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the effects on developing countries of the kyoto protocol and carbon dioxide emissions trading by a. denny ellerman, henry d. jacoby, annelene decaux :: ssrn

Developing countries-both importers and exporters-could in fact benefit from carbon dioxide emissions trading to achieve tagets mandated by the Kyoto Protocol. The trading of rights to emit carbon dioxide has not officially been sanctioned by the United Nations Framework Convention on Climate Change, but it is of interest to investigate the consequences, both for industrial (Annex B) and developing countries, of allowing such trades. Ellerman, Jacoby, and Decaux examine the trading of caps assigned to Annex B countries under the Kyoto Protocol and compare the outcome with a world in which Annex B countries meet their Kyoto targets without trading. Under the trading scenario the former Soviet Union is the main seller of carbon dioxide permits and Japan, the European Union, and the United States are the main buyers. Permit trading is estimated to reduce the aggregate cost of meeting the Kyoto targets by about 50 percent, compared with no trading. Developing countries, though they do not trade, are nonetheless affected by trading. For example, the price of oil and the demand for other developing country exports are higher with trading than without. The authors also consider what might happen if developing countries were to voluntarily accept caps equal to Business as Usual Emissions and were allowed to sell emission reductions below these caps to Annex B countries. The gains from emissions trading could be big enough to give buyers and sellers incentive to support the system. Indeed, a global market for rights to emit carbon dioxide could reduce the cost of meeting the Kyoto targets by almost 90 percent, if the market were to operate competitively. The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems.

The trading of rights to emit carbon dioxide has not officially been sanctioned by the United Nations Framework Convention on Climate Change, but it is of interest to investigate the consequences, both for industrial (Annex B) and developing countries, of allowing such trades. Ellerman, Jacoby, and Decaux examine the trading of caps assigned to Annex B countries under the Kyoto Protocol and compare the outcome with a world in which Annex B countries meet their Kyoto targets without trading. Under the trading scenario the former Soviet Union is the main seller of carbon dioxide permits and Japan, the European Union, and the United States are the main buyers. Permit trading is estimated to reduce the aggregate cost of meeting the Kyoto targets by about 50 percent, compared with no trading. Developing countries, though they do not trade, are nonetheless affected by trading. For example, the price of oil and the demand for other developing country exports are higher with trading than without. The authors also consider what might happen if developing countries were to voluntarily accept caps equal to Business as Usual Emissions and were allowed to sell emission reductions below these caps to Annex B countries. The gains from emissions trading could be big enough to give buyers and sellers incentive to support the system. Indeed, a global market for rights to emit carbon dioxide could reduce the cost of meeting the Kyoto targets by almost 90 percent, if the market were to operate competitively. The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems.

The authors also consider what might happen if developing countries were to voluntarily accept caps equal to Business as Usual Emissions and were allowed to sell emission reductions below these caps to Annex B countries. The gains from emissions trading could be big enough to give buyers and sellers incentive to support the system. Indeed, a global market for rights to emit carbon dioxide could reduce the cost of meeting the Kyoto targets by almost 90 percent, if the market were to operate competitively. The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems.

The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems.

This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems.

By Gene M. Grossman and Alan B. Krueger

By Gene M. Grossman and Alan B. Krueger

By Werner Antweiler, Brian R. Copeland, ...

By Alan B. Krueger and John F. Burton, Jr.

By Brian R. Copeland and M. Scott Taylor

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By Onno Kuik and Frans H. Oosterhuis

emissions trading under the kyoto: protocol - a detailed study of the uk emissions trading scheme (ets) and the lessons learnt by aishwarya padmanabhan :: ssrn

