State and Trends of the Carbon Market 2003
The emerging carbon market encompasses both project-based emission reduction transactions, whereby a buyer participates in the financing of a project which reduces greenhouse gases (GHGs) emissions, compared with what would have happened otherwise, and gets some of the emission reductions (ERs) thus...
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| Format: | Working Paper |
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World Bank, Washington, DC
2013
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| Online Access: | http://hdl.handle.net/10986/13416 |
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okr-10986-134162021-04-23T14:03:08Z State and Trends of the Carbon Market 2003 Lecocq, Franck Capoor, Karan abatement abatement costs Allowance markets allowance trading approach atmosphere auction auctions Balance Biomass biomass waste brand Carbon carbon asset Carbon Finance Carbon Finance Business Carbon Fund Carbon Funds Carbon Market Carbon Market Development Carbon Market report carbon prices carbon purchase carbon transactions Certified Emission Reduction Clean Development Clean Development Mechanism clean technologies climate change Climate Change Levy Climate Exchange Climate Trust coal commercial energy commercial energy consumption compliance costs developed countries domestic emissions Electric Power electricity emission emission limitations emission reduction emission reduction transactions Emission Reduction Units emission reductions Emission Trading emissions emissions allowances emissions reductions energy consumption Energy Efficiency environmental equilibrium excess emissions exchange rate forestry Framework Convention on Climate Change Fuel Fuel Switching gas capture Gas Market greenhouse Greenhouse Gas greenhouse gas emissions greenhouse gases income International Emissions International Energy Agency International Markets Joint Implementation land use land use change landfill landfill gas landfill-gas Market Development market risk market segment MARKET STRUCTURE marketing marketplace Member States methane methane capture price index public relations purchasing renewable energy retail risk management Spot prices sustainable development tradable emissions vehicles voluntary commitments voluntary emission Wind The emerging carbon market encompasses both project-based emission reduction transactions, whereby a buyer participates in the financing of a project which reduces greenhouse gases (GHGs) emissions, compared with what would have happened otherwise, and gets some of the emission reductions (ERs) thus generated in return; and, trades of GHG emission allowances allocated under existing, or incoming, cap-and-trade GHG emissions control regimes. This Review of the state and trends of the carbon market as of November 2003, based on material provided by Evolution Markets LLC, Natsource LLC and PointCarbon, and on direct interviews with market participants, suggest that: volume exchanged on the carbon market has more than doubled since 2002; buyers are governments, and public-private partnerships like the Prototype Carbon Fund; in 2003, nine out of ten tones of emission reductions originate from projects located in transition economies or developing countries; prices differ depending on the segment of the market, and on the structure of the transaction; allowance markets dominate in number of transactions, but volume exchanged remains small compared with project-based transactions; and, because of long lead time between project preparation and first "yield" of emission reductions, and absent clarification of the validity of project-based emission reductions beyond 2012, the window of opportunity for project-based transactions is rapidly closing. The report further discusses volumes of GHG Emission Reductions (ERs) up to 2012 only, to provide an idea of the volume that might be available for compliance, since 2012 is the end of the first commitment period of the Kyoto Protocol, and a milestone in most regimes. For projects where vintages 2013 and beyond are purchased (in particular in forestry-related projects), it was assumed an even annual accrual of ERs, unless known otherwise. Also, throughout the paper, volumes are reported in metric tones of CO2 equivalent (tCO2e). 2013-05-14T19:38:32Z 2013-05-14T19:38:32Z 2003-12-01 http://hdl.handle.net/10986/13416 en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
en_US |
| topic |
