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1. Emission Reduction Schemes.
2. Clean Development Mechanism (CDM).
3. Market-Based.
4. Greenhouse Gas (GHG) Emissions.
5. Kyoto Protocol.
6. Flexible Mechanisms.
7. Sustainable Development (SD).
8. Annex B Countries.
9. Certified Emission Reduction (CER) Units.
10. One Tonne of Carbon Dioxide (t CO2).
11. One Tonne of Carbon Dioxide Equivalent (t CO2-e).
12. Non-Annex B Countries.
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2. Privatization of the Atmosphere.
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4. Economic Units.
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4.Goods.
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6. Electronic Rights.
7. Tradable Commodities.
8. Capital Assets.
9. Business Assets.
10.Non-Tangible Financial Instruments.
11.Export Credits.
12.Financial Commodities.
13.Licence or License.
14.Permission.
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1. A Future Right to Pollute.
2. Carbon Units.
3. Property Rights.
4. Sui Generis Right.
5. Currency.
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N n7/)
<'0 , ./)0 &' ( ';403 ( /L0 p- 0 (0 0 ;:/ ' < s c z : N5;Y
;)0 3
G$20$2
< `0 $D D O[
Y .
3 .
!" # $!
%
&
$ '
# $!
()"
%
"* !
X0 I/c0 X n )
I/c0 ( ';403 (
12$
)
= (
>$ N 2 0 < '
(0$
: 6' &' ( '
& 06 0 3 5Z3$D 0
(Z$)0 <
< …0 0 (Z$)0 &*2 ] z :> 21 );:
Otis, 2002, 95
.(
+ = 9 12$ I/c0 ( ';403 )
= ( 5 $ € $= 17:t 0
;)0 :
» M
$8 P$% 2 NP$%
< 0 0 -0 5 S/B0 |0-0
2( ' ) *+, ( '- , ./)0 &'
3N(0
` P0;'0 2 O;7B F]
< 0 ' 3 f[ X0$77Š &' 2 W I 0 N4
;: `0 $D D
)«
Lin, 2009, 136
.(
W$Y <`$2 ( '
;:) ( 0 0$L W$Y
( ' $20$2 X ` O0$I]
O 0;) J V G$7`‚
67) 3 J V i L
N5$' L
< 74 N Y #$Q 0- 2 -0 r ) 1 0 B0 1AH < x H/40 r0 )0 l $ ; 5 ) B0
Wilder, Fitz-Gerald, 2009, 309
.(
<'0 , ./)0 &' ( ';403 B0 1AH 67) 5 , 5;Y
&7D q)[ -0 $/H <)067 2
; 2 0 O[ +c $, > N B0 5;Y <:72
L
2 5Z3$D 2 B : ( 3 : ($7, ] $T)
) Krey, Santen, 2009, 243
.(
3 . 1 .
# + + )& + $ & % !" # $!
<'0 , ./)0 &' ( ';403 p- 0 5;Y
) H7L O 7 D W I 0 ( 0$L$2 o `
European Union Allowances (EUAs)
<'0 , ./)0 &' ( ';403 H7L 3 5;Y
)
M) :
Medina, Pardo, Pascual, 2011
0 <8/ 2 J c 1 ;:t 2 (
u 3 <+Hc +H] -0 O A 0
O 2 $ RD
-0 E' N5Z3$D ΠV
< $T) -0 E' 3 <:
) Kazim, 2011
u(
7 = -0 J> 4 ( ';403 0;
5Z3$D u ';403 H7L 0- 2
u : 6' + = ( ' )6
: 6' o ` 17 ‚ + = ( '
<'0 , ./)0 &' ( ';403 5;Y
) M) Chadwick, 2006: 256-271: Michaelowa, Jotzo, 2003: N
N1-35 Michaelowa, Jotzo, 2005: 511–523 (Pin, 2005: 1-16 N
3 u i 2 $2 17 D H7L $7•‚
: 6' + = ( '
) M) (Leslie, 2006: 22:
M 3 ';403 17 ‚
] ( '
Subbarao, )
2011
u(
:qH' 7 1
o `
- ]0 i ';403 -0 5 S/B0 (
'0 , ./)0 &'
<
5;Y
»
@ T)
./)0 X n V 0
9 D3 0
7«
) M) Kossoy, Guigon, 2012: 9-11:
.(
2 (0$2 5 7Y B N H= %
1. Energy Efficiency.
2 .
»
«
» « !
.
