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[Title Page]

Research Staff

Copyright

Contents

Foreword 6

Abstract 8

요약문(Abstract in Korean) 10

1. Kyoto Mechanisms / Eick F. Haites 12

2. The EU Emissions Trading Scheme / Steve Sorrell 20

Ⅰ. History and Context 21

Ⅱ. The core elements of the EU scheme 22

Ⅲ. The scope of the scheme and the opt-out provisions 24

Ⅳ. Allowance allocation 27

V. Interfaces and linking 31

Ⅵ. Other issues 34

Ⅶ. Summary 36

References 37

3. The UK emissions trading scheme / Steve Sorrell 41

Ⅰ. History and context 42

Ⅱ. Elements of the UK ETS 43

Ⅲ. The direct participant sector 47

Ⅳ. The CCA sector 53

V. The project sector 56

Ⅵ. Summary 57

References 58

4. Danish Green Certificate Scheme / Poul Erik Morthorst ; Myung Kyoon Lee 61

Ⅰ. The Danish Energy Reform 62

Ⅱ. The Green Certificate Market 64

References 69

5. Domestic Greenhouse Gas Emissions Trading Program in Japan / Tae Yong Jung 71

Ⅰ. Guideline of GHG Emissions Calculation 71

Ⅱ. Summary of Domestic Emissions Trading Program of Mie Prefecture 74

References 79

6. A design of Greenhouse Gas Emissions Trading for Korea / Yong Gun Kim 81

Ⅰ. Background 81

Ⅱ. Emission Profile of Korea 82

Ⅲ. Basic Approach: Incentive Auction 83

Ⅳ. Design Variables and Suggestion 86

Commitment period 87

Gas coverage 88

Eligibility 88

Incentive money 89

Incentive auction 89

Banking and borrowing 89

Liability rules 90

Baseline 90

Legal framework 91

Non-compliance penalty 92

References 92

7. Emissions Trading in the United States and Canada / Erik F. Haites 95

Ⅰ. American Experience with Emissions Trading 95

Electric Utility SO₂ Allowance Trading 95

Ozone Transport Commission NOx Budget Program 97

RECLAIM 99

Lead in Gasoline 102

Ⅱ. Greenhouse Gas Emissions Trading Programs and Proposals in the United States 103

State Initiatives 104

Federal Proposals 107

Emissions by Power Plants 107

Climate Stewardship Act 108

Ⅲ. Canada's Proposed Domestic Greenhouse Gas Emissions Trading Program⁵² 110

References 117

8. Greenhouse Gas Emissions Trading Initiatives and Activities in Other Countries / Yong Gun Kim 119

Australia 119

Chile 120

Finland 121

France 121

Hungary 122

Italy 122

Latvia 123

The Netherlands 124

New Zealand 125

Norway 125

Russia 125

Sweden 126

Switzerland 127

9. Conclusion and Future Research Area / Yong Gun Kim ; Jong Soo Lim 129