Greenhouse gases (GHGs) can contribute to global warming regardless of their country of origin. To reduce the impacts, it doesn't matter which region of the world cuts back on emissions, as long as the overall amount across the globe falls. That is the idea behind greenhouse gas emissions trading, which places a cap on total emissions, allocates credits to individual emitters and then allows them to buy or sell credits in a market to meet their targets. These systems are set up within a cap-and-trade program enacted by legislation of the state, country or region. The Kyoto Protocol allows certain participating countries to buy and sell some of their allowances to meet their emissions targets. It also permits different domestic or regional trading schemes to link to one another. One such example is the UK Emissions Trading Scheme (UK ETS) which attempts to address the problem of GHGs. The UK ETS is one of the first examples of a market for carbon dioxide emissions trading. As a pilot scheme, it was largely inspired by the European Union Emissions Trading Scheme (EU ETS) to achieve their targets set in the Kyoto Protocol but differs on some key design aspects. The Author wishes to study this particular ETS since it has been relatively successful and it aims to understand its results and lessons learnt to date so that it can be a model or paradigm for other economies of the world to follow suit in the path towards addressing climate change issues such as Global Warming.

The Kyoto Protocol allows certain participating countries to buy and sell some of their allowances to meet their emissions targets. It also permits different domestic or regional trading schemes to link to one another. One such example is the UK Emissions Trading Scheme (UK ETS) which attempts to address the problem of GHGs. The UK ETS is one of the first examples of a market for carbon dioxide emissions trading. As a pilot scheme, it was largely inspired by the European Union Emissions Trading Scheme (EU ETS) to achieve their targets set in the Kyoto Protocol but differs on some key design aspects. The Author wishes to study this particular ETS since it has been relatively successful and it aims to understand its results and lessons learnt to date so that it can be a model or paradigm for other economies of the world to follow suit in the path towards addressing climate change issues such as Global Warming.

The Author wishes to study this particular ETS since it has been relatively successful and it aims to understand its results and lessons learnt to date so that it can be a model or paradigm for other economies of the world to follow suit in the path towards addressing climate change issues such as Global Warming.

environmental commodities: what are they & how can you trade them?

Some governments have chosen to reward green energy producers by providing them certificates that serve as a type of subsidy. These certificates have economic value and are another form of environmental commodity.

As an example of how cap and trade works, lets assume the government instituted a total cap of 10,000 tons of carbon annually, and ten pollution-creating factories were responsible for all of the GHG.

The government could then create 10,000 one-ton carbon credits and either allocate them (give a certain quantity for free to each factory) or auction them (have each factory bid for the amount it needs).

If a factory needed more than the amount it received through allocation or auction, it would have to purchase additional credits in the marketplace. If a factory produced fewer GHGs than the amount it received, it could sell the excess credits in the marketplace.

The first commitment period started in 2008 and ended in 2012. An amendment to the Protocol in 2012 added a second commitment period (2013 to 2020), revised the list of GHGs, and made additional revisions.

In December 2011, Canada renounced the treaty and thereafter formally withdrew. The Canadian government noted that since China and the United States never agreed to the treaty, the Kyoto Protocol was unworkable.

In 2015, all nations agreed to sign the Paris Agreement, which effectively replaced the Kyoto Protocol. In this new agreement, the signatories agreed to limit warming well below 2 degrees above pre-industrial levels and below 1.5 degrees if feasible.

Voluntary carbon credits, on the other hand, allow businesses, governments, individuals, and others to purchase carbon offsets that were either created by compliance schemes or in the voluntary market.

According to the US National Aeronautics and Space Administration (NASA), carbon dioxide levels in the air are at their highest in 650,000 years, and average global temperatures are 1.8 degrees Fahrenheit higher than they were in 1880.

The country has also set a goal to raise its share of energy generated from solar, wind, nuclear, and non-fossil fuels to 20% by 2030. China also intends to target 2030 as the year it reaches its peak carbon dioxide emissions.

China has is also beginning to take a tougher stance on pollution-causing industries such as mining. Crackdowns on environmental pollution have caused the shutdowns of more than half of the lead and zinc mines in parts of the country.

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Lawrence Pines is a Princeton University graduate with more than 25 years of experience as an equity and foreign exchange options trader for multinational banks and proprietary trading groups. Mr. Pines has traded on the NYSE, CBOE and Pacific Stock Exchange. In 2011, Mr. Pines started his own consulting firm through which he advises law firms and investment professionals on issues related to trading, and derivatives. Lawrence has served as an expert witness in a number of high profile trials in US Federal and international courts.

