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Legal Aspects of Carbon Trading – Kyoto, Copenhagen, and beyond - Oxford Scholarship Online
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Legal Aspects of Carbon Trading: Kyoto, Copenhagen, and beyond

David Freestone and Charlotte Streck

Abstract

Since 2005, the carbon market has grown to a value of nearly $100 billion per annum. This book examines all the main legal and policy issues which are raised by emissions trading and carbon finance. It covers not only the Kyoto Flexibility Mechanisms but also the regional emission trading scheme in the EU and emerging schemes in the US, Australia, and New Zealand. The Parties to the 1992 UN Framework Convention are in the process of negotiating a successor regime to the 1997 Kyoto Protocol whose first commitment period ends in 2012. As scientists predict that the threat of dangerous climate ch ... More

Keywords: carbon market, emissions trading, carbon finance, Kyoto Flexibility Mechanisms, UN Framework Convention, Kyoto Protocol, climate change, aircraft emissions, deforestation

Bibliographic Information

Print publication date: 2009 Print ISBN-13: 9780199565931
Published to Oxford Scholarship Online: February 2010 DOI:10.1093/acprof:oso/9780199565931.001.0001

Authors

Affiliations are at time of print publication.

David Freestone, editor
Lobingier Visiting Professor of Comparative Law and Jurisprudence, George Washington University Law School, Washington DC

Charlotte Streck, editor
Founding partner and director of Climate Focus

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Contents

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Front Matter

Title Pages

Acknowledgements

Preface

Contents–Summary

List of Abbreviations

List of Contributors

Table of Cases

Table of Treaties and Legislation

PART I INTRODUCTION

1 The International Climate Change Legal and Institutional Framework: An Overview

David Freestone

PART II GENERAL ISSUES

2 Legal Ownership and Nature of Kyoto Units and EU Allowances

Matthieu Wemaere, Charlotte Streck, and Thiago Chagas

3 Accounting for Emissions: From Costless Activity to Market Operations*

Allan Cook

4 Trade and Investment Implications of Carbon Trading for Sustainable Development

Cordonier Segger Marie-Claire, and Gehring Markus

5 Linking of Emissions Trading Schemes

Michael Mehling

6 Private Actors in International and Domestic Emissions Trading Schemes

Jolene Lin

PART III THE KYOTO PROTOCOL MECHANISMS

7 International Emissions Trading and Green Investment Schemes

Sander Simonetti, and Rutger de Witt Wijnen

8 A Mechanism with a Bright Future: Joint Implementation

Jelmer Hoogzaad, and Charlotte Streck

9 Joint Implementation Transactions: An Overview

Hobley Anthony, and Roberts Carly

10 The CDM Project Cycle and the Role of the UNFCCC Secretariat

Netto Maria, and Barani Schmidt Kai-Uwe

11 Trying to Catch up with the Executive Board: Regulatory Decision-Making and its Impact on CDM Performance

Krey Matthias, and Santen Heike

12 Interpreting the Additionality of CDM Projects: Changes in Additionality Definitions and Regulatory Practices over Time

Michaelowa Axel

13 Responsibility for the Environmental Integrity of the CDM: Judicial Review of Executive Board Decisions

Voigi Christina

14 Carbon Contracting

Martijn Wilder, and Louisa Fitz-Gerald

15 The Secondary Market for Emissions Trading: Balancing Market Design and Market Based Transaction Norms

Andrew Hedges

PART IV CARBON TRADING OUTSIDE KYOTO: REGIONAL SCHEMES

16 The European Union Emissions Trading Scheme

Markus Pohlmann

17 Emissions Trading before the European Court of Justice: Market Making in Luxembourg

Navraj Singh Ghaleigh

PART V CARBON TRADING OUTSIDE KYOTO: NATIONAL AND SUB-NATIONAL SCHEMES

18 Emissions Trading in the US: Legal Issues

K Russell LaMotte, David M (Max) Williamson, and Lauren A Hopkins

19 Offsets in the Emerging US Cap-and-Trade Programmes

Kyle W Danish

20 Carbon Markets and Policy in Australia: Recent Developments

Martijn Wilder, and Louisa Fitz-Gerald

21 Canada’s Experience in Emissions Trading and Related Legal Issues

Gray E Taylor, and Michael R Barrett

22 Carbon Law and Practice in China

Christopher Tung

PART VI VOLUNTARY MARKETS

23 The Voluntary Carbon Market: Its Contributions and Potential Legal and Policy Issues

Passero Michelle

PART VII POST KYOTO: MOVING TOWARDS COPENHAGEN

24 What Might a Future Global Climate Change Deal Look Like?

Murray Ward

25 The Role of Project-Based Mechanisms in the Future Carbon Market

Jos Cozijnsen, and Michael J Coren

26 A Post-2012 Vision for the Clean Development Mechanism

Christiana Figueres, and Charlotte Streck

27 International Market Solutions to Protect Tropical Rainforests

Robert O’Sullivan, and Rick Saines

28 Aviation and Climate Change Regulation

Claybourne Fox Clarke, and Thiago Chagas

PART VIII SUMMARY AND OUTLOOK

Summary and Outlook

Charlotte Streck, and David Freestone

End Matter

Glossary

Index