Making Kyoto Work

Drawing on the emerging body of expertise in this complex area, this text conveys a knowledge of what is becomming known as 'Carbon Finance'. It contributes to the development of the market for carbon emission reductions - one of the biggest of the Kyoto mechanisms.

"A damning denunciation of things as they are, and a platform for how we can do better."—Andrew Leonard, Salon Building on the international bestseller Globalization and Its Discontents, Joseph E. Stiglitz offers here an agenda of inventive solutions to our most pressing economic, social, and environmental challenges, with each proposal guided by the fundamental insight that economic globalization continues to outpace both the political structures and the moral sensitivity required to ensure a just and sustainable world. As economic interdependence continues to gather the peoples of the world into a single community, it brings with it the need to think and act globally. This trenchant, intellectually powerful, and inspiring book is an invaluable step in that process.

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 bodyof 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.

Since the unanimous adoption of the Kyoto Protocol to the UN Framework Convention on Climate Change (FCCC) in 1997, the negotiation of policy responses to climate change has become an area of major research. This authoritative volume sets out the main debates and processes of' joint implementation' - bilateral or multilateral investments in greenhouse gas emission reduction or sequestration- and explores the issues involved in constructing an appropriate institutional framework. It examines the key economic, environmental, social and ethical impacts, and assesses the operational design of the flexibility mechanisms of joint implementation, including 'emissions trading'. It provides detailed case studies of energy sector investment in eastern European host countries with donor countries considered in northern Europe. This book will have a major impact on the contemporary debates on climate policy in the wake of the Kyoto Protocol.

International agreements such as the Kyoto Protocol, EU regulation and country-specific national climate policies offer some hope of addressing climate change. But all too often implementation of these high level objectives is derailed at the sub-national, local and - perhaps most important - individual level, by a variety of structural, policy and perceived barriers that result in a failure of effective action. Drawing on original research from Sweden, a world leader in effective environmental solutions, this volume examines the difficulties of aligning climate policy from international to national and sub-national levels. The authors address the full range of barriers and complexities, including governance structures, the relationship between 'experts' and the public, political feasibility, tax measures, perceptions of 'fairness' and self-interest, and the importance of environmental values. Also covered are the roles and perceptions of organizations and professions, the place of carbon-free technologies (such as wind power), the relationship between national and EU regulations, and the monumental challenge of governing the climate in a bordered and divided world. This volume is a vital source of information for all those seeking to create effective, coordinated responses to the challenge of climate change.

Since the adoption of the Kyoto Protocol to the United Nations Framework Convention on Climate Change in 1997, the negotiation of policy responses to climate change has become an area of major research. This authoritative volume sets out the main debates and processes of joint implementation - bilateral or multilateral investments in greenhouse gas emission reduction or sequestration - and explores the issues involved in constructing an appropriate institutional framework. It examines the key economic, environmental, social and ethical impacts, and assesses the operational design of the flexibility mechanisms of joint implementation, including emissions trading and the Clean Development Mechanism. An approach is developed in which streamlined assessment procedures are combined with institutional safeguards in order to balance the demand for practical mechanisms with the environmental objectives of the Protocol. The book provides detailed case studies of energy sector investment in Eastern European host countries.