Only $4.99/month. cheaply as possible. Virtually all of the non-annex I countries h
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Kyoto's 'Flexible mechanisms'
A credit can be an emissions allowance which was originally alloca or auctioned by the national administrators of a cap-and program, or it can be an offset of emissions. Such offsetting mitigating activities can occur in any developing country which ratified the
Kyoto Protocol, and has a national agreement in place to validate carbon project through one of the UNFCCC's approved mechanis Once approved, these units are termed Certified Emission Reductio or CERs. The Protocol allows these projects to be constructed credited in advance of the Kyoto trading period. You're Reading a Preview Unlock full access with a free trial.
The Kyoto Protocol provides for three mechanisms that en countries or operators inDownload developed countries to acquire greenho With Free Trial gas reduction credits. Under Joint Implementation (JI) a developed country relatively high costs of domestic greenhouse reduction would set u Master your semester Scribd project in anotherwith developed country. Read Free Foron 30this Days Sign up to vote title (CDM) a develo Under the Clean Development Mechanism & The New York Times Not useful Useful anytime. country can 'sponsor' a greenhouse gas Cancel reduction project Special offer for students: Only $4.99/month. developing country where the cost of greenhouse gas reduction pro •
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countries with capped emission commitments under the Ky Protocol. These carbon projects can be created by a national government or an operator within the country. In reality, most of the transactions not performed by national governments directly, but by operators w have been set quotas by their country.
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Joint Implementation
Joint implementation (JI) is one of three flexibility mechanism forth in the Kyoto Protocol to help countries with binding greenho gas emissions targets (so-called Annex I countries) meet obligations. JI is set forth in Article 6 of the Kyoto Protocol. Un Article 6, any Annex I country can invest in emission redu projects (referred to as "Joint Implementation Projects") in any o Annex I country as an alternative to reducing emissions domestica You're Reading a Preview In this way countries can lower the costs of complying with th Unlock full access with a free trial. Kyoto targets by investing in greenhouse gas reductions in an Ann country where reductionsDownload are cheaper, and then applying the credit With Free Trial those reductions towards their commitment goal.
A JI project might involve, for example, replacing a coal-f power plant with a more efficient combined heat and power pl Master your semester with Scribd Read Foron 30this Days Sign up to vote title Most JI projects are expected to take place inFree so-called "economie & The New York Times Not useful Useful Cancel anytime. Currently Ru transition," noted in Annex B of the Kyoto Protocol. Special offer for students: Only $4.99/month. and Ukraine are slated to host the greatest number of JI projects.
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host country's pool of assigned emissions credits, known as Assig Amount Units, or AAUs. Each Annex I party has a predetermi amount of AAUs, calculated on the basis of its 1990 greenhouse emission levels. By requiring JI credits to come from a host count pool of AAUs, the Kyoto Protocol ensures that the total amoun emissions credits among Annex I parties does not change for duration of the Kyoto Protocol's first commitment period.
