Tom Duvall, Rutger de Witt Wijnen

Carbon & Climate Law Review, Volume 3 (2009), Issue 1, Page 3

d how they are currently comprised, it is little wonder that legal practitioners play a very important role. Carbon markets, and the commodities of carbon credits traded on carbon markets, are created and influenced by international, regional and national law and regulation. At the International level, the UNFCCC, the Kyoto Protocol, the Marrakesh Accords and the subsequent COP/MOP decisions are creatures of International law, agreed through compromise and consensus. The final language in these instruments often reflects the outcome of lon

Tom Duvall, Rutger de Witt Wijnen

Carbon & Climate Law Review, Volume 3 (2009), Issue 2, Page 6

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

Tom Duvall, Rutger de Witt Wijnen

Carbon & Climate Law Review, Volume 3 (2009), Issue 3, Page 5

Grapple with Systemic Uncertainty If you are a “glass is half full” type of person, you may think a deal in Copenhagen is not only feasible but might even deliver meaningful targets in December. If your glass is half empty, however, you may believe that, despite the rhetoric, the US still has “commitment issues” when it comes to climate change. Whatever your disposition, the fact is that this key summit is nearly upon us. The shadow of Copenhagen has cast a gloom over the carbon market all summer that no-one realistically expects to l