Chapter 26: Harmonised Legal Framework for Carbon Trading
Bruno Zeller* Introduction As a result of global warming the question of reducing greenhouse gases has become a focal point of discussion. The result is that industry will be judged by its emissions as either a polluter at one end of the spectrum or as a ‘green’ business at the other end. It appears inevitable that countries will impose national caps on emission and issue tradable permits or introduce carbon taxes (cap and trade) modelled on the Kyoto Protocol.1 In addition the Bali Road Map agreed on at the 2007 conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) suggested world wide targets.2 In order to comply with the Kyoto Treaty each country will need to introduce emissions targets, a time frame to implement the targets as well as a carbon trading scheme. Whether the practical aspects of reducing greenhouse gases is driven by international conventions, left to individual contracting parties or unilateral decisions by individual countries is not yet absolutely clear. In line with the Kyoto Treaty, Australia and other countries are setting targets and timeframes as national bench marks. However such endeavours are not universally followed. Furthermore the Party Quantified Emission Limitation or Reduction Commitment (percentage of base year or period) varies between countries. Australia has set a target of 108 which is at the top scale, whereas others and notably the EU look at a figure of 92 which is at the bottom end of the commitment scale.3 Australia has also proposed...
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