|
European Union Emissions Trading Scheme
The European Union Emissions Trading System (EU ETS) is a "cap and trade" scheme where a limit is placed on the right to emit specified pollutants over an area and companies can trade emission rights within that area. It covers around 45% of the EUs greenhouse gas emissions. Under the "cap and trade" principle, a maximum (cap) is set on the total amount of greenhouse gases that can be emitted by all participating installations. EU Allowances for emissions are then auctioned off or allocated for free, and can subsequently be traded. Installations must monitor and report their emissions, ensuring they hand in enough allowances to the authorities to cover their emissions. If emission exceeds what is permitted by its allowances, an installation must purchase allowances from others. Conversely, if an installation has performed well at reducing its emissions, it can sell its leftover credits. This allows the system to find the most cost-effective ways of reducing emissions without s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EU Allowance
EU Allowances (EUA) are climate credits (or carbon credits) used in the European Union Emissions Trading Scheme (EU ETS). EU Allowances are issued by the EU Member States into Member State Registry accounts. By April 30 of each year, operators of installations covered by the EU ETS must surrender an EU Allowance for each ton of CO2 emitted in the previous year. The emission allowance is defined in Article 3(a) of the EU ETS Directive as being "an allowance to emit one tonne of carbon dioxide equivalent during a specified period, which shall be valid only for the purposes of meeting the requirements of this Directive and shall be transferable in accordance with the provisions of this Directive". The EU Allowances are connected to the EUs goal of achieving climate neutrality in the EU by 2050 and a 55% reduction in greenhouse gas emissions by 2030. Cap and trade system The EU ETS works on the 'cap and trade' principle. Companies receive or buy emission allowances within the cap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greenhouse Gas Emissions
Greenhouse gas emissions from human activities strengthen the greenhouse effect, contributing to climate change. Most is carbon dioxide from burning fossil fuels: coal, oil, and natural gas. The largest emitters include coal in China and large oil and gas companies, many state-owned by OPEC and Russia. Human-caused emissions have increased atmospheric carbon dioxide by about 50% over pre-industrial levels. The growing levels of emissions have varied, but it was consistent among all greenhouse gases (GHG). Emissions in the 2010s averaged 56 billion tons a year, higher than ever before. Electricity generation and transport are major emitters; the largest single source, according to the United States Environmental Protection Agency, is transportation, accounting for 27% of all USA greenhouse gas emissions. Deforestation and other changes in land use also emit carbon dioxide and methane. The largest source of anthropogenic methane emissions is agriculture, closely followed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Over-the-counter (finance)
Over-the-counter (OTC) or off-exchange trading or pink sheet trading is done directly between two parties, without the supervision of an exchange (organized market), exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price. In an OTC trade, the price is not necessarily publicly disclosed. OTC trading, as well as exchange trading, occurs with commodities, financial instruments (including stocks), and derivative (finance), derivatives of such products. Products traded traditional stock exchanges, and other regulated bourse platforms, must be well standardized. This means that exchanged deliverables match a narrow range of quantity, quality, and identity which is defined by the exchange and identical to all transactions of that product. This is necessary for there to be transparency in stock exchange-based equities trading. The OTC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Emissions Trading Scheme
The UK Emissions Trading Scheme (UK ETS) is the carbon emission trading scheme of the United Kingdom. It is cap and trade and came into operation on 1 January 2021 following the UK's departure from the European Union. The cap is reduced in line with the UK's 2050 net zero commitment. Phase 1: 2021 to 2025 Although initially somewhat similar to the earlier UK participation in the European Union Emission Trading Scheme (EU ETS),Department of Business, Energy and Industrial StrategyParticipating in the UK Emissions Trading Scheme (UK ETS) published 17 December 2021, accessed 15 January 2021 there are differences. The initial cap is 5% lower than the UK’s share under phase four of the EU ETS. Price stabilisation The auction reserve price is £22 per tonne, and the government intends legislating for measures to limit price spikes. Coverage The UK ETS is initially limited to internal flights, electricity generation and industries which use a lot of energy: but the scheme will b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marrakech Accords
The Marrakech Accords is a set of agreements reached at the 7th Conference of the Parties (COP7) to the United Nations Framework Convention on Climate Change, held in 2001, on the rules of meeting the targets set out in the Kyoto Protocol. The separate Marrakech Declaration of 15 April 1994, manifesting the Uruguay Round trade agreements and establishing the World Trade Organization, was also concluded and signed in Marrakech, Morocco Marrakesh or Marrakech ( or ; ar, مراكش, murrākuš, ; ber, ⵎⵕⵕⴰⴽⵛ, translit=mṛṛakc}) is the fourth largest city in the Kingdom of Morocco. It is one of the four Imperial cities of Morocco and is the capital of the Marrak .... at World Trade Organization References External links< ...
