International Climate Change Policy

EU Emissions Trading System (ETS)

	Questions and Answers on Emissions Trading and National Allocation Plans. Climate Change - EU Emissions Trading Scheme (EU-ETS) Since 1 January 2005, some 12,000 large industrial plants in the EU have been able to buy and sell permits to release carbon dioxide into the atmosphere. The so-called Emissions Trading Scheme (ETS) enables companies exceeding individual CO2 emissions targets to buy allowances from 'greener' ones. Investments in cleaner technologies can then be turned into profits while helping the EU meet its Kyoto commitments on climate change.
	UNFCCC provides an overview of the three flexibility mechanisms (Emissions Trading, Clean Development Mechanism and Joint Implementation) with links to key decisions, conclusions and documents from the international negotiating process. The International Institute for Sustainable Development (IISD) provides an overview of each of the flexibility mechanisms. It also provides links to other sites for each of the mechanisms.

Emissions Trading

	The UK Emissions Trading Scheme is the world's first economy-wide greenhouse gas emissions trading scheme. 34 organisations ('direct participants' in the scheme) have voluntarily taken on a legally binding obligation to reduce their emissions against 1998-2000 levels, delivering over 4 million tonnes of additional carbon dioxide equivalent emission reductions in 2006. This website provides information on rules and guidelines for participants.
	The Australian Greenhouse Office is also developing an emissions trading scheme.
	The International Energy Agency (IEA) has undertaken analysis of the impact of emissions trading and provides some papers on the issue.
	Green Paper for the EU Commission on GHG emissions trading in the EU
	Report by the Pew Centre on "The Emerging International Greenhouse Gas Market" It includes sections on: the origins of GHG trading, market characteristics, future outlook, descriptions of project, corporate, regional and national emission trading systems.

JI/CDM Mechanisms

Joint Implementation

Joint Implementation Network, the Netherlands is an international network for research activities and information exchange about the topics related to the joint implementation concept. They organise conferences and publish Joint Implementation Quarterly (JIQ). Since 1997 JIQ has extended its original focus on Activities Implemented Jointly (AIJ) to include the three Kyoto mechanisms: Joint Implementation (JI), the Clean Development Mechanism (CDM) and International Emissions Trading (IET). JIQ�s subscribers are in the fields of policy makers, science, non-governmental organisations and business in about 140 different countries.

Clean Development Mechanism

	The UNFCCC CDM site gives all relevant information about the CDM.
	CDM Watch is a non-profit organisation that seeks to monitor Clean Development Mechanism (CDM) projects and provide a clearinghouse for information on CDM projects and CDM related issues and developments.

Carbon Funds & Carbon Reduction Projects

	The Prototype Carbon Fund (PCF) was established for the purposes of (i) demonstrating how project-based transactions in Greenhouse Gas emission reductions can contribute to the sustainable development of developing countries and countries with economies in transition; (ii) sharing the knowledge gained in the course of the PCF�s operations with all interested parties. The PCF funds projects in the framework of Articles 6 and 12 of the Kyoto Protocol, or Joint Implementation and the Clean Development Mechanism, respectively. This page provides a list of those projects for which the PCF has completed preparation and has successfully negotiated an Emission Reduction (ER) Purchase Agreement with the Host Government, with links to more detailed project information.
	World Bank has also created a BioCarbon Fund to provide carbon finance to demonstrate and test projects that sequester or remove greenhouse gases (GHGs) in forest and agricultural ecosystems. The BioCarbon Fund aims to deliver cost-effective emission reductions while promoting environmental benefits, such as the conservation of biodiversity, the reduction of poverty and opportunities for adaptation to climate change. The BioCarbon Fund proposes to use the successful PCF model to expand the reach of carbon finance to agricultural and forest ecosystems. The BioCarbon Fund started operations in May 2004. Project ideas can now be submitted online.
	The Dutch Government buys greenhouse gas emission reductions through Senter and Carboncredits.nl and helps companies investing in renewable energy and energy efficiency in Central and Eastern Europe improve the return on their investments. An overview of accepted projects and projects under consideration is available.