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Clean Development Mechanism
The Clean Development Mechanism (CDM) is an arrangem under the Kyoto Protocol allowing industrialised countries wit greenhouse gas reduction commitment (called Annex 1 countries invest in ventures that reduce emissions in developing countries a alternative to more expensive emission reductions in their countries. A crucial feature of an approved CDM carbon projec that it has established that the planned reductions would not oc without the additional incentive provided by emission reduc credits, a concept knownYou're as " additionality ". Reading a Preview The CDM allows net global greenhouse gas emissions to be redu Unlock full access with a free trial. at a much lower global cost by financing emissions reduction proj in developing countries Download where costs areTrial lower than in industriali With Free countries. However, in recent years, criticism against the mechan has increased. The CDM is supervised by the CDM Executive Board (CDM E Master your with Scribdof the Conference of the and semester is under the guidance Pa Read Free Foron 30this Days Sign up to vote title (COP/MOP) of the United Nations Framework Convention & The New York Times Useful Not useful Cancel anytime. Climate Change (UNFCCC). Special offer for students: Only $4.99/month. The Kyoto Protocol’s Clean Development Mechanism
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The official offsets market (at current average prices for ca You're Reading a Preview credits) represents approximately $371 million of which nearly 7 Unlock full access with a free trial. goes to just 3 countries – China, Brazil and South Korea.1,2 Only 3 countries (Bangladesh, Bhutan, Download With Free and Trial Nepal) from the UN’s of 50 Least Developed Countries (LDCs) have registered projects w the Clean Development Mechanism. These amount to 3 biomass and 1 mi hydro project. with Scribd Master your semester Read Free Foron 30this Days Sign up to vote title The LDCs’ share of the carbon pie represents approximately 0.33% & The New York Times Not useful Useful Clean Development Mechanism financing orCancel 1.2anytime. million dollars. Special offer for students: Only $4.99/month. Over two-thirds of Clean Development Mechanism projects
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major chemical and manufacturing plants that capture HFC powerful greenhouse gas. Critics argue that these sources should be paid to clean up a mess of their own making. That these compan are significant polluters in other respects is not factored in to decision-making process. Of the 176 registered offset projects with the UN’s climate office, are biomass projects, initiated by industries such as sugar refine that have huge environmental impacts in other areas. ‘Renewable’ includes wind, solar (heating and photovol tidal/wave, geothermal and micro-hydro power generation. ‘Bio energy’ includes projects that use agricultural and ani waste products for fuel as well as gases extracted from organic wa decomposition in landfills. ‘Efficiency’ projects involve some energy-conservation measu and improvements. ‘Dams’, though technically considered to be ‘renewable’, are o You're Reading a Preview highly controversial and have many other damaging impact Unlock full access with a free trial. communities and the environment. Micro-hydro projects are gener considered to have fewDownload impacts are therefore included Withand Free Trial ‘renewables’. ‘Gas capture’ projects involve major petrochemical manufacturing plants that have undertaken to not release powe greenhouse gaseswith into the atmosphere. Master your semester Scribd •
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Emissions trading Emissions trading (or emission trading) is administrative approach used to control pollution by provi economic incentives for achieving reductions in the emission pollutants”. It is sometimes called cap and trade.
A central authority (usually a government or international bo sets a limit or cap on the amount of a pollutant that c emitted. Companies or other groups are issued emission permits and required to hold an equivalent number of allowances (or cred which represent the right emit aa Preview specific amount. You'reto Reading The total amount of allowances and credits cannot exceed the c Unlock full access with a free trial. limiting total emissions to that level. Companies that ne increase their emission allowance must Download With Free Trialbuy credits from those w pollute less. The transfer of allowances is referred to as a trade effect, the buyer is paying a charge for polluting, while the selle being rewarded for having reduced emissions by more than Master yourneeded. semester Scribd Thus,with in theory, those who can easily reduce emissi Read Free Foron 30this Days Sign up to vote title at most Times cheaply will do so, achieving theUseful pollution reduction & The New York Not useful Cancel anytime. lowest possible cost to society. Special offer for students: Only $4.99/month. There are active trading programs in several pollutants •
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Although these caps are national-level commitments, in pract most countries will devolve their emissions targets to individ industrial entities, such as a power plant or paper factory. The ultimate buyers of credits are often individual companies expect emissions to exceed their quota, their assigned alloca units, AAUs or 'allowances' for short. Typically, they purchase credits directly from another party with allowances, from a broker, from a JI/CDM developer, or on exchange. National governments, some of whom may not have dev responsibility for meeting Kyoto obligations to industry, and have a net deficit of allowances,