3. GHG Emission Reduction Assets.
4. Climate Change Mitigation.
5. Force Majeure Event.
6. Transaction Costs.
7. EU Emissions Trading System (EU ETS)).
]3 ';403 1 0 H7L 177=
0 X Ic
;)0 2 H7L 177= -0 2 H7L 177= N 2 • %
JAY 3 :Y N 3 1 0 -0 <I7 $ 3 .
3 . 1 . 1 . , - $ &
2 • H7L
<'0 , ./)0 &' ( ';403 (0$2 1
\ 0 H7L -0 B0 X Ic 5;Y (0$2 5;Y
<'0 , ./)0 &' ( ';403 5;Y
3 2 • B0 $77Š J2 L$7j .
$ 0 1 0 2 m$ 1 0
<H) ]
<'0 , ./)0 &' ( ';403 H7L O067 t 2 Y
$77Š 12$ 0- 2 5;Y
B0 5 2 O B ) 3 5 $ 0;7D .
H7L G /` B 1 0 0
';403 GO ,;:Y3$
$/.72 ^7]$
<
N;:' O[ 0$ - H7L (3 $2 N5Z3$D G< 17 ‚ (0$2 ' ( '
5;Y f 4
<
;::
3
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$Q`
72
;)-0;) . E' N 2 • H7L /` B
-0 0 5;:Y3$ E' 3 0; $`
O B ) ( ' H7L o ` 0- 2 1 0
';403 O 0
<
0 .
3 . 1 . 2 . . $ &
3 :Y H7L 0 , ./)0 &' ( ';403 (0$22
<' O - % </H7L -0 B0 X Ic 5;Y
‘` Y 3 7= 2 ] 2
< <2 - 0 0- 2 H7L O B ) a B0 $2 ƒ ;Hc < ' N Y
$77Š
<
;2 . 2 1*B 0 0$L =)0 O - </H7L N$8 O 7
17 $%
G\ 0 0 0$L 3
< K ) N Y
</4 A+2 N 7) 2 • F:
B0 $7Š/ 3 5 I) 67) ‘*.
. 2 ]3 N1 0
B0 0 `$2 177= 7+2 L -0 3 :Y H7L .
t$,0 < sB0 '0R 3 F 9H' $2
z72 OsQ2
N1H• JF] +c 2
;) 0 \ 0 3 r H]0
) N( ) 1379 o N 39
N(
3 <=QL 177= $2 O36 0 0
V 67) 1H• 177= p3 $2 \ 0 N1H• G< F)
^ 0 z72 5;Y / ) B0
3
<8) 8t G@67) A
< 1H• 177= \ -0 N1H• 177=
;Y 2
) O H' o N 33
.(
3 . 1 . 3 . . , - $ & / 0 )"
<'0 , ./)0 &' ( ';403 /)0 ( ' 0 0$L H7L B0 1AH 2 5;Y
) , K (0
;Y 2 3 :Y H7L 3 2 • H7L -0 <I7 $ Y .
Nm$ 1 0
*) M O0 :c 2 H7L
0 0$L 2 • H7L ‘*.
<
H7L ŽB N Y 177=
5;Y O - O - YR, 2 ( '
17 $% \ 0 $2 <:/I N<:7=
) +j0 (
& 06 0
<
;2 . (0$2 ) H) G /)0 0 0$L N 10
9 B
<'0 , ./)0 &' ( ';403
< K N5;Y , 2 0; $` Y
=)0 O - -0 B $' YR
1. Fixed Price.
2. Floating Price.
-0 </2 • H7L $2 d0 0 < *. ’+I N 0 0$L - j[
2 N B0 5;Y ‘*. 0 0$L
; H) `0 $D 5;:Y3$
.
3 . 2 .
# $! '
"* ! %()"
./)0 &' ( ';403 ; $` 3 p3$ G( ' 0 0$L
<'0 ,
15;Y N 177= 0 0$L G /` B i;::
J V O - 3 0; $` P$% -0 5 ]3 `0 $D O - 1 0
-0 ';403 ( B
5;:Y3$
) B0
United Nations Development Programme (UNDP), Op.cit.: 70
.(
Gr0 )0 2 H L 1 0
H=
<'0 , G ./)0 &' ( ';403 G< s = ( ' /` B 1 $
;Y i 5Z3$D -0 J> 4 ( '
@67) A 9=B M 67) 3 = N 06 NC D ( ' 0 0$L 2 wI $ ( '
5;Y
<
E -0 $D .
3 . 2 . 1 . 12 !
