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    Carbon trading law and practice / Scott D. Deatherage.

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    • Title:Carbon trading law and practice / Scott D. Deatherage.
    •    
    • Author/Creator:Deatherage, Scott.
    • Published/Created:New York : Oxford University Press, ©2011.

    • Holdings

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    • Library of Congress Subjects:Emissions trading--Law and legislation.
      Emissions trading--Law and legislation--United States.
      Carbon offsetting--Law and legislation.
      Carbon offsetting--Law and legislation--United States.
    • Description:xxxiii, 312 p. ; 24 cm.
    • Notes:Includes bibliographical references and index.
    • ISBN:9780199732210 (pbk. : alk. paper)
      0199732213 (pbk. : alk. paper)
    • Contents:Machine generated contents note: pt. ONE Emergence of Carbon Markets
      1. Prelude to Regulation
      -The Development of Climate Change Science
      A. Typical Process of Regulation Following Science
      B. Greenhouse Effect
      C. Science of Climate Change
      1. Conclusions of Scientific Institutions
      a. International Panel on Climate Change
      i. Africa
      ii. Asia
      iii. Latin America
      iv. North America
      v. Europe
      b. National Academies of Science of the Major Emitting Developed and Developing Countries
      c. In the United States: the National Research Council and the National Academy of Sciences
      D. Policy Impact of the Conclusions of the National Academies of Science
      E. Controversy over Climate Science
      F. Future Policy Development Based on Climate Science
      2. Emergence of Emissions Trading Concepts
      A. Economics vs. the Environment
      B. Evolution of Environmental Regulation and Emergence of Environmental Markets
      C. Emissions Trading as a Means of Bridging the Divide between the Economy and Environment
      D. Basic Concepts of Emissions Trading
      E. Cap and Trade "Made in America"
      -The Advent of U.S. Emissions Markets with Sulfur Dioxide and Other Emissions
      F. Examples of Working Carbon Markets
      1. Kyoto Protocol
      2. European Union Emissions Trading Scheme
      G. Environmental Markets Are Alive and Well
      3. Fundamentals of Cap and Trade
      A. Defining the Regulated Gases
      B. Determining the Threshold Amount of Emissions to Be Regulated
      C. Determining the Regulated Sources
      D. Setting the Cap
      E. Permitting Emissions of Greenhouse Gases
      F. Emission Allowances
      G. Allocation of Emission Allowances
      H. Trading Allowances
      I. Banking Allowances
      J. Borrowing Allowances
      K. Safety Valve and International Competitiveness
      L. Offsets
      M. Additionality
      N. Supplementarity and Linkage to Other National and International Trading Systems
      O. Early Action
      P. New or Expanded Facilities
      Q. Regulatory Agency or Agencies
      1. Regulation of Greenhouse Gas Emissions
      2. Regulation of Trading of Allowances and Offsets
      R. Enforcement
      pt. TWO Regulatory Structures
      4. International Law
      A. UN Framework Convention on Climate Change
      1. Conference of the Parties
      B. Kyoto Protocol
      1. General Principles
      2. Clean Development Mechanism
      3. Joint Implementation
      4. Emissions Trading and Trading in Assigned Amount Units and Removal Units
      5. Kyoto Units
      C. Marrakesh Accords
      D. Bali, Copenhagen, and Cancun: Negotiations for a Post-Kyoto Treaty
      1. Bali Action Plan
      2. Copenhagen Accord
      3. Cancun
      E. Alternatives to the UNFCCC
      5. European Union Emissions Trading Scheme
      A. EU Policy on Climate Change
      B. Phase I
      -2005 to 2007
      C. Phase II
      -2008 to 2012
      D. Phase III
      -2013 to 2020
      E. Fundamentals of the EU ETS
      1. Defining the Cap
      2. Defining the Regulated Sources