will buy credits for their own account, mainly from JI/C You're Reading a Preview developers. These deals are occasionally done directly throug Unlock fullas access trial. of the Dutch governme national fund or agencies, in with thea free case ERUPT programme, or via collective funds such as the Wo Download With Free Trial Bank’s Prototype Carbon Fund (PCF). The PCF, for exam represents a consortium of six governments and 17 major uti and energy companies on whose behalf it purchases credits. allowances carbon credits are tradable instruments w Master yourSince semester withand Scribd Read Free Foron 30this Days Sign up to vote title on the a transparent price, financial investors can buy them & The New York Times Useful Not useful Cancel anytime. market for speculation purposes, or link them to futures contra Special offer for students: Only $4.99/month. A high volume of trading in this secondary market helps p •
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Although Kyoto created a framework and a set of rules for a glo carbon market, there are in practice several distinct schemes markets in operation today, with varying degrees of link among them. Kyoto enables a group of several annex I countries to creat market-within-a-market together. The EU elected to be treated such a group, and created the EU Emissions Trading Sche (ETS). The EU ETS uses EAUs (EU Allowance Units), e equivalent to a Kyoto AAU. The scheme went into operation o January 2005, although a forward market has existed since 2003 Since the creation of Kyoto is subject to a lengthy process registration and certification by the UNFCCC, and the proje themselves require several years to develop, this market is at point largely a forward market where purchases are made discount to their equivalent currency, the EUA, and are alm always subject to certification delivery (although upYou're Reading aand Preview payments are sometimes Unlock full access with a free trial. made). According to IETA, the market value of CDM/JI cre transacted in 2004 Download was With EURFree 245 Trialm; it is estimated that than EUR 620 m worth of credits were transacted in 2005. Several non-Kyoto carbon markets are in existence or planned, and these are likely to grow in importance and numb Master yourinsemester with Scribd the coming years. These include the New South Read Free Foron 30this Days Sign up to vote title Greenhouse the Regional & The New York TimesGas Abatement Scheme, Not useful Greenho Useful Cancel anytime. Gas Initiative and Western Climate Initiative in the United St Special offer for students: Only $4.99/month. and Canada the Chicago Climate Exchange and the Stat •
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broaden the current carbon market far more than the current fo on the CDM/JI and EU ETS domains. An obvious precondit however, is a realignment of penalties and fines to similar lev since these create an effective ceiling for each market.
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Objectives
The objective of the Kyoto climate change conference wa establish a legally binding international agreement, whereby all participating nations commit themselves to tackling the issu global warming and greenhouse gas emissions. The five principle objectives of the Kyoto Protocol are :
Commitments to reduce greenhouse gases that are leg binding for annex I countries, as well as general commitments all member countries. 1.
You're Reading a Preview
Implementation to meet the Protocol objectives, to prep full access with a freegreenhouse trial. policies and measuresUnlock which reduce gases; increas absorption of these gases (for example through geo sequestra Download With Free Trial and bio sequestration) and use all mechanisms available, such joint implementation, clean development 2.
Master yourmechanism semesterand with Scribd emissions trading; being Read Free Foron 30this Days Sign up to rewarded vote title with cre & The New which York allow Times Not useful Useful athome. more greenhouse gas emissions Special offer for students: Only $4.99/month.
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Details of the agreement
According to a press release from the United Nations Environm Programme: "After 10 days of tough negotiations, ministers and other high-le officials from 160 countries reached agreement this morning o legally binding Protocol under which industrialized countries reduce their collective emissions of greenhouse gases by 5.2%”. The agreement aims to lower overall emissions from a group greenhouse gases by 2008-12, calculated as an average over th five years. Cuts in the three most important gases – carbon dioxideYou're (CO2) 1. Reading a Preview methane (CH4) 2. Unlock full access with a free trial. nitrous oxide (N20) – 3. will be measured againstDownload a base year of 1990. With Free Trial •
Cuts in three long-lived industrial gases 1. Hydro fluorocarbons (HFCs) Master your2. semester with (PFCs) Scribd Per fluorocarbons Read Free Foron 30this Days Sign up to vote title Sulphur hexafluoride (SF6) – & The New 3.York Times Not useful Useful anytime. be measured against either a 1990 orCancel 1995 baseline." Special offer for students: can Only $4.99/month. National limitations range from 8% reductions for the Europ •
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sign or ratify the Kyoto Protocol, while non-parties to UNFCCC cannot.
•
The Kyoto Protocol was adopted at the third session of Conference of Parties to the UNFCCC (COP3) in 1997 in Ky Japan. Most provisions of the Kyoto Protocol apply to develo countries, listed in annex I to the UNFCCC. Emission figu exclude international aviation and shipping.
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Common but differentiated responsibility
The United Nations Framework Convention on Climate Cha agreed to a set of a "common but differentiated responsibiliti The parties agreed that: •
•
The largest share of historical and current global emissions greenhouse gases originated in developed countries.