( 3
+ = 9 N(; ) ( (0$2 N5;:Y3$ O[ B0 ( /` B 2
N ) H) ./)0 &' ( ';403
<'0 ,
;Y i B M -0 J> 4 O[ H7L `0 $D Gm c 0 5Z3$D -0 <Y ) ./)0 &'
'
M 2 )
< J V (3 2 N 0; $` P$% -0
;' . 3 5;:Y3$ O 7 N /` B 1 0
./)0 &' ( ';403 G< d0 J V o ` 5;: [ ($/.72 X0;F= N 0; $`
<'0 , (0$2 ($/.72 H7L `0 $D 3 5;:Y3$ P$% -0 5;Y P$% -0 < d0 ( ';403 1 0
]3 (;=2 B $8 G(; ) Xs = @ n)0 -0 17 $% (0$2 <=) 17:qH' 3 0; $`
0;) . 6 B0 1 0 5;:Y3$ (0$2 E' 3 0; $` (0$2 E' (; ) ( Xs = @ n)0
O[
' ';403 1 0 p3$ 3 ; $` o ` 5;: [ < x 2 P Q=)0 7+2 L -0 0 `$2
2 ;:'0 ` .
1 0 = -0 M N5;:Y3$ (0$2 Xs = ) ,
I) M 67) 3 0; $`
<'0 , ./)0 &' ( ';403 l H7L &' B 5;Y
( ' 5;: [ B0 . 67) 0; $` (0$2
J2 L M ( ';403 l H7L & 06 0 -0 B0 X Ic O[ 3 0 ]3 <F]
5;Y
B ( ' 5;: [ J7+V -0 ( 7 2
&7D 0 7=d3 1 0 67) 0- 2 ( '
< <:72
);:
Ibid., 72
.(
<'0 , ./)0 &' ( ';403 N(; ) ( ( ' 0 0$L N1 0$2 :2 5;:Y3$ (0$2 5;Y
>
<
Y 3 i [ 0; $` 2 J V
) B0
Curnow, 2010, 18
.(
1 0 r d <:= 1 0 2
( ';403 B0
5;Y 5;Y > 0 0$L =)0 -0 JIL
;)0 . 0; $` N( 0 0$L L 1 0
2 • H7L NJ V O - 177=
< `0 $D 5;:Y3$ 2 0 ';403 1 0 (0$2 5;Y
;:
.
5;:Y3$ (0$2 E' 3 0; $` (0$2 E' N(; ) ( ( ' 0 0$L ] M 17:qH'
1. Emission Reduction Purchase Agreements (ERPAs) or Certified Emission Reductions Sale and Purchase Agreements (CERSPAs).
2. Spot or Cash Transaction.
o ` J V
O 0;)
$D
`0 O $A) E 7 2 N B0
. 2 ]3 N1 0 $/.72
•O ,;:Y3$
1 0 2 0 ( 0 0$L L 1 0 J7
&7D ˆ7' 0; $` P$% -0 </`0 $D
(0$2 < 17 ‚
2 5Z3$D : 6' `0 $D T:
<H) X > 5Z3$D ( '
<H) ^7]$ N $7,
);:'
Weiss, 2008, 6
.(
3 . 2 . 2 . 4 5
), +)4
6 "
7 .(8
=B -0 ( 7 2 p3 NO ,;:Y3$ O ,;:'
D7
&
0$2 `0 $D (
7
; [
;:
i ';403 (
'0 , ./)0 &'
<
15;Y P =/ 3 H= L O0 :c 2 0 1 0 9+ =
';403
$T)
<
;)$7, .
=B -0 ( 7 2 2 N5Z3$D O ,;:'
- B 5k 3 O
$7j ( ' b4 2 J H </ 3
< N;) 0 12$ 0- 2 J2 L ; [ ;:'0 `
O[ 2 &7D -0 <F]
Y /`0 $D ' .
1 0
$B B0 < 4
$B 2 J H <)0 0R, 5Z3$D ( 0R,
2 N;) 0 '
&' I)
X0 I/c0 ;:) 5Z3$D ; [ J7 V \ $% -0 ` lM
< 12$
;:Y 2 . ( ';403 O0 0; $`
<'0 , ./)0 &' 5;Y
N
<:=
2 <) N;:/ ' ` 9 $B .,- 2 <D 0$>0 E'
<
< ] ;:'0 ` B0 1AH
M o ` 0 5 ]3 0; 1 $/H
5Z3$D ( '
;:: `0 $D .