      3. Permitting Emissions of Greenhouse Gases
      4. Emission Allowances
      5. Allocation of Emission Allowances
      6. Trading Allowances
      7. Banking Allowances
      8. Borrowing Allowances
      9. Safety Valve and International Competiveness
      10. Offsets
      11. Additionality
      12. Supplementarity and Linkage to Other National and International Trading Systems
      13. Early Action
      14. New or Expanded Facilities
      15. Enforcement
      6. Emissions Programs among Other Kyoto Countries
      A. New Zealand
      B. Canada
      C. Australia
      D. Japan
      E. China
      7. Emergence of National and International Carbon Markets
      A. Compliance or Mandatory Markets
      B. Voluntary Markets
      1. Voluntary Carbon Standards and Markets
      2. Source of Demand for Voluntary Carbon Credits
      3. Development of Voluntary Standards, Registries, and Exchanges
      a. Chicago Climate Exchange
      b. Voluntary Carbon Standard
      c. American Carbon Registry
      d. Climate, Community, and Biodiversity Alliance
      C. Pre-Compliance Markets and the Transition from Voluntary to Compliance Markets
      D. Survival of Voluntary Markets after Establishment of Compliance Systems
      E. Current State of the Voluntary Market
      F. European Market
      G. Kyoto Protocol and the Clean Development Mechanism Market
      8. Developing Laws in the United States
      -State Laws
      A. State Climate Change Programs
      B. Individual State Programs
      1. California
      a. Regulated Gases
      b. Regulated Sources
      c. Cap
      d. Permitting Emissions of Greenhouse Gases
      e. Emission Allowances
      f. Allocation of Emission Allowances
      g. Trading Allowances
      h. Banking Allowances
      i. Borrowing Allowances
      j. Safety Valve and Competitiveness
      k. Offsets
      l. Additionality
      m. Supplementarity and Linkage to Other Trading Systems
      n. Early Action
      o. New or Expanded Facilities
      p. Regulatory Agency or Agencies
      q. Enforcement
      2. Florida
      3. New Mexico
      C. Multi-State Programs
      1. Regional Greenhouse Gas Initiative
      a. Regulated Gases
      b. Regulated Sources
      c. Cap
      d. Permitting Emissions of Greenhouse Gases
      e. Emission Allowances
      f. Allocation of Emission Allowances
      g. Trading Allowances
      h. Banking Allowances
      i. Borrowing Allowances
      j. Safety Valve and Competiveness
      k. Offsets
      l. Additionality
      m. Supplementarity and Linkage to Other Trading Systems
      n. Early Action
      o. New or Expanded Facilities
      p. Regulatory Agency or Agencies
      q. Enforcement
      2. Western Climate Initiative
      a. Regulated Gases
      b. Regulated Sources
      c. Cap
      d. Permitting Emissions of Greenhouse Gases
      e. Emission Allowances
      f. Allocation of Emission Allowances
      g. Trading Allowances
      h. Banking Allowances
      i. Borrowing Allowances
      j. Safety Valve and Competitiveness
      k. Offsets
      l. Additionality
      m. Supplementarity and Linkage to Other Trading Systems
      n. Early Action
      o. New or Expanded Facilities
      p. Regulatory Agency or Agencies
      q. Enforcement
      D. Midwestern Greenhouse Gas Reduction Accord
      E. Cooperation and Potential Linkage among the Multi-State Programs
      9. Developing United States Law
      -The Courts
      A. Federal Statutory Litigation
      1. U.S. Supreme Court Landmark Decision in Massachusetts v. EPA
      2. Background
      -How Did the Matter Reach the U.S. Supreme Court?
      3. Standing
      -Could the Court Hear the Matter When the Emissions and Effects of Climate Change Are Global and Influenced by Emissions from Other Countries?
      4. Merits of the Case
      -Does the EPA Have the Authority to Regulate, and, if so, the Ability to Defer Regulation of Greenhouse Gases under the Clean Air Act?
