A Guide to Emissions Trading: Risk Management and Business Implications

Contents Introduction Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft Section 1: The Emissions Framework 1 The Kyoto Protocol Jos Cozijnsen, Cozijnsen Consulting 2 International Emissions Trading: the Legal Context Christopher Norton, Anthony Hobley and Anna McCann, Baker McKenzie 3 Critical Elements of a Market-Based Environmental Control Program Josh Margolis, Cantor Fitzgerald Brokering A. Kruger, CF Curt Kaminer, Millennium Environmental Group 4 Joint Implementation and Clean Development Veronique Bovee, Michiel ten Hoopen, Ecosecurities 5 Joint Implementation and Clean Development - Cases Veronique Bovee, Michiel ten Hoopen, Ecosecurities Section 2: Financing and Risk Management Introduction Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 6 Monitoring, Verification and Accounting of Emissions Gareth Phillips, SGS 7 Financing Issues in Abatement Projects Josef Janssen, Emissions Trading Solutions St. Gallen 8 Financing Joint Implementation and CDM Projects Frank Joshua and Karen McClellan, Climate Investors 9 Trading Instruments and Risk Management Steve Drummond, CO2e Section 3: Investment and Production Implications Introduction Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 10 Emissions Trading and Investment Decisions Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 11 Compliance strategies in the US Acid Rain Program Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 12 Investment Case Study: valuation with real options Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft Section 4: Trading experiences and outlooks Introduction Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 13 Lessons from Trading Simulations John Scowcroft and Vasco Janeiro, Eurelectric 14 The European Emissions Trading System Cyriel de Jong, Erasmus University Rotterdam Kasper Walet, Maycroft 15 The UK Emissions Trading Scheme Tim Jackson Frauke Roeser, University of Surrey 16 Canada and Japan Dirk Forrister, Makoto Katagiri and Doug Russell, Natsource 17 Central and Eastern Europe Camilla Taylor, Vertis Finance 18 Australia and New Zealand Brett Janissen, Allen Consulting 19 What Determines the Price of Carbon? Atle Christer Christiansen, Andreas Arvanitakis and Per-Otto Wold, PointCarbon 20 Climate Change and Climate Awareness - A Critical Note Robert S. Dischel