< ^7]$ O0 0; $` 17:qH' 03 ( ' 0 0$L ;:'
3 2
`0 $D p
J V 2
; =: 0 3
;: H) u
•O0 0; $` P$% -0 < > <:=
`0 $D
< @ n)0 Y
<'0 , ./)0 &' ( ';403 2 N5;Y
<'0 , N5;Y <n:B I/c0 J %
;) Y @ ) 2 ŽB N
0; $`
/)0 3 I•
;:2 . 1 0 r d
< ]
=B Y
;:' i 1/ ;> 5Z3$D
50 2 O[ J ;I 3 < X0;F= v * 0 (0$2 < ' 5Z3$D < 17 ‚ T:
;Y 2 . 2
N H= %
G /` B D7
&
0$2 `0 $D (
7
; [
;:
i ';403 ( '0 , ./)0 &'
<
b 0 2 N5;Y (
< `0 $D 0 0 0$L 1H• 5;:Y3$ 2 0; $` N 0 0$L -0 <:7= 0; 5;:Y3$ 0 N;:
( ';403
<'0 , ./)0 &' ( ./)0 &' 1 M = M $' 0 5;Y
;7 0 12$
)
= ( B0
< J V 0; $` 2 ‘*. B ;:t (0$2 N B $' N
);'
United Nations
Development Programme (UNDP), Op.cit.: 71
.(
H= N( 0 0$L L 1 0 (0$2 p3 1 $
&' ( ';403 /)0 ./)0
<'0 , B0 5;Y .
( ';403 N 0 0$L r ) 1 0 N17:qH'
<'0 , ./)0 &' 5;: [ 0 N B0 5;.) > 5;:Y3$ (0$2 0 0$L =)0 O - 5;Y
;Y ;'0 ` >
. O[ 2 ( 0 0$L L 1 0 B0 1AH 0; $` <HF M 3
2 3
AY 2 5Z3$D $,0 B0 1 0 N $,
&7D O0 :c 2 0; $` < D N Y ]0
`0 $D
1. Upfront Payment for Future Stream of CERs.
2. Forward Contracts.
3. Pay On-Delivery Model.
-0 N B0 5 0
;'0 ` 172 .
2 ]3
M N1 0
5;Y
< 0 -0 17Hb R`0 2 O0
-0 N5;:Y3$
) Hd +H]
) 0 &' <A) 2 ( ' .
3 . 2 . 3 . + 3 + + )&
), 9"
( :
0$L 17= <) - ‘*. 0 0 p3$ ; $` 2 I ) \ 0 -0 B0 X Ic 03 0
H7L 2 3 5;: [
@ +=
. ./)0 &' ( ';403 J V (0$2 03 0 0$L
<'0 ,
15;Y N 1 0
< \ 0 ) , -0 < *. 0; 5;:Y3$ Y
1 0 5;: [ 0 ';403
/H7L 2 17=
J /: N B0 5; [ O . 0 \ 0 JIL -0 <
;:
N 67) 0; $` Nm lc
H7L N O H'
‘*.
5;Y
`0 $D 5;:Y3$ 2 0
; H) . 03 ( ' 0 0$L
<H) `0 $D 0 0$L =)0 O - <F]3 ƒx >0 Y
u GO067 N $7, X > </`0 $D E' $,0
;'0 ` E 7 2 `0 $D 1 0 2
.
$2 17H' 1 0 2 Na B0 ) ,
';/B3 0 G /` B 2 lXs = N
» J V 2 `0 $D
2«
•s%0 67)
<
Y . ƒx H= N 03 /` B 2 ( ' 0 0$L 17:qH'
<'0 , ./)0 &' ( ';403 -0 < *. 0; J V 2 @6+ 0 5;:Y3$
<`$2 3 5;Y
zL0 ';403 -0 ( 0; GJ V 2 N (
5;Y B $' N${ 0;4 3 JL0;4 177= 2 N
@6+
<
);:
Id.
