Legal Aspects of Carbon Trading Kyoto, Copenhagen and beyond

Since 2005 the carbon market has grown to nearly $100 billion per annum. This new book examines all the main legal issues which are raised by this explosion of what is now called carbon finance. It covers not only the Kyoto Flexibility Mechanisms but also the EU Emissions Trading Scheme (ETS) that is in the process of reform and other national and voluntary schemes. The Parties to the 1992 UN Framework Convention are in the process of negotiating a successor regime to the 1997 Kyoto Protocol whose commitment period ends in 2012. As scientists predict that the threat of dangerous climate change requires much more radical mitigation actions, the negotiations aim for a more comprehensive and wide ranging agreement which includes new players - such as the US - as well as taking account of new sources (such as aircraft emissions) and new mechanisms such as Reducing Emissions through Deforestation and Degradation (REDD). This volume will cover the legal aspects of these
This volume builds on the success of the editors' previous volume published by OUP in 2005: Legal Aspects of Implementing the Kyoto Protocol Mechanisms: Making Kyoto Work, which remains the standard work of reference for legal practitioners and researchers on carbon finance and trading under the Kyoto Protocol.

David Freestone is the Visiting Lobingier Professor of Comparative Law and Jurisprudence at The George Washington University Law School in Washington D.C. He is a former Deputy General Counsel at the World Bank, and a Visiting Professor at the UN University Institute of Advanced Studies. From 1996-2004 he was head of the World Bank's Environment and International Law Group, and, inter alia, legal adviser to the World Bank Prototype Carbon Fund team. Prior to joining the Bank in 1996, he held a faculty chair in international law at the University of Hull in the United Kingdom, where he is still an honorary professor. Dr. Freestone has written widely on international environmental law, is the General Editor of the "Legal Aspects of Sustainable Development" a monograph series published by Martinus Nijhoff and is the founding editor of the "International Journal of Marine and Coastal Law." He is the 2007 winner of the Elizabeth Haub Gold Medal for Environmental Law.
Charlotte Streck is Director of Climate Focus, a consultancy company specialized in climate change law and policy and the global carbon market. Until February 2005, Charlotte was Senior Counsel with the World Bank in Washington, DC. In this capacity she was responsible for establishing carbon funds and legal structuring of World Bank carbon transactions in Africa, Eastern Europe, Latin America and Asia. Before she joined the World Bank in 2000, she cooperated with the "Global Public Policy Project", which provided strategic advice for the Secretary General of the UN. She authored and co-authored several books and numerous articles on environmental law and policy, is a board member of the Global Public Policy Institute, an adjunct lecturer at the University of Potsdam, senior fellow of the Center of International Sustainable Development Law at McGill University, and an Advisor to the Prince of Wales Rainforest Project.