Per capita emissions in developing countries are still relativ You're Reading a Preview low. Unlock full access with a free trial.
•
The share of global emissions originating in developing count Download With Free Trial will grow to meet social and development needs.
China, India, and other developing countries were not include numericalwith limitation of the Kyoto Protocol, because they w Master yourany semester Scribd Read Free Foron 30this Days Sign up to vote title not main contributors to the greenhouse gas emissions inthe p & The New York Times Not useful Useful anytime. treaty industrialization period. China has Cancel since become the larg Special offer for students: Only $4.99/month. greenhouse gas emitter. However, even without responsibility •
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Market trend
Carbon emissions trading has been steadily increasi in recent years. According to the World Bank's Carb Finance Unit, 374 million metric tonnes of carb dioxide equivalent (tCO2e) were exchan through projects in 2005, a 240% increase relat to 2004 (110 mtCO2e) which was itself a 41% increa relative to 2003 (78 mtCO2e).
In terms of dollars, the World Bank has estimated th the size of the carbon market was 11 billion USD Reading a Preview 2005, 30 billion USDYou're in 2006, and 64 billion in 2007. Unlock full access with a free trial.
The Marrakesh Accords of the Kyoto protocol defin Download With Free Trial the international trading mechanisms and regist needed to support trading between countries, allowance trading now occurring between Europe countries and Asian countries. However, while the U Master your semester with Scribd Read Free Foron 30this Days as a nation did not ratify the Protocol, many of its sta Sign up to vote title & The New York Times Useful Not useful and are now developing cap-and-trade Cancelsystems anytime. Special offer for students: Only $4.99/month. looking at ways to link their emissions trading syste
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allowances, or restricting access to CDM proj Creating instruments that are not truly fungible wo introduce instability and make pricing difficult. Vario proposals are being investigated to see how th systems might be linked across markets, with International Carbon Action Partnership (ICAP) as international body to help co-ordinate this.
Business reaction
With the creation of a market for mandatory trading carbon dioxide emissions within the Kyoto Protocol, t London financial marketplace has established itself the centre of the carbon finance market, an expected to have grown into a market valued at $ You're Reading a Preview billion in 2007. The voluntary offset market, Unlock full access with a free trial. comparison, is projected to grow to about $4bn Download With Free Trial 2010.
23 multinational corporations came together in the Climate Change Roundtable, a business group form Master your semester Scribd at the Januarywith 2005 World Economic Forum. The gro Read Free Foron 30this Days Sign up to vote title included Ford, Toyota, British Airways, BP and Unilev & The New York Times Not useful Useful Cancel anytime. On Only June 9, 2005 the Group published a statem Special offer for students: $4.99/month. stating that there was a need to act on climate chan
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Businesses in the UK have come out strongly in supp of emissions trading as a key tool to mitigate clima change, supported by NGOs. However, not businesses favour a trading approach. On Decem 11, 2008, Rex Tillerson, the CEO of ExxonMobil, said carbon tax is "a more direct, more transparent more effective approach" than a cap and t program, which he said, "inevitably introd unnecessary cost and complexity." He also said that hoped that the revenues from a carbon tax would used to lower other taxes so as to be revenue neutral
The International Air Transport Association, whose 2 member airlines comprise 93% of all internat a Preview traffic, position is You're thatReading trading should be based Unlock full accessemissions with a free trial. “benchmarking,” setting levels based industry averages, rather than “grandfathering,” wh Download With Free Trial would use individual companies’ previous emiss levels to set their future permit allowances. They arg grandfathering “would penalise airlines that took ea action to modernise their fleets, while a benchmark Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title approach, if designed properly, would reward m & The New York Times Useful Not useful Cancel anytime. efficient operations." Special offer for students: Only $4.99/month.
