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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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Joint Implementation Transactions: An Overview

Joint Implementation Transactions: An Overview

(p.195) 9 Joint Implementation Transactions: An Overview
Legal Aspects of Carbon Trading

Hobley Anthony

Roberts Carly

Oxford University Press

This chapter builds on the introduction to Joint Implementation (JI) in Chapter 8 by re-examining the key differences between JI and the Clean Development Mechanism (CDM), framed more from the point of view of the prospective investor who is perhaps more used to CDM. It addresses some of the common myths and misconceptions which often arise due to such existing experience of the CDM. The chapter will draw out the key differences which give rise to the distinct risk profile of JI. This will then be used to offer practical advice on the key issues which need to be addressed both in due diligence and contractual drafting for JI projects, as distinct from CDM projects. The chapter shows that there are some particular aspects of the JI mechanism's regulatory design which, relative to the regulatory design of the CDM mechanism, create higher risks for investors and buyers. However, JI is a valuable tool and a ‘learning by doing’ exercise for similar or new mechanisms in the post-2012 world.

Keywords:   Kyoto Protocol, Joint Implementation, Clean Development Mechanism

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