      5. Implications of the Court's Decision
      -Regulation under the Clean Air Act and Other Federal Statutes, Corporate Environmental Disclosure, and Litigation Alleging Climate-Related Damages
      a. Symbolic or Political Significance
      b. Greenhouse Gases Are Air Pollutants and the EPA Has the Authority to Regulate Them
      c. Effect on Other Vehicle-Related Greenhouse Gas Lawsuits
      d. Effect on Challenges to the EPA's Decision Not to Regulate Greenhouse Gases from Power Plants
      e. Effect on Cases Filed under the National Environmental Policy Act, Challenging Governmental Action That Causes or Leads to Greenhouse Gas Emissions
      f. Effect on Tort Suits Filed by Individuals Claiming Damages from Greenhouse Gas Emissions
      g. Broadening Standing for States to Challenge Federal Administrative Agency Action
      B. State Statutory Litigation
      C. Federal Common Law Litigation to Impose Emission Reductions on Greenhouse Gas Emitters
      D. State and Federal Common Law Litigation to Obtain Damages from Greenhouse Gas Emitters
      10. Developing United States Law
      -The Environmental Protection Agency
      A. Federal Greenhouse Gas Reporting Program
      1. What Gases Are Covered?
      2. What Facilities Are Covered?
      a. Specific Source Categories
      b. Other Facilities That Emit 25,000 Tons per Year or More of CO2e of Combined Emissions from Listed Source Categories
      c. Facilities That Do Not Meet the First Two Source Categories, But That Emit 25,000 Tons of CO2e per Year from Stationary Fuel Combustion Sources
      d. Entities That Sell, Import, or Export Fossil Fuels, Industrial Greenhouse Gases, and CO2
      e. Entities That Manufacture or Sell Vehicles or Engines in the United States
      3. Monitoring and Measurement
      4. Certification and Verification
      5. Information That Must Be Reported
      a. Facilities That Emit Greenhouse Gases
      b. Suppliers of Greenhouse Gases or Materials That Produce Greenhouse Gases When Used
      6. Public Availability of Information Submitted to the EPA
      7. Exiting the Reporting Regulation Requirements
      8. Enforcement Actions and Penalties for Failure to Comply with the Greenhouse Gas Reporting Rule
      B. EPA Regulation of Greenhouse Gas Emissions under the Clean Air Act
      1. EPA's Endangerment Finding
      2. EPA's "Johnson Memo"
      3. EPA's Mobile Source Rule
      4. EPA Tailoring Rule
      a. Application of the Prevention of Significant Deterioration to Regulation of Greenhouse Gas Emissions
      b. Covered Gases
      c. Phases of Coverage, Beginning with Larger Sources
      i. Step 1: January 2, 2011 to June 30, 2011
      a. PSD applicability
      b. Title V permitting applicability
      ii. Step 2: July 1, 2011 to June 30, 2013
      a. PSD applicability
      b. Title V permitting applicability
      Contents note continued: iii. Step 3: July 1, 2013 to April 29, 2016
      d. Best Available Control Technology
      e. State Implementation Plans
      11. Developing United States Law
      -Congress and Proposed Federal Climate Change Legislation
      A. Defining the Regulated Gases
      B. Emission Thresholds for Facilities That Emit Greenhouse Gases
      C. "Covered Facilities": Determining What Emission Sources Would Be Regulated
      1. Emitters of Greenhouse Gases
      2. Producers or Importers of Greenhouse Gases or Materials That Emit Greenhouse Gases When Used or Burned
      D. Setting the Cap
      E. Permitting Emissions of Greenhouse Gases
      F. Emission Allowances
      G. Allocation of Emission Allowances
      H. Auctions
      1. Main Allowance Auction
      2. Market Stability Reserve
      3. Small Business Refiner Reserve
      I. Auctioning Allowances for Other Entities
      J. Carbon Registry
      K. Offsets
      1. General Issues Relating to Offsets
      2. Carbon Offset Creation
      -Rules Relating to Offset Methodologies and Projects
      a. Basics of Offset Creation
      3. Eligible Offset Project Types
      4. Methodologies
      a. Additionality
      b. Activity Baseline
      c. Quantification Methods
      d. Leakage
      5. Accounting for Reversals
      6. Crediting Periods
      7. Approval of Projects
