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Carbon Credits & Forestry Analyzing The Itc Khammam Initiative

3997 words - 16 pages

Kyoto Protocol - Basis For Defining Carbon CreditsKyoto Protocol is an agreement made under the United Nations Framework Convention on Climate Change (UNFCCC). The Third Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Kyoto Protocol in Kyoto, Japan in December 1997, opened for signature on March 16, 1998, and closed on March 15, 1999. The agreement came into force on February 16, 2005, under which the industrialised countries are required to reduce their collective emissions of greenhouse gases by 5.2% compared to the year 1990. The aim is to lower overall emissions of six greenhouse gases - carbon dioxide, methane, nitrous oxide, sulphur hexafluoride, HFCs (Hydrofluro-Carbon), and PFCs - calculated as an average over the five-year period of 2008-12.The UNFCCC has divided countries into two main groups: Annex-I includes a total of 41 industrialized countries, including the relatively wealthy industrialized countries that were members of the Organization for Economic Co-operation and Development (OECD) in 1992, plus countries with economies in transition (EITs), including the Russian Federation, the Baltic States, and several Central and Eastern European States. The OECD members of Annex-I (not the EITs) are also listed in the Convention's Annex-II. There are currently 24 such Annex-II Parties. All other countries not listed in the Convention's Annexes, mostly the developing countries, are known as non-Annex-I countries. They currently number 145. Annex I countries such as United States of America, United Kingdom, Japan, New Zealand, Canada, Australia, Austria, Spain, France, Germany etc. agree to reduce their emissions (particularly carbon dioxide) to target levels below their 1990 emissions levels. If they cannot do so, they must buy emission credits from developing countries or invest in conservation. Developing countries (non-Annex I) such as India, China, Brazil, Iran, South Africa etc have no immediate restrictions under the UNFCCC.The protocol provided three Co-Operative Implementation Mechanisms (CIMs) to enhance flexibility and to facilitate development of cost effective means of achieving the targets. These mechanisms are Joint Implementation and Emission Trading, both of which are co-operative mechanisms applicable to Annex-I countries only. Clean Development Mechanism (CDMs) provides for co-operation between Annex-I countries and non Annex-I countries.Joint Implementation is a way of reducing your cost of complying with the Kyoto Protocol, in which Annexure-I companies invest in emission reduction projects in other Annexure-I countries.Emission trading, under cap and trade method, is a mechanism by which countries levy a cap on the maximum amount of greenhouse gases that can be emitted by companies/groups. Companies that emit within the cap are given carbon credits (based on the difference) and those who exceed the cap must buy these credits to offset their emissions.The...

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