- Volume 3 (2009), Issue 2
- Vol. 3 (2009), No. 2
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- Page 6
- p. 6
In the Market Primary Issues in Secondary Contracts
its location, the Kyoto Protocol provides three flexibility mechanisms that enable participants to take advantage of the cost benefits of reducing emissions in countries apart from their own. These three mechanisms are international emissions trading; joint implementation projects (JI) providing carbon credits for financing emissions reduction projects in developed countries; and the clean development mechanism (CDM), providing carbon credits for emissions reduction projects in developing countries. Directive 2003/87/EC1 established a “ca