Nordic Perspectives on Carbon Market Mechanisms

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The Nordic Council of Ministers appointed, via the Globalization Initiative, the Nordic finance ministers to launch a joint Nordic project regarding the international carbon market. The purpose of the project was to identify and exchange Nordic experiences from the Joint Implementation and Clean Development Mechanism credit market as well as to discuss prospects for future cooperation. The result of the project is presented in three reports from workshops held during 2010, as well as this synthesis report that summarizes previous reports. The project was initiated in light of the expected negotiations on the future mechanisms after 2012 in COP 15, including as input for discussions on opportunities and prospects for participation in a future carbon market. The results have been presented at the meetings of the Nordic Council of Energy, Environment and Finance ministers during October and November 2010.



The flexible mechanisms

The three so called flexible mechanisms: Joint Implementation (JI), Clean Development Mechanism (CDM) and International Emissions Trading (IET) introduced by the Kyoto Protocol aim to limit the global cost of mitigation by increasing the flexibility in how and where parties with legally binding quantified emissions reduction targets can reduce emissions. The design of the flexible mechanisms builds upon earlier experiences with Activities Implemented Jointly (AIJ), a convention instrument designed to gain experience with the carbon market. The Nordic countries have participated in the creation of the carbon market since the AIJ period.


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