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SUSTAINABLE MARKET SOLUTIONS FOR GLOBAL ENVIRONMENTAL PROBLEMS
Greenhouse Gas Market 2003
emerging but fragmented
Greenhouse Gas Market 2003
IETAi
Acknowledgments
IETA expresses its gratitude to the authors for
their contribution, and expresses a special thanks
to the editorial board, Chris Boyd, Bruce Braine,
David Hone,Andrei Marcu and Lee Solsbery for
their suggestions and comments, and to Tatiana
Bosteels and Robert Dornau for the editing. IETA
is grateful to AEP and the WBCSD for their
support.
Disclaimer
The views expressed in this publication are those
of the authors and do not necessarily represent
views of IETA or its member companies.
Contact
IETA Secretariat, 4 Chemin des Conches,
1231 Conches, Geneva, Switzerland
Tel.:
+41 22 839 3154 Fax.: +41 22 839 3181 email: info@ieta.org
Greenhouse Gas Market 2003
emerging but fragmented
© International Emission Trading Association (IETA). This document may be freely used, copied and
distributed on the condition that each copy shall contain this copyright notice.
IETA
Greenhouse Gas Market 2003
Contents
i
Message from the Chairman
iv
ii
Message from the President
v
iii
Introduction
vii
Overall Market Developments
01
Point Carbon:Global carbon markets,
driving forces and future prospects
1
02
Natsource:Overview of emerging markets for
greenhouse gas commodities
5
03
PCFplus Research World Bank:
Some Insights on the state and trends
of the Carbon Market
11
04
BP:Why emissions trading works: lessons from
real markets
14
05
PricewaterhouseCoopers:Shifting Powers
on the carbon markets large sellers moving to
centre stage in 2004?
17
General Market Issues
06
CO2e:Currency of choice CERs, REUs, AAUs,
or EAUs?
21
07
AgCert:Development and growth of greenhouse
gas emission reduction systems in agriculture
24
08
SGS:The verification market and the growing
importance of “high level of assurance”
27
Regional Markets
09
Natsource, Shell Canada:
Greenhouse gas trading in Canada
31
10
Davis Ward Phillips & Vineberg LLP:
Role of emissions trading in Canada’s Kyoto
climate change plan
36
11
Natsource Japan:Evolution of climate change
policies and greenhouse gas market in Japan
42
12
Baker & McKenzie:The EU emission trading
scheme,allocating carbon liabilities
47
ii
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IETA GHG Market Report 2003
IETA's annual report on the state of the greenhouse gas market.
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