.(
2 67) ' 0 0$L 1 0 X;
M -0 N H= %
<B
< B
;Y 2 . ( ' 0 0$L
03 ƒx H=
0- 2 l H7L lM )
./)0 &' ( ';403 H7L &' & 06 0
<'0 , 5;Y (
< E7 0 0$L 17 $% O 7
) Y
CERSPA (Certified Emission Reductions Sale
and Purchase Agreement) Secretariat, 2009: 13
.(
2 `0 $D ( ' 0 0$L <B B0 r d
2 J V (0$2 H7L [ B0 1 0 NJ V A+2 N$7` B0 5;Y ‘*. 2 • %
< ' 7= 3 J 0 c 2 H7L 7I{
B0 / 203 17 $%
< ` 0 0$L
;) 3[
. N1 0$2 :2
<'0 , ./)0 &' ( ';403 J V (0$2 03 ( ' 0 0$L H7L 2 ] 2 N5;Y
177=
GE L 3 2 N 0 0$L 5;Y N
< E7 3 :Y H7L 3 2 • H7L 2 Y
. 2 ]3 N1 0
2 (0$
M &' : 6' 17:qH' 3
9 ( ' 0 0$L -0 M $' N 3 :Y 3 2 • H7L 2 03
0$2 03 0 0$L (
V J ';403 ( '0 , ./)0 &'
<
$ X > 2 5;Y 7I
<
L -0 7 H
3 :Y 3 2 •
$, ; =: B0 1AH 67) .
1. Forward Contract for Delivery of CERs.
2. Pay on Delivery.
3 . 2 . 3 . 1 . + 3 + + )&
), 9"
( : , - $ & ,
1
1 0 ) , N ' 0 0$L x 2 ƒx H= 2 • H7L `0 $D 2 0; $`
0 3 3 A $ (0$22
<'0 , ./)0 &' ( ';403
@6+ 5;Y
<
) Y
United Nations Development Programme
(UNDP), Op.cit., 71
.(
1 0 2 NX >
D M m$= 5;:Y3$ N H= % )
]3
~ 0
3( 2 ;'0 ` N
x 2 30 2 </`0 $D $' 0$ - 0
< X > 3 3 A $ N $7,
;Y ;'0 ` J ;I 5;:Y3$ . ~ 0 ]3 2 F)
) Mitsubishi UFJ Securities, 2007,
28
.(
<'0 , ./)0 &' ( ';403 (0$2 2 • H7L 17:qH' 5;Y
N 2 <' , ) , 0 0$L (0
< E7T:
R, 2 Y
@ ‘` Y a B0 $2 NO - Y
@ , 3 4
2 N 0 0$L $.7D 2 @ ,
;2 & 06 0 N17 $% \ 0 $2 <:/I .
B0 1AH <A ) H) (0$2
G( ' 0 0$L 10
B
2 i 3 S' I/c0 -0 &72 0 0$L G$Hc B0 1 0 N;' • 5Z3$D (0$2 B
i 3 I/c0
5 2 5Z3$D N
N n7/)
<'0 , ./)0 &' ( ';403
;Y i
&7D
<:72 J V (0$2 0 0$L 5;Y
X > ./)0 &' O067 3 5Z3$D ./)0 G( :I w` O 7 Jd S -0 &72 N 0; $` 2 / $,
< ';403 1 0 (0$2
;Y 2 . 2 ; 2 5;:Y3$ N1 0$2 :2 3 G1/ $, $T)
i 3 5Z3$D I/c0
) 3 O[ ( :I w`
;: @0;L0 0 0$L =)0 2 I ) N5 3 ; ;H H/40 l;> 67
) United
Nations Development Programme (UNDP), Op.cit., 71
.(
3 . 2 . 3 . 2 . + 3 + + )&
), 9"
( :
; ; ;
;
;$ & ;,
5 . 0 1 ) , N ' 0 0$L J V 2 5;:Y3$
./)0 &' ( ';403 -0 < *. 0;
<'0 , B $' 5;Y @6+
<
`0 $D 0; $` </H7L 0 N Y
<
: N;
2 B $' 7=
< *.
$77Š )
&' & 06 0 (
<
;2 . H7L JIL 4 lPs`$2 N$8 X Ic 2
7L 2 Xs = /` B N 2 ‘*. 0 0$L =)0 O -
=)0 O - H7L N 3 :Y H
B0 $7Š/ A+2 N 7) ‘*. 0 0$L .
2 O; [ ; ;D ( ' 0 0$L
0$2 03 ( V J
';403 ( '0 , ./)0 &'
<
2 5;Y /` B L7 H 3 :Y N ' 0 0$L r ) 1 0 < n)[-0 N
H7L `0 $D (0$2 ( 7=
< / $, $T) 2 N Y
L H= %
';403 1 0 G-3 H7
< ' 0- 2 ';403 H7L ƒx >0 A: 0 2 ] 2 3 N B0 0- 2 ';403
(
&'
'0 , ./)0
<
5;Y + =
<
;) Y
& 06 0 2 3 N B0
&' ) 3 N
3 67) 2 A: 0 1/ $, $T)