|
Certified Emission Reduction
Certified Emission Reductions (CERs) are a type of emissions unit (or carbon credits) issued by the Clean Development Mechanism (CDM) Executive Board for emission reductions achieved by CDM projects and verified by a DOE (Designated Operational Entity) under the rules of the Kyoto Protocol. CERs can be used by Annex 1 countries in order to comply with their emission limitation targets or by operators of installations covered by the European Union Emission Trading Scheme (EU ETS) in order to comply with their obligations to surrender EU Allowances, CERs or Emission Reduction Units (ERUs) for the emissions of their installations. CERs can be held by governmental and private entities on electronic accounts with the UN. CERs can be purchased from the primary market (purchased from an original party that makes the reduction) or secondary market (resold from a marketplace). At present, most of the approved CERs are recorded in CDM Registry accounts only. It is only when the CER ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clean Development Mechanism
The Clean Development Mechanism (CDM) is a United Nations-run carbon offset scheme allowing countries to fund greenhouse gas emissions-reducing projects in other countries and claim the saved emissions as part of their own efforts to meet international emissions targets. It is one of the three Flexible Mechanisms defined in the Kyoto Protocol. The CDM, defined in Article 12 of the Protocol, was intended to meet two objectives: (1) to assist non- Annex I countries (predominantly developing nations) achieve sustainable development and reduce their carbon footprints; and (2) to assist Annex I countries (predominantly industrialized nations) in achieving compliance with their emissions reduction commitments ( greenhouse gas emission caps). The CDM addressed the second objective by allowing the Annex I countries to meet part of their emission reduction commitments under the Kyoto Protocol by buying Certified Emission Reduction units from CDM emission reduction projects in developing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emission Reduction Unit
The emission reduction unit (ERU) is an emissions unit issued under a Joint Implementation project in terms of the Kyoto Protocol. An ERU represents a reduction of greenhouse gases under the Joint Implementation mechanism, where it represents one tonne of equivalent reduced. Description To allow comparison between the different effects of gases on the environment, scientists have defined multipliers for gases that compare their greenhouse potency (global warming potential) relative to that of carbon dioxide. One example of a Joint Implementation project resulting in an emission reduction unit, is the production of biogases by landfill sites. These gases consist of mainly methane which escapes to the atmosphere if it is not collected. The main reason for dealing with methane is that it has a 100-year global warming potential multiplier of 25 compared to carbon dioxide (i.e. has 25 times the greenhouse potency). Collection of methane is usually accompanied by its combustion. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Implementation
Joint Implementation (JI) is one of three flexibility mechanisms set out in the Kyoto Protocol to help countries with binding greenhouse gas emissions targets (the Annex I countries) meet their treaty obligations. Under Article 6, any Annex I country can invest in a project to reduce greenhouse gas emissions in any other Annex I country (referred to as a "Joint Implementation Project") as an alternative to reducing emissions domestically. In this way countries can lower the costs of complying with their Kyoto targets by investing in projects where reducing emissions may be cheaper and applying the resulting Emission Reduction Units (ERUs) towards their commitment goal. A JI project might involve, for example, replacing a coal-fired power plant with a more efficient combined heat and power plant. Most JI projects are expected to take place in the economies in transition (the EIT Parties) noted in Annex B of the Kyoto Protocol. Currently Russia and Ukraine are slated to host the great ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Nations Framework Convention On Climate Change
The United Nations Framework Convention on Climate Change (UNFCCC) established an international environmental treaty to combat "dangerous human interference with the climate system", in part by stabilizing greenhouse gas concentrations in the atmosphere. It was signed by 154 states at the United Nations Conference on Environment and Development (UNCED), informally known as the Earth Summit, held in Rio de Janeiro from 3 to 14 June 1992. Its original secretariat was in Geneva but relocated to Bonn in 1996. It entered into force on 21 March 1994. The treaty called for ongoing scientific research and regular meetings, negotiations, and future policy agreements designed to allow ecosystems to adapt naturally to climate change, to ensure that food production is not threatened and to enable economic development to proceed in a sustainable manner. The Kyoto Protocol, which was signed in 1997 and ran from 2005 to 2020, was the first implementation of measures under the UNFCCC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are then ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession In Europe
The European recession is part of the Great Recession that began in mid-2007. The crisis spread rapidly and affected much of the region with several countries already in recession as of February 2009, and most others suffering marked economic setbacks. The global recession was first seen in Europe, as Ireland was the first country to fall into recession from Q2-Q3 2007 – followed by temporary growth in Q4 2007 – and then a two-year-long recession. Timeline of the Great Recession across all continents Eurozone The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. In the eurozone as a whole, industrial production fell 1.9% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992. European car sales fell 7.8 percent in May compared with a year earlier. Retail sales fell by 0.6 percent in June from the May level and by 3.1 percent from June in the previous year. Germany was t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
