• Journal of Environmental Science International
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• v.20 no.2
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• pp.207-214
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• 2011

Non-Annex I parties announced the voluntary emission reduction targets including the U.S. in the conference of party. NAMAs would be focused to solve the negotiation clue for the post-kyoto regime. Since the country would not be involved in Annex I parties, the voluntary carbon market would be created for the greenhouse gas reduction targets. According to Bali Roadmap, voluntary carbon market should be constructed by the MRV manners since this country does not belong to Annex I parties. Carbon point system would be proposed by the ways of the international voluntary emission reduction credit. The voluntary carbon market should involve the potential GHG reduction credit and link with the ETS in the country. This study proposed the way of linkage between ETS and voluntary carbon market including the carbon-point system.

• Korea Trade Review
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• v.46 no.6
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• pp.143-162
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• 2021

Although awareness of the need to respond to climate change is expanding, various controversies are being raised about the EU's Carbon Border Adjustment Mechanism (CBAM). The EU has announced that they will implement CBAM as responding to climate change and preventing carbon leakage. However, the questions are raised as to whether it is actually effective in preventing carbon leakage. Above all, CBAM has its own contradictions, thus it could not be easy to implement. This is because the possibility of violation of the WTO principles is high and there are many issues in implementation. Emission Trading System (ETS) based on CBAM differs by country, and international linkage is not easy in that ETS is not a widely used system worldwide. The EU's CBAM is highly likely to be used as a trade restrictive tool, and is inevitably subject to trade disputes in that it imposes additional tariffs. The unilateral implementation of CBAM should be restrained unless support from the international community and consideration for developing countries are not taken into account.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.3
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• pp.83-91
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• 2017

Climate change has been identified as one with the greatest challenges facing nations, government, business and over future decades. Activities to reduce greenhouse gas emissions by the Kyoto Protocol, the international community has been in progress. Korea also has introduced the Emission trading system to reduce greenhouse emission from the supervision of the government. Greenhouse gases emissions quantity should be internationally recognized. Mutual Recognition Arrangement should be recognized as the same greenhouse gas emission. International recognition of domestic verification body of international mutual recognition is required. Efforts are needed to secure the equivalence between the emission rights through direct cooperation with the relative nation accreditation body. Early entry into the IAF/PAC GHG MLA is essential for demonstrating equivalence between greenhouse gas emissions. Emissions trading will also require connection to the EU ETS, California, USA, and Tokyo, Japan to link Emissions trading. In the case of establishing accreditation standards and accreditation criteria, it will be necessary to distinguish between the domestic Energy Target Management System and the Emission Trading System. Independent greenhouse gases verification bodies should be established to meet the requirements of IAF and PAC. It is necessary to revise the qualification criteria for the verification of the greenhouse gas verification body according to international standards requirements. It is necessary to support the role of accreditation bodies of domestic greenhouse gas verification bodies. It is required to join international organizations of international mutual recognition of international trade and the need for pilot projects to link greenhouse gas emissions. The core link to our emission trading system is called EU-ETS, and we will need to join the IAF/PAC GHG MLA GHG. The International Mutual Recognition Agreement (IAF) is expected to allow international interoperability of GHG emissions verification between EA and the PAC. By signing a PAC GHG MLA, it will need to be prepared to prepare for the pilot project to link the emission trading system.

• Environmental and Resource Economics Review
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• v.23 no.2
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• pp.157-185
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• 2014

The Kyoto Protocol has extended its life until 2020 by the decision at COP18 in Doha, Qatar in 2012. So has the Kyoto Mechanism of CDM, JI, and ETS. Nonetheless, the sustainability of CDM projects is jeopardized by the recent rule changes in the international emissions trade market such as EU ETS and the price decrease in emission credits. In particular, the domestic CDM projects reducing non-$CO_2$ GHG emissions are being directly affected. This study examines the trend of carbon credit price change in the international market. It also examines how the rule changes in the international emissions trade market have affected domestic non-$CO_2$ CDM projects through which mechanisms. The policy implications drawn from this study is two-fold: it suggests how the government can assist the project developers in utilizing GHG emission reduction technologies and the market in promoting investment environment before the domestic ETS enters into effect in 2015; apart from possible measures within ETS, an additional measures such as bilateral carbon offset system is suggested to help the private sector reduce uncertainty in investment and increase options to choose.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.46
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• pp.265-313
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• 2010

