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Legal Aspects of Carbon TradingKyoto, Copenhagen, and beyond$
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David Freestone and Charlotte Streck

Print publication date: 2009

Print ISBN-13: 9780199565931

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199565931.001.0001

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International Emissions Trading and Green Investment Schemes

International Emissions Trading and Green Investment Schemes

(p.157) 7 International Emissions Trading and Green Investment Schemes
Legal Aspects of Carbon Trading

Sander Simonetti

Rutger de Witt Wijnen

Oxford University Press

The Kyoto Protocol has introduced the first ever global scheme of emissions trading. Parties included in Annex I to the United Nations Framework Convention on Climate Change (UNFCCC) with greenhouse gas (GHG) emission limitation and reduction commitments inscribed in Annex B to the Kyoto Protocol (Annex B Parties) can achieve their commitments not only by taking domestic measures, but also by making use of the so-called ‘flexible mechanisms’ of the Kyoto Protocol: International Emissions Trading (IET), Joint Implementation (JI) and the Clean Development Mechanism (CDM). Although the mechanism of IET under Article 17 of the Kyoto Protocol is mostly referred to in the context of trading Assigned Amount Units (AAUs), it covers the international transfer of all Kyoto emission rights. The first part of this chapter sets out the legal framework of IET. The second part describes the principles and challenges of IET under Green Investment Schemes, where traded AAUs are ‘greened’ by investing the purchase price in environmental activities in the seller country.

Keywords:   Kyoto Protocol, emissions trading, International Emissions Trading, Green Investment Schemes

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