A Critical Conversation on Climate Change ... - Green Choices

lessons unlearned 20388 Frantisek Bouc, ‘Pecina: Emissions Trading isNonsense’, Prague Post, 15 March 2006.89 Per Lykander, ‘Guest Comment’, Carbon MarketEurope, 12 May 2006, p. 3.90 Carbon Market News, 3 February 2006.91 ‘Fortum Bags USD 25 Million from Selling CO 2Allowances’, Carbon Market News, 3 February 2006.92 Wendy Frew, ‘Dirty Power Plants Making Millionsout of Green Scheme, Sydney Morning Herald, 14September 2005.93 A. Denny Ellerman et al., Emissions Trading in theUS: Experience, Lessons and Considerations forGreenhouse Gases, Pew Centre on Global ClimateChange, Washington, 2003, p. 21.94 Nathan J. Glasgow, ‘The New Business Climate:Achieving Lower Carbon Emissions and BetterBusiness Performance’, Rocky Mountain Institute,Aspen, CO.95 IPA Energy Consulting, op. cit. supra note 82, p. 2.96 Ibid., p. 19.97 FEASTA and New Economics Foundation, ‘TheGreat Emissions Give-Away’, March 2006, http://www.feasta.org/documents/energy/emissions2006.pdf, p. 3.98 Bruno vanderBorght, ‘Making Performance Count’,Carbon Finance 2, 1 2004/05, p. 11.99 ‘Dutch Plants Delay Cuts in Hope of EU ETSParticipation’, Point Carbon, 5 July 2005.100 Point Carbon, 15 February 2005.101 Citigroup Smith Barney, ‘Utilities: The Impactof Carbon Trading on the European Sector’, 10October 2003; Environmental Data Services, ENDSReport 341, June 2003; 346, November 2003.102 ENDS Report, 352, May 2004.103 Fiona Harvey, ‘Emissions Scheme Receives SevereBlow’, Financial Times, 12 May 2006.104 Carol Rose, ‘Romans, Roads and Romantic Creators:Traditions of Public Property in the InformationAge’, Law and Contemporary Problems 66, 89,Winter/Spring 2003.105 Cole, op. cit. supra note 19, p. 75.106 Ibid., p. 73.107 David M. Driesen, ‘Markets are Not Magic’, TheEnvironmental Forum, November/December 2003,pp. 18–27, p. 22.108 Cole, op. cit. supra note 19, p. 75.109 Driesen, op. cit. supra note 62, p. 311.110 Philibert and Reinaud, op. cit. supra note 65, p. 18.111 Michael T. Maloney and Bruce Yandle, ‘Estimationof the Cost of Air Pollution Control Regulation’,Journal of Environmental Economic andManagement 11, 1984, p. 244, cited by Cole, op. cit.supra note 19, p. 71.112 Amory B. Lovins et al., Winning the Oil Endgame,Rocky Mountain Institute, Snowmass, CO, 2004,http://www.rmi.org/images/other/WtOE/WtOEg_72dpi.pdf, p. 175. Ruth Greenspan Bell observesthat the claim that ‘market instruments’ such asemissions trading ‘have lower institutional andhuman resource requirements’ than conventionalregulation ‘is totally at odds with empirical evidencefrom the US’. See Greenspan Bell, ‘ChoosingEnvironmental Policy Instruments in the RealWorld’, Organisation for Economic Cooperationand Development, Global Forum on SustainableDevelopment, OECD, Paris, 11 March 2003, p. 11.113 Cole, op. cit. supra note 19, p. 70.114 Quoted in Cole, op. cit.115 Greenspan Bell, op. cit. supra note 1, p. 31116 Sonja Peterson, ‘Monitoring, Accounting andEnforcement in Emissions Trading Regimes’, paperpresented at a conference on ‘Concerted Actionon Tradeable Emissions Permits Country Forum’,OECD Headquarters, Paris, 17–18 March 2003,CCNM/GF/SD/ENV(2003)5/FINAL, Paris, p. 7.117 Quoted in Cole, op. cit. supra note 19, p. 82.118 Cole, op. cit., p. 84.119 Michael Obersteiner et al., ‘Quantifying a FullyVerifiable Kyoto’, World Resource Review 14, 2002,p. 542.120 Suvi Monni, ‘Uncertainties in the FinnishGreenhouse Gas Emissions Inventory’,Environmental Science and Policy 7, 2004, pp. 87–98.121 Intergovernmental Panel on Climate Change,Guidelines for National Greenhouse Gas Inventories.Reporting Instructions. Surprisingly, in the face ofthese figures, the UN has assumed that existingscience and technology is adequate for measuringadherence to the Kyoto Protocol’s small reductiontargets. See Tim Denne, ‘Aggregate versus Gas byGas Models of Greenhouse Gas Emissions Trading’,Centre for Clean Air Policy Scoping Paper No. 6,June 1999, p. 2. Uncertainties associated with bioticemissions are likely to become progressively moredifficult to estimate due to the non-linear response ofplant life to global warming. In July and August 2003,500 million tonnes of carbon is likely to have escapedfrom Western Europe’s forests and fields during adrought – twice the amount released in the regionfrom fossil fuel burning. In 2005, contrary to standardbaseline assumptions, Europe’s ecosystems areexpected to be net releasers, not net absorbers, of