An Emerging Market for the Environment: A Guide to Emissions Trading
Since its inclusion in the Kyoto Protocol, as one of three market-based mechanisms to reduce greenhouse gas emissions, an international emissions trading system has attracted widespread interest. This guide provides information for the non-specialist on the concept of emissions trading, including a simple theoretical model of an emissions trading system, with an emphasis on its economic advantages in comparison to more conventional forms of regulation. It also explores different system designs and their environmental aims, examples of existing systems with their performance to date, and how future systems may develop.
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AAUs achieve actual emissions air quality allowance allocation allowances traded allowances/credits Annex B Parties auction banked allowances baseline and credit cap and trade Carbon Market cent Centre on Energy Clean Air Act Clean Development Mechanism Climate Change Climate Change Levy CO2 emissions compliance period conventional regulations cost emission reduction criteria air pollutants designed emissions trading domestic emissions trading domestic policies economic Effective enforcement emissions limitation commitments emissions target emissions trading programme emissions trading system ensure ERCs example excess emissions existing sources expanding sources facilities gases Global greenhouse gas emissions impacts incentive international emissions trading Kyoto mechanisms Kyoto Protocol lead use rights leaded gasoline lower cost maximum allowable concentration nitrogen oxides Non-attainment areas NOx emissions offset programme potential cost savings projects RECLAIM reduce emissions RTCs scrubber sector Source A Source Source B Total sulphur dioxide tonnes of C02 total emissions trading for greenhouse UCCEE