Kyoto Protocol is an international convention on concrete performance program for UNFCCC(United Nations Framework Convention on Climate Change), which regulate and prevent to global warming and officially came into effect on February 16, 2005. Kyoto flexible mechanisms, the agreed environmental system in March 1997 in the Third Conference of Parties in UNFCCC General Assembly, Emission Trading System(ETS), Clean Development Mechanism(CDM) and Joint Implementation(JI), are key policies related to environment. In advanced countries, greenhouse gas emissions should be reduced average 5.2% level compared to 1990 in total emissions during 2008-2012. World leading carbon market finished the trial on the EU ETS I greenhouse gas emissions trading system, EU ETS II is operated regularly after 2008. World Bank leads to make 'Prototype Carbon Fund(PCF)' in April 2004, which is the world first carbon fund and a representative public carbon fund type, World Bank operate various funds including present PCF. Thus, I would like to propose as follows in relation to this study: First, in the validity analysis of carbon funds, it would be needed to analyze the Emission Reduction Cost Efficiency(ERCE) of carbon. The ERCE is a break-even value which brings the Net Present Value(NPV) to zero. NPV approach is used among projects and it enables potential projects to be compared and evaluated the ERCE on the basis of the net present value of net future cash flows. Therefore, according to results of analysis, carbon funds should be developed and invested. Second, it would be necessary to allow of issuing bonds together with carbon funds, carbon finance etc. Third, carbon funds, it would be reasonable to have a relatively enough maturity in project and as a financial derivatives in the international financial markets, it is needed various types of transactions. Fourth, it would be needed to standardize the carbon emissions trading for more efficiently. Fifth, it would be necessary to establish and invest in various kinds of domestic and overseas global carbon funds, including governments, privates, governments and privates sectors. And it is also needed to establish the medium and long term plans for carbon funds. Sixth, it would be needed to foster the advanced trade mechanisms for carbon funds in the most effective ways. Finally, carbon funds should be used in harmony with international societies to reduce global warming as the social responsible investing funds and it should be contribute to sustainable development. In addition, it would seem that carbon funds should be studied on establishing the contributable standard of sustainable development in the future assignment.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.165-204
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• 2022

This study organized data from 2000 to 2014 for 20 grid-connected countries in Europe and analyzed the determinants of carbon emissions through the panel GLS method considering the problem of heteroscedasticity and autocorrelation. At the same time, the effect of introducing ETS was considered by dividing the sample period as of 2005 when the European emission trading system was introduced. Carbon emissions from individual countries were used as dependent variables, and proportion of generation by each source, power self-sufficiency ratio of neighboring countries, power production from resource-holding countries, concentration of power sources, total energy consumption per capita in the industrial sector, tax of electricity, net electricity export per capita, and size of national territory per capita. According to the estimation results, the proportion of nuclear power and renewable energy generation, concentration of power sources, and size of the national territory area per capita had a negative (-) effect on carbon emissions both before and after 2005. On the other hand, the proportion of coal power generation, the power supply and demand rate of neighboring countries, the power production of resource-holding countries, and the total energy consumption per capita in the industrial sector were found to have a positive (+) effect on carbon emissions. In addition, the proportion of gas generation had a negative (-) effect on carbon emissions, and tax of electricity were found to have a positive (+) effect. However, all of these were only significant before 2005. It was found that net electricity export per capita had a negative (-) effect on carbon emissions only after 2005. The results of this study suggest macroscopic strategies to reduce carbon emissions to green growth, suggesting mid- to long-term power mix optimization measures considering the electricity trade market and their role.