I. Introduction
1: David Freestone: UNFCCC/Kyoto regimes/growth of carbon trading/sequestration/Bali road map and post-Kyoto negotiation
II. General Issues
2: Thiago Chagas, Charlotte Streck, Matthieu Wemaere: Legal ownership and nature of allowances and carbon rights
3: Allan Cook: Accounting for Emission Reductions: From Costless Activity to Market Operations
4: Markus Gehring, Marie-Claire Cordonnier Segger: Trade and Investment Implications of Carbon Trading for Sustainable Development
5: Maria Netto, Kai-Uwe Schmidt: Institutional requirements to implement ET: registries
6: Michael Mehling: Linking of Emissions Trading Schemes
7: Jolene Lin: Private Actors in International and Domestic Emissions Trading Schemes
III. The Kyoto Protocol Mechanisms
8: Rutger de Witt Wijnen, Sander Simonetti: International Emissions Trading and Green Investment Schemes
9: Matthias Krey, Heike Santen, Daisuke Hayashi: Trying to catch up with the Executive Board - the challenge of CDM rule interpretation by project developers
10: Axel Michaelowa: Interpreting additionality of CDM projects: Changes in additionality definitions and regulatory practices over time
11: Jelmer Hoogzaad, Charlotte Streck: Joint Implementation: The mechanism of the future
12: Martijn Wilder, Louisa Fitz-Gerald: Carbon contracting
13: Anthony Hobley, Carly Roberts, Jamie Munro: The Practicalities of Contracting JI Transactions
14: Andrew Hedges: The Secondary Market for Emissions Trading: Balancing market design and market based transaction norms
15: Christina Voigt: Responsibility for the Environmental Integrity of the CDM: Judicial Review of Executive Board Decisions
16: Dane Ratliff, hester Brown, Audley Shepard: Dispute Resolution and Compliance Mechanisms
IV. Carbon Trading outside Kyoto: Regional Schemes
17: Markus Pohlman: European Union Emissions Trading Scheme
18: Michael Rodi: Legal implications of the allocation mechanism (competition, state aid, accounting)
19: Navraj Ghaleigh: Litigation against EU ETS
V. Carbon Trading outside Kyoto: National and Sub-National Schemes
20: K. Russell LaMotte, David M. Williamson, Lauren A. Hopkins: Carbon Trading Outside Kyoto: National and Sub-National Schemes Emissions Trading in the US: Legal Issues
21: Kyle Danish Van Ness: Off-set provisions in emerging US climate legislation
22: Martijn Wilder, Louisa Fitz-Gerald: Carbon Markets and Policy in Australia: Recent Developments
23: Gray Taylor, Michael Bennett: Canada's Experience in Emissions Trading and Related Legal Issues
24: Christopher Tung: Carbon law and practice in China
VI. Voluntary Markets
25: Michelle Passero: The Voluntary Carbon Market: Its Growth and Outstanding Legal and Policy Issues
VII. Post Kyoto: Moving towards Copenhagen
26: Murray Ward: Bali Road Map and Copenhagen agenda
27: Jos Cozijnsen, Michael Coren: How carbon finance can stimulate innovation
28: Christiana Figueres, Charlotte Streck: The Future of the CDM in a Post-2012 Climate Agreement
29: Bob O'Sullivan, Rick Saines: Making REDD and Rainforest Protection Work
30: Thiago Chagas, Clayfox Clarke: Aviation and Climate Change Regulation
VIII. Summary and Outlook
31: David Freestone, Charlotte Streck: Summary and Outlook
I. Introduction
1. UNFCCC/Kyoto regimes/growth of carbon trading/sequestration/Bali road map and post-Kyoto negotiation, David Freestone
II. General Issues
2. Legal ownership and nature of allowances and carbon rights, Thiago Chagas, Charlotte Streck, Matthieu Wemaere
3. Accounting for Emission Reductions: From Costless Activity to Market Operations, Allan Cook
4. Trade and Investment Implications of Carbon Trading for Sustainable Development, Markus Gehring, Marie-Claire Cordonnier Segger
5. Institutional requirements to implement ET: registries, Maria Netto, Kai-Uwe Schmidt
6. Linking of Emissions Trading Schemes, Michael Mehling
7. Private Actors in International and Domestic Emissions Trading Schemes, Jolene Lin
II. The Kyoto Protocol Mechanisms
8. International Emissions Trading and Green Investment Schemes, Rutger de Witt Wijnen, Sander Simonetti
9. Trying to catch up with the Executive Board - the challenge of CDM rule interpretation by project developers, Matthias Krey, Heike Santen, Daisuke Hayashi
10. Interpreting additionality of CDM projects: Changes in additionality definitions and regulatory practices over time, Axel Michaelowa
11. Joint Implementation: The mechanism of the future, Jelmer Hoogzaad, Charlotte Streck
12. Carbon contracting, Martijn Wilder, Louisa Fitz-Gerald
13. The Practicalities of Contracting JI Transactions, Anthony Hobley, Carly Roberts, Jamie Munro
14. The Secondary Market for Emissions Trading: Balancing market design and market based transaction norms, Andrew Hedges
15. Responsibility for the Environmental Integrity of the CDM: Judicial Review of Executive Board Decisions, Christina Voigt
16. Dispute Resolution and Compliance Mechanisms, Dane Ratliff, hester Brown, Audley Shepard
IV. Carbon Trading outside Kyoto: Regional Schemes
17. European Union Emissions Trading Scheme, Markus Pohlman
18. Legal implications of the allocation mechanism (competition, state aid, accounting), Michael Rodi
19. Litigation against EU ETS, Navraj Ghaleigh
V. Carbon Trading outside Kyoto: National and Sub-National Schemes
20. Carbon Trading Outside Kyoto: National and Sub-National Schemes Emissions Trading in the US: Legal Issues, K. Russell LaMotte, David M. Williamson, Lauren A. Hopkins
21. Off-set provisions in emerging US climate legislation, Kyle Danish Van Ness
22. Carbon Markets and Policy in Australia: Recent Developments, Martijn Wilder, Louisa Fitz-Gerald
23. Canada's Experience in Emissions Trading and Related Legal Issues, Gray Taylor, Michael Bennett
24. Carbon law and practice in China, Christopher Tung
VI. Voluntary Markets
25. The Voluntary Carbon Market: Its Growth and Outstanding Legal and Policy Issues, Michelle Passero
VII. Post Kyoto: Moving towards Copenhagen
26. Bali Road Map and Copenhagen agenda, Murray Ward
27. How carbon finance can stimulate innovation, Jos Cozijnsen, Michael Coren
28. The Future of the CDM in a Post-2012 Climate Agreement, Christiana Figueres, Charlotte Streck
29. Making REDD and Rainforest Protection Work, Bob O'Sullivan, Rick Saines
30. Aviation and Climate Change Regulation, Thiago Chagas, Clayfox Clarke
VIII. Summary and Outlook
31. Summary and Outlook, David Freestone, Charlotte Streck