1. Forward Contract for Delivery of CERs at Fixed Price.
2. US dollars or Euros.
3. Currency Risk.
4. Inflation Index.
5. Forward Contract for Delivery of CERs at Floating Price.
( ';403 O0 0; $` 0;=
5;Y Y0R, ;'0 ` & 06 0 2 3 O - YR, 2 L N
( ' 0 0$L 0$2 03
( V J ';403 ( '0 , ./)0 &'
<
2 5;Y /` B L7 H 3 :Y N
zS) 2 $/.72 B0 5;:Y3$
0; $`
. -0 O ,;:Y3$ N ' 0 0$L -0 r ) 1 0 =)0 2 </4 /I 0
M J2 L ( '
<F]
O 0 2 ;:'0 *) u
< “c 2 3 :Y H7L A: 0 +H] -0 Y
)$2 5;: [ 5 ]3 O $] G( :I $2 ;:)0 /) O ,;:Y3$
;:: (6 N P$% -0 J l `0 $D 0$ -
B0 @ += ) N B $' 0; $`
.
&72 $,0 N( 0 0$L G /` B 1 0 -0
T/)0 ;4 ';403
(
'0 , ./)0 &'
<
5;Y d$c 5;: [ ( ' 0- 2 Y
2 3
<) 72 d$c O067 N$8 -0 &72
H7L N;Y 2 d O067 1 0
q)[ -0 $/H 5;:Y3$ N n7/) 3 ;'0 ` &' ';403
&7D 0 0$L =)0 O -
< <:72 ( ';403 H7L N $ 5;Y
0 0; $` -0 ;'0 `
$ . 1 0 r d 1 0 2 B0 1AH
; n:72 + S 0 2 L 5;:Y3$
( G< X0;F=
;Y I) 5Z3$D o ` `
) Ibid., 71, 72
.(
3 . 2 . 3 . 3 . + 3 + + )&
), 9"
( :
= > ,
. , - $ & / 0 )"
1
1 0 ) , 2 0 0$L (0$
M &' 3 '
67) : 6' H7L 2 03 ( ' 0 0$L -0 M $' ( '
:Y 3 2 • 2 3
[ ]3
B0 5;
. 0 0$L -0 r ) 1 0 2 N
(0$
< $ v { Y
50
-0 ;>
';403 ( '0 , ./)0 &'
<
5;Y 3 2 • H7L 2 50
<L 2 ;>
H7L 2 5;)
3 :Y
$, 0R,03 0; $` 2 .
3 . 2 . 4 . =* !
7/`0 Xs = N2
\ $% -0 ;:/ ' < s = 7/`0 \4 5;:Y3$ 0; $` NO[
3 l;F= )
+ = l =)0 0
0;7D 5;: [
$ ;'0 ` .
./)0 &' ( ';403 N 7/`0 Xs = ƒx >0
<'0 ,
> + = =)0 O - 5;Y
<H) Y
;Y ;'0 ` 5 0 J V 5;: [ 3 .
17:qH'
( ';403 H7L N 0; $`
5;Y O - 0
< 5;:Y3$ 2 J V -0 $D
. 67) H7L
1 0 B0 2 • Xs = ) , .
< E7 E lL 3 2 7/`0 Xs = Y
)
; u 7/`0 B0 `
3
3 9…0 0 7/`0
4. ( ' 0620 N12$ ( ' 0- 2 7/`0 Xs = EFB & 06 0 2 i;7q7D
-0 ( n
1. Combination of Fixed and Floating Price.
2. Options Transactions.
3. Call Option.
4. Put Option.
‘` Y +H]
Os /L0 3 < ( ' N1
E/ 8 0 ( [ ( '
&7D ( ' 8 0 3 2
<:72 (0$2 3
E7H 5 S/B0 0- 2 ($7, 5;Y
);)0
Kossoy, Guigon, Op.cit., 34
.(
3 . 2 . 4 . 1 . +
1 0 ) ,
\4 M N 0; $` NXs =
;F= ) 34
)
@06 0
5( ./)0 &' ( ';403 ; $` 2
<'0 ,
<:7= 0 5;Y Y0 ;'0 ` </2 • H7L 2 5;: [
.
&' ( ';403 N1 0$2 :2
<'0 , ./)0
;'0 ` (3 J V 5;: [ <:7= O - 0; $` P$% -0 \4 G Hcl0 2 N5;Y
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1. Financial and Macroeconomic Indices.
