Linking Russia with the European and global greenhouse gas emissions trading markets: three paths for greening the Russian assigned amount under the Kyoto Protocol |
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Authors: | Alexander Golub Jos Cozijnsen Annie Petsonk |
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Affiliation: | (1) Environmental Defense Fund, 1875 Connecticut Ave., NW, S.600, Washington, DC 20009, USA;(2) Consulting Attorney Emissions Trading, Everard Meijsterlaan 10, 3533 CM Utrecht, The Netherlands;(3) Environmental Defense Fund and George Washington University Law School, 2000 H Street, NW, Washington, DC 20052, USA |
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Abstract: | This article examines possibilities for linkage between the European Union Emissions Trading System (EU ETS) and Russia, with a view to enhancing cooperation on a broader scale than the project-based approaches that have been tested thus far. Three paths for possible EU-Russia linkage are presented by which the Russian Assigned Amount under the Kyoto Protocol can be greened in order to stimulate emissions trading: 1. Joint implementation—reductions earned via individual projects in Russia; 2. Greened allowances or green investment schemes; and 3. Linked cap-and-trade systems, in which a Russian domestic emissions trading system would link with the European Union Emissions Trading System. The authors conclude that the third option, emissions trading through linked domestic emissions trading systems, offers the best opportunities at the lowest transaction costs. The authors discuss useful innovative instruments like call options and slip level arrangements on government-to-government and business-to-business levels. |
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Keywords: | Global carbon market Emissions trading Russia Green investment scheme Joint implementation Domestic emissions trading Kyoto Protocol |
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