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Legal Aspects of Implementing the Kyoto Protocol Mechanisms - Making Kyoto Work (Hardcover, New)
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Legal Aspects of Implementing the Kyoto Protocol Mechanisms - Making Kyoto Work (Hardcover, New)
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The first protocol to the UN Framework Convention on Climate Change
(UNFCCC) was adopted in Kyoto in 1997 and entered into force in
February 2005. It is a unique international law instrument which
sets legally binding targets for the reduction of emissions of
greenhouse gases which contribute to climate change. The targets
are unprecedented in an environmental agreement and will involve
substantial financial commitment in virtually all industrialized
country parties to the protocol. The Kyoto Protocol is also the
first international agreement to include economic instruments which
are designed to involve private sector entities and assist parties
to meet their targets. These economic instruments, known as the
Kyoto or flexible mechanisms, are Joint Implementation (JI), the
Clean Development Mechanism (CDM), and International Emissions
Trading. The Kyoto Protocol defined these mechanisms but did not
set out the details necessary for their operation. After protracted
negotiations, detailed rules were finalized at the Seventh Session
of the UNFCCC Conference of the Parties held in Marrakech in 2001.
The Marrakech Accords run to almost 250 pages but still leave many
important practical issues unaddressed. As the 2008-2012 commitment
period of the Kyoto Protocol draws close more and more projects
under CDM and JI are being developed to take advantage of the Kyoto
mechanisms and the key issues and problems are now becoming more
apparent. Drawing on the emerging body of expertise in this complex
area, this book conveys a knowledge of what is becoming known as
'Carbon Finance'. It thereby aims to contribute to the development
of the market for carbon emission reductions - one of the
objectives of the Kyoto mechanisms.
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