2010-2021 Commodity.com. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 53.00%-83.00% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The content on this website is provided for informational purposes only and isnt intended to constitute professional financial advice. The content is provided on an as-is and as-available basis. Your use of the site is at your sole risk. Trading any financial instrument involves a significant risk of loss. Commodity.com is not liable for any damages arising out of the use of its contents. Relying on any Reviews could be to your detriment. When evaluating online brokers, always consult the brokers website. Commodity.com makes no warranty that its content will be accurate, timely, useful, or reliable. By using our site you agree to our Terms of Use.

kyoto protocol | history, provisions, & facts | britannica

Kyoto Protocol, in full Kyoto Protocol to the United Nations Framework Convention on Climate Change, international treaty, named for the Japanese city in which it was adopted in December 1997, that aimed to reduce the emission of gases that contribute to global warming. In force since 2005, the protocol called for reducing the emission of six greenhouse gases in 41 countries plus the European Union to 5.2 percent below 1990 levels during the commitment period 200812. It was widely hailed as the most significant environmental treaty ever negotiated, though some critics questioned its effectiveness.

The Kyoto Protocol was adopted as the first addition to the United Nations Framework Convention on Climate Change (UNFCCC), an international treaty that committed its signatories to develop national programs to reduce their emissions of greenhouse gases. Greenhouse gases, such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), perfluorocarbons (PFCs), hydrofluorocarbons (HFCs), and sulfur hexafluoride (SF6), affect the energy balance of the global atmosphere in ways expected to lead to an overall increase in global average temperature, known as global warming (see also greenhouse effect). According to the Intergovernmental Panel on Climate Change, established by the United Nations Environment Programme and the World Meteorological Organization in 1988, the long-term effects of global warming would include a general rise in sea level around the world, resulting in the inundation of low-lying coastal areas and the possible disappearance of some island states; the melting of glaciers, sea ice, and Arctic permafrost; an increase in the number of extreme climate-related events, such as floods and droughts, and changes in their distribution; and an increased risk of extinction for 20 to 30 percent of all plant and animal species. The Kyoto Protocol committed most of the Annex I signatories to the UNFCCC (consisting of members of the Organisation for Economic Co-operation and Development and several countries with economies in transition) to mandatory emission-reduction targets, which varied depending on the unique circumstances of each country. Other signatories to the UNFCCC and the protocol, consisting mostly of developing countries, were not required to restrict their emissions. The protocol entered into force in February 2005, 90 days after being ratified by at least 55 Annex I signatories that together accounted for at least 55 percent of total carbon dioxide emissions in 1990.

The protocol provided several means for countries to reach their targets. One approach was to make use of natural processes, called sinks, that remove greenhouse gases from the atmosphere. The planting of trees, which take up carbon dioxide from the air, would be an example. Another approach was the international program called the Clean Development Mechanism (CDM), which encouraged developed countries to invest in technology and infrastructure in less-developed countries, where there were often significant opportunities to reduce emissions. Under the CDM, the investing country could claim the effective reduction in emissions as a credit toward meeting its obligations under the protocol. An example would be an investment in a clean-burning natural gas power plant to replace a proposed coal-fired plant. A third approach was emissions trading, which allowed participating countries to buy and sell emissions rights and thereby placed an economic value on greenhouse gas emissions. European countries initiated an emissions-trading market as a mechanism to work toward meeting their commitments under the Kyoto Protocol. Countries that failed to meet their emissions targets would be required to make up the difference between their targeted and actual emissions, plus a penalty amount of 30 percent, in the subsequent commitment period, beginning in 2012; they would also be prevented from engaging in emissions trading until they were judged to be in compliance with the protocol. The emission targets for commitment periods after 2012 were to be established in future protocols.

