An assigned amount unit was a tradable "Kyoto unit" or "
carbon credit
Carbon offsetting is a carbon trading mechanism that enables entities to compensate for offset greenhouse gas emissions by investing in projects that reduce, avoid, or remove emissions elsewhere. When an entity invests in a carbon offsetting p ...
" representing an allowance to emit greenhouse gases comprising "one metric
tonne
The tonne ( or ; symbol: t) is a unit of mass equal to 1,000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton in the United States to distinguish it from the non-metric units of the s ...
of
carbon dioxide equivalent
Global warming potential (GWP) is a measure of how much heat a greenhouse gas traps in the atmosphere over a specific time period, relative to carbon dioxide (). It is expressed as a multiple of warming caused by the same mass of carbon dioxide ( ...
, calculated using
global warming potential
Global warming potential (GWP) is a measure of how much heat a greenhouse gas traps in the atmosphere over a specific time period, relative to carbon dioxide (). It is expressed as a multiple of warming caused by the same mass of carbon dioxide ( ...
s". Assigned amount units were issued up to the level of initial "assigned amount" of an
Annex 1 Party to the
Kyoto Protocol
The was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is oc ...
.
The "assigned amounts" were the
Kyoto Protocol
The was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is oc ...
Annex B emission targets (or
"quantified emission limitation and reduction objectives") expressed as levels of allowed emissions over the 2008–2012 commitment period.
Application
Article 17 of the
Kyoto Protocol
The was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is oc ...
allowed
emissions trading
Emissions trading is a market-oriented approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). One prominen ...
between Annex B Parties (countries). Parties that had "assigned amount units" to spare because of reductions in emissions below their Kyoto commitment set out in Article 3 and Annex B could sell those units to countries that had emissions exceeding their targets.
Article 17 also required that any such emissions trading must be supplemental to domestic action for the purpose of meeting quantified emission limitation and reduction commitments.
See also
*
Certified Emission Reduction
*
Emission Reduction Unit
*
Removal Units
A Removal Unit (RMU) was a tradable carbon credit or 'Kyoto unit' representing an allowance to emit one tonne of greenhouse gases absorbed by a removal or carbon sink activity in an Annex I country.
Removal Units were generated and issued by Kyot ...
*
Voluntary Emissions Reduction Voluntary Emission Reductions or Verified Emission Reductions (VERs) are a type of carbon offset exchanged in the voluntary or over-the-counter market for carbon credits. Verified Emission Reductions are usually certified through a voluntary certif ...
*
Flexible mechanisms
Flexible mechanisms, also sometimes known as Flexibility Mechanisms or Kyoto Mechanisms, refers to emissions trading, the Clean Development Mechanism and Joint Implementation. These are mechanisms defined under the Kyoto Protocol intended to lower ...
*
List of Kyoto Protocol signatories
As of June 2013, there are 192 parties to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which aims to combat global warming. This total includes 191 states (189 United Nations member states as well as the Cook ...
References
Carbon finance
United Nations Framework Convention on Climate Change
Greenhouse gas emissions
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