Dóra Fazekas Carbon Market Implications for new EU - UniCredit ...

New South Wales
signatories to the UNFCCC, mainly developing countries
Cap-and-trade system in Australia, which is the second largest system after
Greenhouse Gas
Abatement Scheme
NSW
GGAS
the EU ETS
Perfluorocarbon PFC GWP: 6500 - 9200
Phase I The first EU ETS compliance period (2005 – 2007).
Phase II The second EU ETS compliance period (2008 – 2012)
Phase III The third EU ETS compliance period (2013 – 2020)
Regional Greenhouse
Gas Initiative RGGI
Cap-and-trade system in the Northern States of the USA
The formal acceptance by the Executive Board of a validated project activity
as a project activity. Registration is the prerequisite for the verification,
Registration
certification and issuance of credits related to that project activity
A unit relating to land use, land use change and forestry activities is equal to
one metric tonne of CO2 equivalent. RMUs cannot be banked for use in any
subsequent commitment period, but can be converted into Assigned Amount
Removal Units RMU Units (AAUs) within National Registry.
A set-aside should be established in the National Allocation Plan for the
period 2008 to 2012 of each Member State hosting or intending to host
activities under the project based mechanisms of the Kyoto Protocol, which
could cause double-counting, listing planned project activities and its
anticipated reductions or limitations of emissions that take place in
JI installations under EU ETS and for which ERUs or CERs should be issued
Set-aside
Reserve by the Member State
removal of greenhouse gases from the atmosphere through land management
and forestry activities that may be subtracted from a country's allowable
Sinks
level of emissions.
Sulfur hexafluoride SF6 GWP: 23 900
A provision in the Kyoto Protocol stating that emissions trading should be a
supplement to domestic action. It reflects the request of the European Union
Supplementarity
to limit the use of the Kyoto Protocol Flexibility Mechanisms.
The UNFCCC was established 1992 at the Rio Earth Summit. It is the
United Nations
overall framework guiding the international climate negotiations. Its main
Framework
objective is "stabilization of greenhouse gas concentrations in the
Convention on
atmosphere at a level that would prevent dangerous anthropogenic (man-
Climate Change UNFCCC made) interference with the climate system".
The process of independent evaluation of a CDM project by an accredited
Validation
Independent Entity according to requirements to CDM projects.
In order for CDM projects to have a formalized validation of an emission
reduction stream, a recognized independent third party must confirm that
Verification
claimed emissions reduction activity has occurred.
Verified/Voluntary
Generated by small scale projects, which are assessed and verified by third
Emission Reductions VER party organizations rather than through the UNFCCC
Voluntary Carbon
Cover those buyers and sellers of Verified Emission Reductions (VERs),
Market VCM which seek to manage their emission exposure for non-regulatory purposes.
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