2. Statistical Algorithms.
3. Model Forecasts.
4. Right.
5. Obligation.
6. Option.
7. Option Payment for Future Delivery of CERs.
8. Option Contract.
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H ( I Books:
1.Curnow, Paul, Hodes, Glenn (2009) Implementing CDM Projects: Guidebook to Host Country Legal Issues, Roskilde (Denmark): United Nations Environment Programme (UNEP), Risoe Centre on Energy, Climate and Sustainable Development.
2. Kossoy, Alexandre, Guigon, Pierre (2012) State and Trends of the Carbon Market 2012, Washington DC, USA: Carbon Finance at the World Bank. Available at:
<http://siteresources.worldbank.org/INTCARBONFINANCE/Resources/State_and_Trends_2 012_Web_Optimized_19035_Cvr&Txt_LR.pdf>
3.Shrestha, Ram M., Sharma, Sudhir, Timilsina, Govinda R, Kumar, S. (2005) Baseline Methodologies For Clean Development Mechanism Projects: A GUIDEBOOK, Edited by Myung-Kyoon Lee, Denmark: UNEP Risø Center.
4.UNEP Project CD4CDM (2004) Legal Issues Guidebook to the Clean Development Mechanism, Roskilde, Denmark: Unep Risø Centre on Energy, Climate and Sustainable Development.
5.United Nations Development Programme (UNDP) (2003) The Clean Development Mechanism: A User’s Guide, New York: Energy & Environment Group, Bureau for Development Policy, One United Nations Plaza.
Articles:
1.Blumm, Michael C (1992) "The Fallacies of Free Market Environmentalism", Harvard Journal of Law & Public Polic, Volume 15.
2.Button, Jillian (2008) "Carbon: Commodity or Currency? The Case for an International Carbon Market Based on the Currency Model", Harvard Environmental Law Review (HELR), Volume 32.
3.CERSPA (Certified Emission Reductions Sale and Purchase Agreement) Secretariat (2009)
"Legal Developments in the Carbon Market", Legal Paper, Workshop of 21 April, Bogotá.
4.Chaudhary, Nupur, Kumar, Vivek (2005) "Legal Implementation of CDM in India:
Challenges and Opportunities", With inputs from N.Y.D. Babu and Preety Bhandari, The Energy and Resources Institute, New Delhi, India, CDM Investment Newsletter, Number 1, Issue 7.
5.Chadwick, Bruce P. (2006) "Transaction Costs and the Clean Development Mechanism", Natural Resources Forum, Volume 30. Available at:
<http://ethree.com/downloads/Climate%20Change%20Readings/GHG%20Emissions%20Tra ding/Chadwick%20-%20Transaction%20Costs%20and%20CDM.pdf>
6.Cook, Allan (2009) "Accounting for Emissions: From Costless Activity to Market Operations", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 3, Edited by David Freestone and Charlotte Streck), Oxford University Press.
7.Cordonier Segger, Marie-Claire, Gehring, Markus (2009) "Trade and Investment Implications of Carbon Trading for Sustainable Development", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 4, Edited by David Freestone and Charlotte Streck), Oxford University Press.
8.Curnow, Paul (2010) "Carbon Contracting Negotiating Emission Reduction Purchase Agreements: Legal and Regulatory Capacity Building for Carbon Trading & CDM Investment", Global Environmental Markets, Baker & McKenzie. Available at:
<http://www.acp-cd4cdm.org/media/233881/carboncontracting_curnow.pdf>
9. Kazim, Muyi (2011) "What Makes Carbon Transactions Bankable", Case Study-African CDM Projects, Nigeria Sustainable Finance Week, Stanbic IBTC Bank. Available at:
<http://www.unepfi.org/fileadmin/events/2011/lagos/4._Kazim_Making_Carbon_transactio ns_bankable_Case_Studies.pdf>
10.Kirkman, Grant A., Seres, Stephen, Haites, Erik, Spalding-Fecher, Randall (2012)
"Benefits of the Clean Development Mechanism 2012", United Nations Framework Convention on Climate Change. Available at:
<https://cdm.unfccc.int/about/dev_ben/ABC_2012.pdf>
11.Krey, Matthias, Santen, Heike (2009) "Trying to Catch up with the Executive Board:
Regulatory Decision-Making and its Impact on CDM Performance", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 11, Edited by David Freestone and Charlotte Streck), Oxford University Press.
12.Leslie, Martin (2006) "Transaction Costs and the Regional Distribution of Projects of the Clean Development Mechanism", A Report Conducted for the United Nations Development Programme, Advanced Policy Analysis, Available at:
<http://are.berkeley.edu/~llamartin/CDM_May_2006.pdf>
13.Lin, Jolene (2009) "Private Actors in International and Domestic Emissions Trading Schemes", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 6, Edited by David Freestone and Charlotte Streck), Oxford University Press.