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Asia Pacific Partnership on Clean Development and Climate
The Asia Pacific Partnership on C Development and Climate is an agreement am seven Asia-Pacific nations: Australia, Canada, Chin India, Japan, South Korea, and the United Stat Between them, these seven countries are responsi You're Reading a Preview for more than half of the world's carbon dio Unlock full access with a free trial. emissions. Download With Free Trial
The partnership had its official launch in January 20 at a ceremony in Sydney, Australia. The alliance sta that member nations have initiated nearly 100 proje aimed at clean building andma Master your semester withenergy Scribdcapacity Read Free Foron 30this Days Signthese up to vote title formation since then. Building on activities, lon & The New York Times are scheduled to deploy Useful Not useful Cancel anytime. term projects clean energy a Special offer for students: Only $4.99/month. environment technologies and services. The pact allo
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replace the current Kyoto Protocol (negotiations start in Montreal in December 2005).
U.S. Senator John McCain said the partner "[amounted] to nothing more than a nice little pub relations ploy," while the Economist described partnership as "patent fig-leaf for the refusal of Amer and Australia to ratify Kyoto"
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India
India signed and ratified the Protocol in August, 2002. Since Ind is exempted from the framework of the treaty, it is expected to gain from the protocol in terms of transfer of technology and related foreign investments. At the G8 meeting in June 2005 , Indian Prim Minister Manmohan Singh pointed out that the per-capita emiss rates of the developing countries are a tiny fraction of those in the developed world. Following the principle of common but differentiated responsibility, India maintains that the major responsibility of curbing emission rests with the developed countrie which have accumulated emissions over a long period of time. However, the U.S. and other Western nations assert that India, alon with China, will account for most of the emissions in the coming You're industrialization Reading a Preview and economic growt decades, owing to their rapid
INDIA VOWS 20- 25% CARBON INTENSITY CUTS Unlock full access with a free trial.
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India on 3rd December 2009 acquired the tag of a “responsible” glo power in mitigating when it announced that it would reduce its carb Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title intensity levels by 20-25% on its 2005 level over the next 11 years & The New York Times Not useful Useful Cancel anytime. The announcement was made by UNION ENVIRONMENT AND Special offer for students: Only $4.99/month. FOREST MININSTER Jairam Ramesh in Lok Sabha before a
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Impact •
•
•
•
Biggest impact will be felt by small and medium enterprises tha form India’s manufacturing base but are carbon intensive .they also don’t have the capital to quickly shift to clean technology. Steel and cement industries traditionally carbon intensive, could come under stress. The shift from burning wood as fuel to kerosene/gas could slow down because the latter produce higher emissions.75% of rural 25% of urban population still burn wood and want to shift to ga /kerosene. Unless India shifts quickly to cleaner and expensive energy alternatives, its overall growth might be hit. You're Reading a Preview Unlock full access with a free trial.
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India and Copenhagen meet
Copenhagen meet will be held from 7 to 18 th December with the president and over 80 world leaders .Indian prime minister Manmo Singh’s office announced on Saturday that he will attend the climate change conference which is about to begin Copenhagen. India ranking 4rth among the world’s top 15 polluters of car dioxide – a greenhouse gas blamed for global warming government recently pledged to cut emissions by 20-25 percent 2020, compared to 2005 levels.
Leaders of more than 100 nations taking part in climate cha You're Reading are a Preview conference, which aims to reach a new international agreement Unlock full access with a free trial. reducing emissions and assistance for developing economies work to slow the global warming trend.With Free Trial Download US President Barrack Obama , India’s Prime Minister Singh and other heads of state or government are expected in the Danish cap during the final sessions of the twelfth day conference which beg Master your semester with Scribd on Monday.
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revised his travel plans and will be arrivi Copenhagen on December 18. He had originally intended to take
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Chinese Prime Minister Wen Jiabao whose country is another ma polluter, also will be in Copenhagen. China, India and the US all h recently announced the target for reducing carbon emission.
Following India’s pledge to cut its green house gas emissions by 25% over the next decade , the white house said on Friday that U ready to pay a affair share of $10 billion per year in climate aid developing countries as part of a new climate change agreement.
Participants in the Copenhagen meeting are trying to reach a n international accord to replace the 1997 Kyoto protocol which exp in 2012.
