Introduction With the agreed cap on greenhouse gas (GHG) emissions, states included in the Kyoto Protocols Annex B have imposed sovereign obligations on themselves. In international emission trading, these states may engage in the acquisition and transfer of sovereign rights. Articles 3.10 and 3.11 Kyoto Protocol, together with the rules agreed under Article 17 (Marrakech rules), allow parts of assigned amounts (Assigned Amount Units – AAUs) as well as credits generated by climate projects under the Clean Development Mechanism and Joint I