Theory and Policy in the Context of EU Enlargement and Economic Transition
The Fondazione Eni Enrico Mattei series on Economics, the Environment and Sustainable Development
Edited by John W. Maxwell and Rafael Reuveny
Chapter 10: How Can Economies in Transition Pursue Emissions Trading or Joint Implementation?
* Fanny Missfeldt and Arturo Villavicenco INTRODUCTION Although the adoption of the Kyoto Protocol (KP) dates back to 1997, it was only in November 2001 that essential guiding rules for the Kyoto Mechanisms were adopted as part of the Marrakesh Accords. The Kyoto Mechanisms comprise emissions trading (Article 17 KP), joint implementation (JI, Article 6 KP) and the Clean Development Mechanism (CDM, Article 12 KP). Sometimes the provision for several countries to commit to a joint emissions target (Article 4 KP) is also referred to as one of the mechanisms (Missfeldt, 1998).1 The Marrakesh Accords (UNFCCC, 2001b) present framework rules for those issues that were put forward for further elaboration through the Buenos Aires Plan of Action (1998). Among the Kyoto Mechanisms, emissions trading and JI apply to the countries with economies in transition (EITs). In principle, EITs could also invest in CDM projects in developing countries. However, none of the countries in the region has shown any interest in doing so. Many have maintained that the economies in transition may stand to gain substantially from the Mechanisms, especially from emissions trading (Korppoo et al., 2001; Missfeldt and Villavicenco, 2000). According to the United Nations Framework Convention on Climate Change (adopted in 1992) most economies in transition have adopted an emission reduction target under Annex B of the Kyoto Protocol, and are therefore considered as ‘Annex B’ Parties. ‘Non-Annex B’ Parties are those countries without legally binding emissions reduction targets, which are mostly developing countries. Nevertheless countries such as Kazakhstan,...
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