Increase in greenhouse gas emission since 1990 You're Reading a Preview
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Country
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EU Assigned Objective for 2012
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Tr Oblig 2008
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Norway
+10%
-18.7%
n/a
New Zealand
+21%
+17.9%
n/a
France
-0.8%
-6.1%
0%
Greece
+27%
+25.3%
+25%
Ireland
+23%
+22.7%
+13%
Japan
+6.5%
+5.2% You're Reading a Preview
n/a
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United Kingdom
-14%
Portugal
+41%
-58.8% Download With Free Trial
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-12.5%
+28.9%
-2.6%
+27%
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Below is a table of the changes in greenhouse gas emissions of so countries. Change in greenhouse gas Country Emissions (1992-2007) India
+103%
China
+150%
United States
+20%
Russian Federation
-20%
Japan
+11%
Worldwide Total
+38%
Comparing total greenhouse gas emissions in 2004 to 1990 levels, U.S. emissions were up by 15.8%, with irregular fluctuations fr one year to another but aYou're general trend to increase. Reading a Preview At the same time, the EU group of 23 (EU-23) Nations had redu Unlock full access with a free trial. their emissions by 5%. In addition, the EU-15 group of nation large subset of EU-23) reduced emissions by 0.8% between 1 Downloadtheir With Free Trial and 2004, while emission rose 2.5% from 1999 to 2004. Part of increases for some of the European Union countries is still in line the treaty, being part of the cluster of countries implementation. Master your semester withthe Scribd As of year-end 2006, United Kingdom and Sweden were the o Read Free Foron 30this Days Sign up to vote title EUYork countries on pace to meet their Kyoto Useful emissions commitments & The New Times Not useful 2010.OnlyWhile UN statistics indicate that, asCancel a anytime. group, the 36 Ky Special offer for students: $4.99/month. signatory countries can meet the 5% reduction target by 2012, mos
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Criticism
As with any financial market, emissions traders vulnerable to significant risk and volatility. The trading scheme (EU-ETS), for instance, issued so ma permits between 2005 and 2007 that it flooded market. Supply soared and carbon prices bottomed o removing incentives for companies to tr Enforcement of trading rules can be just unpredictable, though Fahnestock says the EU working to correct the problems.
Carbon offsets have their own drawbacks, which refl a fast-growing and unregulated market. Some of You're Reading a Preview firms in the United States and abroad have been caug Unlock full access with a free trial. selling offsets for normal operations that do not actua take any additional Download C02 out of the atmosphere, such With Free Trial pumping C02 into oil wells to force out the remaini crude. In 2008 the Climate Group, the Internat Emissions Trading Association, and the World Econom Forum will with work Scribd to develop a Voluntary Ca Master your semester Read Free Foron 30this Days Sign up to vote title Standard to verify that offsetting projects are beyo & The New York Times Not useful Useful Cancel anytime. business-as-usual and have lasting environmen Special offer for students: Only $4.99/month. value.
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investments in carbon offset projects that were entirely environmentally sound.
Conclusion
Carbon Credit have become entrenched in the broad climate change debate, however, fundamental scient and methodological problems persist. While th remain unresolved, they have the potential to seriou undermine the financial and environment value of a carbon credit scheme .The danger is that redu emission at source and recapturing carbon thro sequestration are You're being treated Reading a Preview by government industry as equivalent policy options. Emission Trad Unlock full access with a free trial. should not be a mechanism that facilitates the trans Withaway Free Trial for millions of yea of fossilised carbonDownload locked over short term biotic sinks. For this reason, the iss of carbon sinks is currently undermining the integrity carbon credits and creation of carbon credit market.
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Contrary to this Carbon Credit provides the economy & The New York Times Useful Not useful Cancel anytime. both monetary and non mone Currently carbon credits are valued
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huge advantage when it comes to the carbon cre market. In the new regime, the country could emer as one of the largest beneficiaries accounting for percent of total world carbon trade ,says recent Wo Bank report. The carbon credit market is a liquid mar as of now .And there is nothing to support the fact it w remain the same in the time to come .But India nee additional sources of revenue to finance infrastructural requirements and feed its “100 billio population .Even if the market stops growing in future or ceases to exist ,the non monetary effects an agricultural economy like ours are huge enough make the risk worthwhile.
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