14.Medina, Vicente, Pardo, Ángel, Pascual, Roberto (2011) "Pricing Intraday Dynamics Across EUAS and CERS Markets". Available at:
<http://repositorio.ipl.pt/bitstream/10400.21/1425/1/29.pdf>
15.Menell, Peter S. (1992) "Institutional Fantasylands: From Scientific Management to Free Market Environmentalism", Harvard Journal of Law & Public Polic, Volume 15.
16.Michaelowa, Axel (2009) "Interpreting the Additionality of CDM Projects: Changes in Additionality Definitions and Regulatory Practices over Time", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 12, Edited by David Freestone and Charlotte Streck), Oxford University Press.
17.Michaelowa, Axel, Jotzo, Frank (2003) "Impacts of Transaction Costs and Institutional Rigidities on the Share of the Clean Development Mechanism in the Global Greenhouse Gas Market", Paper für die Sitzung des Ausschusses Umweltökonomie im Verein für Socialpolitik. Available at: <http://www.uni- regensburg.de/Fakultaeten/WiWi/ buchholz/
forschung/AVR/Rostock/Vortrag%20Rostock/Michaelowa.pdf>
18.Michaelowa, Axel, Jotzo, Frank (2005) "Transaction costs, institutional rigidities and the size of the clean development mechanism", Energy Policy, Volume 33, 511–523. Available at: <http://62.164.176.164/d/Michaelowa_Jotzo_Transaction.pdf>
19.Mitsubishi UFJ Securities (2007) "Emission Reduction Purchase Agreements: A seller’s Perspective", Clean Energy Finance Committee. Available at:
<http://cdmdna.emb.gov.ph/cdm/secured/uploads/CDM1803195073306017_Emission_Re duction_Purchase_Agreement__ERPA__FINAL.pdf>
20.Netto, Maria, Barani Schmidt, Kai-Uwe (2009) "The CDM Project Cycle and the Role of the UNFCCC Secretariat", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 10, Edited by David Freestone and Charlotte Streck), Oxford University Press.
21.Otis, Andrew (2002) "Greenhouse Gas Emissions Trading", Journal of International Business and Law, Volume 1, Issiue 1, Article 3.
22.Pin, Koh Fui (2005) "The CDM Project Cycle, Transaction Costs and Role of Institutions:
Training on CDM", Pusat Tenaga Malaysia (PTM).Available at:
<http://cdm.greentechmalaysia.my/useful_materials/Presentation/2.%20Transaction%20Co sts%20%20CDM%20%20Fui%20Pin.pdf>
23.Subbarao, Srikanth (2011) "Economics of CDM Projects", 2nd CDM Capacity Building Workshop in the Pacific under the EC ACP MEA Project. Available at:
<http://pacific.acp-cd4cdm.org/media/321506/1.4_economics-cdm-projects_srikanth.pdf>
24.Torres, Gerald (2001) "Who Owns the Sky?", Seventh Annual Lloyd K. Garrison Lecture on Environmental Law, Pace Environmental Law Review (PELR), Volume 18.
25.Wemaere, Matthieu, Streck, Charlotte, Chagas, Thiago (2009) "Legal Ownership and Nature of Kyoto Units and EU Allowances", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 2, Edited by David Freestone and Charlotte Streck), Oxford University Press.
26. Wilder, Martijn, Fitz-Gerald, Louisa (2009) "Carbon Contracting", (In: Legal Aspects of Carbon Trading: Kyoto, Copenhagen and Beyond, Chapter 14, Edited by David Freestone and Charlotte Streck), Oxford University Press.
27.Wilder, Martijn, Willis, Monique, Guli, Mina (2005) "Carbon Contracts, Structuring Transactions: Practical Experiences", (In: Legal Aspects of Implementing the Kyoto Protocol Mechanisms: Making Kyoto Work, Edited by David Freestone, Charlotte Streck), Oxford University Press, New York.
28.Wiser, Glenn (2002) "Frontiers in Trade: The Clean Development Mechanism and the General Agreement on Trade in Services", International Journal of Global Environmental Issues, Volume 2, Numbers 3/4.
29.Weiss, Rodrigo (2008) "CER Transaction Structures to Support Project Finance", EEA Fund Management Limited, Latin American Carbon Forum, Santiago. Available at: http://
www.latincarbon.com/2008/docs/presentations/Day2/RodrigoWeiss.pdf .