abatement abatement costs Allowance markets allowance trading approach atmosphere auction auctions Balance Biomass biomass waste brand Carbon carbon asset Carbon Finance Carbon Finance Business Carbon Fund Carbon Funds Carbon Market Carbon Market Development Carbon Market report carbon prices carbon purchase carbon transactions Certified Emission Reduction Clean Development Clean Development Mechanism clean technologies climate change Climate Change Levy Climate Exchange Climate Trust coal commercial energy commercial energy consumption compliance costs developed countries domestic emissions Electric Power electricity emission emission limitations emission reduction emission reduction transactions Emission Reduction Units emission reductions Emission Trading emissions emissions allowances emissions reductions energy consumption Energy Efficiency environmental equilibrium excess emissions exchange rate forestry Framework Convention on Climate Change Fuel Fuel Switching gas capture Gas Market greenhouse Greenhouse Gas greenhouse gas emissions greenhouse gases income International Emissions International Energy Agency International Markets Joint Implementation land use land use change landfill landfill gas landfill-gas Market Development market risk market segment MARKET STRUCTURE marketing marketplace Member States methane methane capture price index public relations purchasing renewable energy retail risk management Spot prices sustainable development tradable emissions vehicles voluntary commitments voluntary emission Wind |
| spellingShingle |
abatement abatement costs Allowance markets allowance trading approach atmosphere auction auctions Balance Biomass biomass waste brand Carbon carbon asset Carbon Finance Carbon Finance Business Carbon Fund Carbon Funds Carbon Market Carbon Market Development Carbon Market report carbon prices carbon purchase carbon transactions Certified Emission Reduction Clean Development Clean Development Mechanism clean technologies climate change Climate Change Levy Climate Exchange Climate Trust coal commercial energy commercial energy consumption compliance costs developed countries domestic emissions Electric Power electricity emission emission limitations emission reduction emission reduction transactions Emission Reduction Units emission reductions Emission Trading emissions emissions allowances emissions reductions energy consumption Energy Efficiency environmental equilibrium excess emissions exchange rate forestry Framework Convention on Climate Change Fuel Fuel Switching gas capture Gas Market greenhouse Greenhouse Gas greenhouse gas emissions greenhouse gases income International Emissions International Energy Agency International Markets Joint Implementation land use land use change landfill landfill gas landfill-gas Market Development market risk market segment MARKET STRUCTURE marketing marketplace Member States methane methane capture price index public relations purchasing renewable energy retail risk management Spot prices sustainable development tradable emissions vehicles voluntary commitments voluntary emission Wind Lecocq, Franck Capoor, Karan State and Trends of the Carbon Market 2003 |
| description |
The emerging carbon market encompasses both project-based emission reduction transactions, whereby a buyer participates in the financing of a project which reduces greenhouse gases (GHGs) emissions, compared with what would have happened otherwise, and gets some of the emission reductions (ERs) thus generated in return; and, trades of GHG emission allowances allocated under existing, or incoming, cap-and-trade GHG emissions control regimes. This Review of the state and trends of the carbon market as of November 2003, based on material provided by Evolution Markets LLC, Natsource LLC and PointCarbon, and on direct interviews with market participants, suggest that: volume exchanged on the carbon market has more than doubled since 2002; buyers are governments, and public-private partnerships like the Prototype Carbon Fund; in 2003, nine out of ten tones of emission reductions originate from projects located in transition economies or developing countries; prices differ depending on the segment of the market, and on the structure of the transaction; allowance markets dominate in number of transactions, but volume exchanged remains small compared with project-based transactions; and, because of long lead time between project preparation and first "yield" of emission reductions, and absent clarification of the validity of project-based emission reductions beyond 2012, the window of opportunity for project-based transactions is rapidly closing. The report further discusses volumes of GHG Emission Reductions (ERs) up to 2012 only, to provide an idea of the volume that might be available for compliance, since 2012 is the end of the first commitment period of the Kyoto Protocol, and a milestone in most regimes. For projects where vintages 2013 and beyond are purchased (in particular in forestry-related projects), it was assumed an even annual accrual of ERs, unless known otherwise. Also, throughout the paper, volumes are reported in metric tones of CO2 equivalent (tCO2e). |
| format |
Publications & Research :: Working Paper |
| author |
Lecocq, Franck Capoor, Karan |
| author_facet |
Lecocq, Franck Capoor, Karan |
| author_sort |
Lecocq, Franck |
| title |
State and Trends of the Carbon Market 2003 |
| title_short |
State and Trends of the Carbon Market 2003 |
| title_full |
State and Trends of the Carbon Market 2003 |
| title_fullStr |
State and Trends of the Carbon Market 2003 |
| title_full_unstemmed |
State and Trends of the Carbon Market 2003 |
| title_sort |
state and trends of the carbon market 2003 |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://hdl.handle.net/10986/13416 |
| _version_ |
1764423466610589696 |