State and Trends of the Carbon Market—2004

Lecocq, Franck

关键词: ABATEMENT;    ABATEMENT COSTS;    ALLOWANCE MARKETS;    ALLOWANCE TRADING;    ATMOSPHERE;   

DOI  :  10.1596/0-8213-6117-1
RP-ID  :  34388

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This study describes the status of theemerging carbon market, as of May 2004. The carbon marketencompasses trades of greenhouse gas (GHG) emissionallowances (under the European Union (EU) Emissions TradingScheme), and project-based transactions, whereby a buyerparticipates in the financing of a project that reduces GHGemissions, compared with what would have happened otherwise,and gets emission reduction credits in exchange (forexample, Clean Development Mechanism, or JointImplementation projects under the Kyoto Protocol). The studyfinds that the carbon market is growing steadily. A total of64 million metric tons of carbon dioxide equivalent (tCO2e)has been exchanged through projects from January to May2004, nearly as much as during the whole year 2003 (78million). Furthermore, the demand for emission reductionsremains heavily concentrated, with a few EU governments, andJapanese firms the largest buyers. Finally, Asia is now thelargest supplier of emission reductions, followed by LatinAmerica, developed economies, and Eastern Europe. Prices ofproject-based emission reductions in early 2004 haveremained essentially stable compared with 2003. In theabsence of a standard contract, these prices strongly dependon the structure of the transaction, notably risk-sharingbetween buyers and sellers.