文档介绍：Chapter 3
Carbon Market and Carbon Contracts
for CERs Transactions
Alessandra Barreca
Climate Change and the International Carbon Market
The current Climate Change policy is largely represented by the legislative framework
provided by the United Nations Framework Convention on Climate Change ()
and the Kyoto Protocol, whereby Annex I countries are called for green-
house gases (GHG) emission mitments on the basis of the targets
specified in Annex B of the Kyoto Protocol.
These countries can achieve their emission mitments by:
1. Directly reducing their domestic emissions implementing specific environmen-
tally sound national policies or by means of the three “flexible mechanisms”
envisaged by the Kyoto Protocol, namely:
2. The International Emission Trading (IET, article 17 of the Kyoto Protocol),
allowing the trading of the emission permits
3. The Clean Development Mechanism (CDM article 12 of the Kyoto Protocol)
and the Joint Implementation (JI, article 6 of the Kyoto Protocol), relying on
project based activities generating emission reduction credits
The aforementioned three flexible mechanisms have mon the fact that they
somehow allow trade within the carbon market of specific emission reduction units
(ERUs), generally called Kyoto Units, correspondent to the equivalent of 1 Mt CO2.
In the case of the CDM activities, the Kyoto Units traded in the carbon market
are called Certified Emission Reductions (CERs) and, notably, they are generated
by the CDM project itself.
The twofold purpose of the CDM, assisting developing Non Annex I countries
in achieving sustainable development by hosting the CDM projects and by benefiting
from the projects’ investments and activities and, at the same time, helping the
Annex I Party promoting the project in meeting its GHG emission reduction
A. Barreca
Programme Manager, Environmental Legal Team , University of Siena
M. Montini (ed.), Developing CDM Projects in the Wester