      8. Monitoring, Reporting, and Verification
      9. Issuance of Credits
      10. Early Offsets
      11. Environmental Considerations for Forestry or Land-Management Projects
      12. Recordkeeping
      13. International Offsets
      a. General Issues
      b. Sectoral Credits
      c. Credits Issued by an International Body
      d. International Forest Offsets
      i. National Programs
      ii. State- or Province-Level Programs
      iii. Program for Low-Emitting Countries
      iv. Project-based Deforestation Reduction Credits
      v. Forested Wetlands and Peatlands
      L. Compliance with Greenhouse Gas Emission Requirements
      1. Compliance Obligations
      2. Phase in of Compliance Obligations for Certain Covered Entities
      M. Trading Allowances and Offsets
      N. Banking Allowances
      O. Borrowing Allowances
      P. Safety Valve International Competitiveness
      1. Program to Provide Additional Allowances for Industrial Sources Facing International Competition
      2. Use of Sectoral Approach for the Importation of International Offset Credits
      Q. Supplementarity and Linkage to Other National and International Trading Systems
      R. Early Action
      S. New or Expanded Facilities
      T. Regulatory Agency or Agencies
      1. Regulation of Greenhouse Gas Emissions
      2. Regulation of Trading of Allowances and Offsets
      U. Enforcement
      pt. THREE Carbon Project Development and Carbon Finance
      12. Carbon Credit Project Types and Methodologies
      A. Introduction to Carbon Credit Project Types and Methodologies
      B. Methodologies for Developing Carbon Credit Project Types
      C. Carbon Credit Project Types
      1. Renewable Energy
      2. Energy Efficiency
      3. Landfill, Oil and Gas, and Other Methane Projects
      4. Natural Gas Production and Distribution Projects
      5. Fuel Switching
      6. Agriculture, Forestry, and Land Use
      a. Avoided Deforestation and Reforestation
      i. Voluntary Carbon Standard Agriculture, Forestry, and Other Land Use Guidance
      a. baseline
      b. Additionality
      c. Leakage
      d. Permanence and Related Carbon Buffer
      e. Monitoring
      ii. Climate Action Reserve Forestry Methodology
      a. baseline
      b. Additionality
      c. Leakage
      d. Permanence and Related Carbon Buffer
      e. Monitoring
      iii. CDM Reforestation/Afforestation Methodology
      7. Carbon Capture and Storage
      13. Carbon Credit Project Development
      A. Project Development Generally
      B. Basics of Carbon Credit Project Development
      C. Feasibility Study
      D. Carbon Credit Approval Process
      1. Process under the Clean Development Mechanism
      a. Project Feasibility Study
      b. Project Idea Note
      c. Project Design Document
      d. Stakeholder Participation
      e. Host Country Approval
      f. Validation by a Designated Operational Entity
      g. Registration
      h. Implementation and Monitoring
      i. Verification and Certification
      j. Issuance of Credits
      2. Voluntary Carbon Standard Process
      E. Carbon Credit Project Risks
      F. Examples of Projects
      1. Landfill Methane
      2. Solar Projects
      a. Solar Projects Generally
      b. Free-Standing or Utility-Scale Solar Projects
      c. Non-Utility-Scale Solar Projects
      3. Forest Carbon Projects
      14. Carbon Finance
      A. Financing Carbon Projects
      B. Project Finance
      1. Equity
      2. Debt
      3. Types of Agreements Typically Involved in Project Finance
      4. Managing Political Risk with International Projects
      C. Carbon Finance
      1. Basic Elements of Carbon Finance
      D. Carbon Credit Project Lenders and Investors
      1. Multilateral Banks and Associated Carbon Funds
      2. Private Banks
      3. Private Carbon Funds, Private Equity Firms, and Hedge Funds
      4. Utilities and Other Compliance Investors
      pt. FOUR Other Credits That May be Generated From Carbon Credit Projects
      15. Other Environmental Attributes, Including Renewable Energy Credits and Energy Efficiency Credits
      A. Environmental Attributes and Other Credits That May Enhance Carbon Credit Projects
