An international registration and tracking system for greenhouse gas emissions trading: elements,possibilities, problems and issues for further discussion

International emissions trading under the Kyoto Protocol or an alternative international regime need a registration system to prevent the creation of fake emission permits. We suggest a two-tier system consisting of an International Registry (IR) and a set of national registries. National registries have to adhere to a set of minimum standards. The IR maintains accounts for countries and private entities. The latter would thus be ensured against expropriation. We suggest that permits should become fungible across all Kyoto Mechanisms, and are allocated a serial number to allow tracking. The IR should collect fees for adaptation and administration. It should also be charged with reallocation of emission budgets owing to various causes, enforcing of eventual caps, and discounting of permits owing to non-compliance. We discuss the registration process and a timetable for the set-up of the registries. Copyright © 2001 John Wiley & Sons, Ltd.