This book presents a selection of papers from an international workshop co-sponsored by the OECD and Concerted Action on Tradeable Emissions Permits (CATEP), to discuss key research and policy issues relating to the design and implementation of these instruments.

Climate change is an environmental problem of unprecedented complexity, not just in terms of its physical, social, economic and political impacts, but particularly in terms of the range of policy instruments being designed by countries to reduce greenhouse gas emissions. Climate Change and Carbon Markets aims to provide an accessible and practical guide to cutting edge market-based mechanisms which will reduce greenhouse gas emissions. This book is a guide for national and international policy-makers and industry professionals, who need to understand the carbon markets established pursuant to the Kyoto Protocol, one of the most complex agreements ever negotiated. The book sets out how carbon markets will function by explaining the rules, institutions and procedures of the Kyoto mechanisms, including: emissions trading, joint implementation (JI) and the Clean Development Mechanism (CDM). It also provides an in-depth explanation of the EU Emissions Allowance Trading Scheme, emerging mechanisms in the US and developing countries, and how these will link up. For policy-makers, researchers and scholars; industry practitioners, companies, market service providers, technical and legal consultants, NGOs and all stakeholder organizations engaged in the Kyoto markets, this is the authoritative and comprehensive practical guide to this rapidly evolving area. Contains the full text of the key European Union documents setting up the EU Emissions Allowance Trading Scheme and the Linking Directive.

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.

Emissions trading challenges the management of companies in an entirely new manner. Most importantly it shifts the mode of governance of environmental policy from hierarchy to market. The contributions in this book discuss the theoretical implications of different institutional designs of emissions trading schemes. They review schemes implemented in the US and Europe, and evaluate the range of investment decisions and corporate strategies resulting from the new policy framework.

The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions.