Carryover credits
Topic: Earth
From HandWiki - Reading time: 4 min
Carryover Credits (Kyoto carryover credits) are a carbon accounting measure by which nations count historical emission reductions that exceeded previous international goals towards its current targets.[1] In essence, carryover credits represent the volume of emissions a country could have released, but did not.[2][3] When used in reference to the Paris Agreement, it refers to a scheme under which unspent "Clean Development Mechanism credits" (CDM credits) introduced by the Kyoto Protocol will be "carried over" to the new markets established by the agreement.[4][5][6] As part of the Paris Agreement, CDM credits will be replaced by an international emissions trading market, where by countries can sell their excess emissions credits to other countries.[7][8] While most countries do not count their credits, several countries lead by Australia , including Brazil , India , and Ukraine are attempting to allow their credits to be carried over.[1][4] The proposal has been criticized, with scientists estimating that if countries were to make full use of their excess credits global temperatures could rise by an extra 0.1°C.[9] In addition countries could use their excess credits to flood the market and greatly reduce the price of credits.[9]
References
- ↑ 1.0 1.1 Foley, Mike (2019-12-09). "Using Kyoto credits to meet Paris agreement 'misses the point': Garnaut" (in en). https://www.smh.com.au/politics/federal/using-kyoto-credits-to-meet-paris-agreement-misses-the-point-garnaut-20191209-p53ic7.html.
- ↑ Pears, Alan; Baxter, Tim. "Carry-over credits and carbon offsets are hot topics this election – but what do they actually mean?" (in en). http://theconversation.com/carry-over-credits-and-carbon-offsets-are-hot-topics-this-election-but-what-do-they-actually-mean-116748.
- ↑ "Explained: why Kyoto carryover credits are so important" (in en). 2019-04-02. https://www.afr.com/policy/energy-and-climate/explained-why-kyoto-carryover-credits-are-so-important-20190402-p519ws.
- ↑ 4.0 4.1 "Cop25: What was achieved and where to next?" (in en). 2019-12-16. https://www.climatechangenews.com/2019/12/16/cop25-achieved-next/.
- ↑ Environment, National; science; Slezak, technology reporter Michael (2019-12-10). "Australia wants to use credits to claim most of its Paris commitment. World leaders are debating banning them" (in en-AU). https://www.abc.net.au/news/2019-12-10/cop25-what-are-carry-over-credits/11781040.
- ↑ editor, Adam Morton Environment (2019-12-11). "Australia's use of accounting loophole to meet Paris deal found to have no legal basis" (in en-GB). The Guardian. ISSN 0261-3077. https://www.theguardian.com/environment/2019/dec/12/australias-use-of-accounting-loophole-to-meet-paris-deal-found-to-have-no-legal-basis.
- ↑ "In-depth Q&A: How ‘Article 6’ carbon markets could ‘make or break’ the Paris Agreement" (in en). 2019-11-29. https://www.carbonbrief.org/in-depth-q-and-a-how-article-6-carbon-markets-could-make-or-break-the-paris-agreement.
- ↑ United Nation (2019-11-01). Paris Agreement (Report). pp. 8-9; Article 9. https://unfccc.int/files/meetings/paris_nov_2015/application/pdf/paris_agreement_english_.pdf. Retrieved 2019-12-20.
- ↑ 9.0 9.1 "The countries with the biggest hoard of Kyoto credits" (in en). 2019-12-16. https://www.afr.com/policy/energy-and-climate/the-countries-with-the-biggest-hoard-of-kyoto-credits-20191216-p53kay.
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