Abstract
Abstract The Kyoto Protocol has introduced the first ever global scheme of emissions trading. Parties included in Annex I to the United Nations Framework Convention on Climate Change (UNFCCC) with greenhouse gas (GHG) emission limitation and reduction commitments inscribed in Annex B to the Kyoto Protocol (Annex B Parties) can achieve their commitments not only by taking domestic measures, but also by making use of the so-called ‘flexible mechanisms’ of the Kyoto Protocol: International Emissions Trading (IET), Joint Implementation (JI) and the Clean Development Mechanism (CDM). Although the mechanism of IET under Article 17 of the Kyoto Protocol is mostly referred to in the context of trading Assigned Amount Units (AAUs), it covers the international transfer of all Kyoto emission rights. The first part of this chapter sets out the legal framework of IET. The second part describes the principles and challenges of IET under Green Investment Schemes, where traded AAUs are ‘greened’ by investing the purchase price in environmental activities in the seller country.
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