Along with “meaningful participation of developing countries”, the inclusion of so-called “flexibility instruments” into the “protocol or another legal instrument” to be adopted at COP 3 constituted top priority for the US and was of vital importance for other industrialised countries outside of the European Union and for Russia. These instruments were Emissions Tradings, joint implementation between industrialised countries and the “Clean Development Mechanism” (CDM), a project-based instrument for offsetting emissions with developing countries (see Chapters 13 and 14 and Figure 13.1). First among those flexibility instruments, however, was the possibility to trade surplus emission reductions with other Parties.
KeywordsEmission Reduction Clean Development Mechanism Kyoto Protocol Emission Trading Trading System
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