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Introduction
Principles for designing an emissions trading scheme
Consultation
Coverage
Measurement and estimation issues
Dealing with small, diffuse, numerous emitters
Dealing with emissions-intensive industries
Sinks
Definition of sinks
Measurement and estimation
Permits to emit
Setting the cap
A property right or a licence to emit?
Size of permits
Permit holders
Where in the production chain should permits be held?
Ownership issues
Life of permits
Permit allocation
Grandfathering
Auction
Retaining a reserve of permits
Conclusion
Banking and borrowing permits
Managing carbon credits from sinks
The market
The emergence of the market
Prerequisites for an efficiently functioning market
A large number of participants
A valid product
A standard product
Information
Minimal operating costs
Appropriate regulation
Market structure
Regulation of emissions trading
Regulatory framework and a central authority
Monitoring, reporting and audit
Penalties
Costs
The timing of the introduction of an emissions trading scheme
Early introduction of emissions trading
'Wait and see' approach
Trialing emissions trading
Key Conclusions
Coverage issues
Permit system
The market
Regulation
Introducing emissions trading
Consultation
Recommendations
APPENDIX A: INDEX OF SUBMISSIONS AND EXHIBITS - PDF
or Word Format
APPENDIX B: PUBLIC HEARINGS, DISCUSSIONS AND INSPECTIONS - PDF
or Word Format
APPENDIX C: OVERVIEW OF THE KYOTO PROTOCOL - PDF
or Word Format