總代理/Climate Trading

Climate Trading: Development of Greenhouse Gas Markets †

Finance and Capital Markets Series
Deborah Stowell

Climate Trading provides a comprehensive overview of the emerging greenhouse gas emissions trading markets. The book covers events in the UN climate negotiations and the development of the international emissions trading system under the Kyoto Protocol.
The key focus of the book is the emerging domestic and international emissions trading schemes, project based trading programmes, and the developing greenhouse gas markets.
As governments implement regulations to meet domestic and international greenhouse gas emission reduction targets, it is crucial for capital market practitioners and industry to understand risks and opportunities posed by these regulations. The book offers the reader insight into the climate change problem, the concept of emissions trading, design of emerging trading schemes and the practical functioning of the greenhouse gas markets.

PART 1:INTRODUCTION
- What is Climate Change and Why is it a problem?
- Science: The Basis for Action
- Addressing the Problem
- From Market-based Incentive to the Kyoto Mechanisms
PART 2: CLIMATE CHANGE AND THE UN PROCESS
- The UN Framework Convention on Climate Change
- Negotiations on the Kyoto Protocol
- The Kyoto Protocol
PART 3: THE KYOTO MECHANISMS - A FRAMEWORK FOR INTERNATIONAL EMISSIONS TRADING
- Overview
- Information Systems Under the Protocol
- International Emissions Trading
- Joint Implementation
- The Clean Development Mechanism
PART 4: BUILDING MARKETS
- Political Decisions Define the Rules of the Game
- US Experience with Trading Programmes
- Emissions Trading in the Policy Mix
- Domestic Emissions Trading Schemes
- The EU Trading Scheme
- Other Emissions Trading Schemes
- Sub-national Trading Schemes
PART 5: MANAGING CARBON
- Carbon as an Asset
- The Energy Challenge
- Anticipated Impacts on the Power Sector
- Challenges for Industry
- Managing Risk
PART 6: PROGRAMMES TARGETING PROJECT-BASED MECHANISMS
- CDM Developments
- Costs and Risks Associated with Project-based Credits
- The World Bank Carbon Finance
- The Dutch Programmes
- The Finnish Programme
- Conclusion
PART 7: THE CARBON MARKET
- Tradable Instruments
- Market Formation
- Market Segments
- The Price of Carbon
PART 8: CARBON COSTS IN AN UNCERTAIN WORLD
- The Allocation Process
- Future Outlook for the Protocol
- Prospects Beyond 2012
- Glossary of Terms

DEBORAH STOWELL has extensive experience in climate change policy analysis. She is associated with ECON analysis in Oslo, Norway, where she has served as senior policy advisor since 1999. Her main area of work is on the design and use of the Kyoto mechanisms (international emissions trading, joint implementation and the clean development mechanism) and analysis of international and domestic climate change policies. Ms Stowell was an advisor to the Norwegian delegation to the UN climate change negotiations from 1999 to 2001. She served as a Special Assistant in the US Department of Energy from 1994 to 1998, and was a member of the US delegation to the UN climate change negotiations from 1996 to 1998.