Although the Kyoto Protocol represented a landmark diplomatic accomplishment, its success was far from assured. Indeed, reports issued in the first two years after the treaty took effect indicated that most participants would fail to meet their emission targets. Even if the targets were met, however, the ultimate benefit to the environment would not be significant, according to some critics, since China, the worlds leading emitter of greenhouse gases, and the United States, the worlds second largest emitter, were not bound by the protocol (China because of its status as a developing country and the United States because it had not ratified the protocol). Other critics claimed that the emission reductions called for in the protocol were too modest to make a detectable difference in global temperatures in the subsequent several decades, even if fully achieved with U.S. participation. Meanwhile, some developing countries argued that improving adaptation to climate variability and change was just as important as reducing greenhouse gas emissions.

At the 18th Conference of the Parties (COP18), held in Doha, Qatar, in 2012, delegates agreed to extend the Kyoto Protocol until 2020. They also reaffirmed their pledge from COP17, which had been held in Durban, South Africa, in 2011, to create a new, comprehensive, legally binding climate treaty by 2015 that would require greenhouse-gas-producing countriesincluding major carbon emitters not abiding by the Kyoto Protocol (such as China, India, and the United States)to limit and reduce their emissions of carbon dioxide and other greenhouse gases. The new treaty, planned for implementation in 2020, would fully replace the Kyoto Protocol.

After a series of conferences mired in disagreements, delegates at the COP21, held in Paris, France, in 2015, signed a global but nonbinding agreement to limit the increase of the worlds average temperature to no more than 2 C (3.6 F) above preindustrial levels while at the same time striving to keep this increase to 1.5 C (2.7 F) above preindustrial levels. The landmark accord, signed by all 196 signatories of the UNFCCC, effectively replaced the Kyoto Protocol. It also mandated a progress review every five years and the development of a fund containing $100 billion by 2020which would be replenished annuallyto help developing countries adopt non-greenhouse-gas-producing technologies.

the kyoto protocol definition

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The Kyoto Protocol is an international agreement that aimed to reduce carbon dioxide (CO2) emissions and the presence of greenhouse gases (GHG) in the atmosphere. The essential tenet of the Kyoto Protocol was that industrialized nations needed to lessen the amount of their CO2 emissions.

The protocol was adopted in Kyoto, Japan in 1997, when greenhouse gases were rapidly threatening our climate, life on the earth, and the planet, itself. Today, the Kyoto Protocol lives on in other forms and its issues are still being discussed.

The Kyoto Protocol mandated that industrialized nations cut their greenhouse gas emissions at a time when the threat of global warming was growing rapidly. The Protocol was linked to the United Nations Framework Convention on Climate Change (UNFCCC).It was adopted in Kyoto, Japan on December 11, 1997, and became international law on February 16, 2005.

Countries that ratified the Kyoto Protocol were assigned maximum carbon emission levels for specific periods and participated in carbon credit trading. If a country emitted more than its assigned limit, then it would be penalized by receiving a lower emissions limit in the following period.

Developed, industrialized countries made a promise under the Kyoto Protocol to reduce their annual hydrocarbon emissions by an average of 5.2% by the year 2012. This number would represent about 29% of the world's total greenhouse gas emissions. Targets, though, depended on the individual country. This meant each nation had a different target to meet by that year. Members of the European Union (EU) pledged to cut emissions by 8% while the U.S. and Canada promised to reduce their emissions by 7% and 6% respectively by 2012.

The Kyoto Protocol recognized that developed countries are principally responsible for the current high levels of GHG emissions in the atmosphere as a result of more than 150 years of industrial activity. As such, the protocol placed a heavier burden on developed nations than less-developed nations.

The Kyoto Protocol mandated that 37 industrialized nations plus the EU cut their GHG emissions. Developing nations were asked to comply voluntarily, and more than 100 developing countries, including China and India, were exempted from the Kyoto agreement altogether.

The protocol separated countries into two groups: Annex I contained developed nations, and Non-Annex I referred to developing countries. The protocol placed emission limitations on Annex I countries only. Non-Annex I nations participated by investing in projects designed to lower emissions in their countries.

For these projects, developing countries earned carbon credits, which they could trade or sell to developed countries, allowing the developed nations a higher level of maximum carbon emissions for that period. In effect, this function helped the developed countries to continue emitting GHG vigorously.

The United States, which had ratified the original Kyoto agreement, dropped out of the protocol in 2001. The U.S. believed that the agreement was unfair because it called for industrialized nations only to limit emissions reductions, and it felt that doing so would hurt the U.S. economy.