      B. Renewable Portfolio Standards
      C. Renewable Energy Credits
      D. Energy Efficiency Credits
      E. Credits for Traditional Pollutants
      F. Forward Capacity Markets
      G. Contractual Issues in Selling RECs Outside California
      1. Type of Credit
      2. Vintage of Credit
      3. Quantity Being Sold
      4. Pricing
      5. Transfer Mechanism
      6. Payment
      7. Delivery
      8. Representations and Warranties
      9. Effective Date and Termination
      10. Remedies and Damages
      11. Change in Law
      H. Contractual Issues in Selling RECs Inside California
      16. Ecosystem Services: Wetlands and Biodiversity Credits
      A. Wetlands Credits and Banking
      B. Biodiversity Credits
      C. Credit Stacking
      17. Water Credits
      A. Increasing Water Demand and Decreasing Water Supply
      B. Why Water Is Becoming a Potential Tradable Commodity
      C. Water Credits and Markets as a Means of Conserving a Scarce Resource
      1. Water Quantity Trading
      2. Water Quality Trading
      D. Carbon Credit Projects and Water Credits
      pt. FIVE Government Incentives
      -Stimulating Carbon Projects
      18. Government Incentives for Renewable Energy and Other Types of Projects That Generate Carbon Credits
      A. Use of Government Incentives to Enhance Carbon Credit Projects
      B. Government Incentives
      1. Government Grants
      2. Government Tax Incentives
      a. EESA
      i. Renewable Energy
      ii. Energy Efficiency and Conservation
      iii. Carbon Capture and Storage
      iv. Transportation and Domestic Fuel
      b. TheARRA
      3. Grants in Lieu of Tax Incentives
      4. Government Loan Guarantees
      5. Property-Assessed Clean Energy Programs
      6. Development Bonds
      C. Utility Incentives
      pt. SIX Carbon Trading
      -Selling Credits and the Carbon Markets
      19. Fundamentals of Carbon Trading
      A. Regulatory "Commodity"
      B. Various Types of Carbon Credits
      C. Primary or "Over-the-Counter" Markets and Bilateral Agreements
      D. Secondary Markets and Exchanges
      E. Future vs. Spot Markets
      F. Off-Take Agreements
      G. Carbon Indexes
      H. Fungible Commodity vs. Differentiation
      I. Voluntary and Compliance Buyers
      J. Investors and Speculators
      K. Carbon Credit Risk and Price
      L. Other Price Drivers
      M. State of the Global Carbon Markets
      20. Contractual Issues in Carbon Trading in the Primary Market
      A. Definitions
      B. Conditions Precedent
      C. Price
      D. Quantity and Delivery
      E. Payment
      F. Obligations of Seller
      G. Obligations of Buyer
      H. Representations and Warranties
      I. Share of Proceeds and Taxes
      J. Default
      K. Termination
      L. Remedies
      M. Choice of Law and Venue
      N. Dispute Resolution
      O. Force Majeure
      P. Limitation of Liability
      Q. Miscellaneous Issues
      pt. SEVEN Carbon Accounting
      -Carbon Assets and Liabilities
      21. "Carbon Ledger" and Carbon Credit Accounting
      A. Carbon Accounting
      B. Defining Carbon Assets and Liabilities
      C. Forming a Carbon Ledger as Part of a Carbon Strategy
      D. Financial Accounting Treatment of Carbon Assets and Liabilities
      22. Climate Risk Disclosure
      A. Corporate Climate Change Liabilities
      B. Securities and Exchange Commission Regulations Governing Environmental Financial Disclosure
      1. Item 101
      2. Item 103
      3. Item 303
      4. Item 503(c)
      C. Accounting Rules
      D. Sarbanes-Oxley Act
      E. SEC Enforcement
      F. SEC Guidance Regarding Disclosure Related to Climate Change
      1. Overview of Existing Disclosure Requirements
      2. Climate Change-related Topics That May Require Disclosure
      a. Impact of Legislation and Regulation
      b. International Accords
      c. Indirect Consequences of Regulation or Business Trends
      d. Physical Impacts of Climate Change
      G. Voluntary Climate Change Disclosure Protocols
      H. Voluntary Standards Evolving into Legal Requirements
      I. Officer and Director Liability Environmental and Climate Risk Management
      J. Conclusion.
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