Global emissions were still on the rise by 2005, the year the Kyoto Protocol became international laweven though it was adopted in 1997. Things seemed to go well for many countries, including those in the EU. They planned to meet or exceed their targets under the agreement by 2011. But others continued to fall short.

The United States and Chinatwo of the world's biggest emittersproduced enough greenhouse gases to mitigate any of the progress made by nations who met their targets. In fact, there was an increase of about 40% in emissions globally between 1990 and 2009.

In December 2012, after the first commitment period of the Protocol ended, parties to the Kyoto Protocol met in Doha, Qatar, to adopt an amendment to the original Kyoto agreement. This so-called Doha Amendment added new emission-reduction targets for the second commitment period, 20122020, for participating countries. The Doha Amendment had a short life. In 2015, at the sustainable development summit held in Paris, all UNFCCC participants signed yet another pact, the Paris Climate Agreement, which effectively replaced the Kyoto Protocol.

The Paris Climate Agreement is a landmark environmental pact that was adopted by nearly every nation in 2015 to address climate change and its negative effects. The agreement includes commitments from all major GHG-emitting countries to cut their climate-altering pollution and to strengthen those commitments over time.

A major directive of the deal calls for reducing global GHG emissions so as to limit the earth's temperature increase in this century to 2 degrees Celsius above preindustrial levels while taking steps to limit the increase to 1.5 degrees. The Paris Agreement also provides a way for developed nations to assist developing nations in their efforts to adapt climate control and it creates a framework for monitoring and reporting countries climate goals transparently.

In 2016, when the Paris Climate Agreement went into force, the United States was one of the principal drivers of the agreement, and President Obama hailed it as a tribute to American leadership. As a candidate for president at that time, Donald Trump criticized the agreement as a bad deal for the American people and pledged to withdraw the United States if elected. In 2017, then-President Trump announced that the U.S. would withdraw from the Paris Climate Agreement, saying that it would undermine the U.S. economy. But the former president didn't begin the formal withdrawal process until Nov. 4, 2019. The U.S. formally withdrew from the Paris Climate Agreement on Nov. 4, 2020, the day after the 2020 presidential election, in which Donald Trump lost his reelection bid to Joseph Biden. On January 20, 2021, his first day in office, President Biden began the process of rejoining the Paris Climate Agreement, which officially took effect on Feb. 19, 2021.

In 2021, the dialogue is still alive but has turned into a complex quagmire involving politics, money, lack of leadership, lack of consensus, and bureaucracy. Today, despite myriad plans and some actions, solutions to the problems of GHG emissions and global warming have not been implemented.

Almost all scientists who study the atmosphere now believe that global warming is primarily the result of human action. Logically then, what humans have caused by their behavior should be able to be remedied by humans changing their behavior.It is frustrating to many that cohesive action to deal with the human-made global climate crisis has yet to happen.

It is critical that we remain convinced that we can, in fact, resolve these issues so crucial to our survival. We humans have already solved huge problems in numerous fields via technical innovation that led to radically new solutions.

Interestingly, if anyone had suggested in 1958 that our own Defense Advanced Research Projects Agency (DARPA), which oversees the development of advanced technologies for use by the U.S. military, would lead the world in creating the Interneta system that could "connect every person and thing with every other person and thing on the planet instantly and at zero cost"they might have been laughed off the stage, or worse.

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Our thermal batteries enable renewable energy to decarbonise industrial heat generation, which today is 90% based on fossil fuels. Heat storage represents a growing multi-billion USD market opportunity and Kyoto Group is well positioned to become a market leader, says ChristianBlom, the COO and acting CEO of Kyoto Group.

About Kyoto Group Kyoto Group aims to capture and manage the abundant energy from variable renewable sources such as solar and wind power and apply it to reduce the CO2 footprint for industrial thermal loads. The Company, founded in 2016, plans to operate and sellHeatCubethermal batteries with capacity from 5MW and upwards, enabling industrial consumption of low-cost heat sourced from excess solar and wind energy.

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