Energy and Emissions Trading
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1 Energy and Emissions Trading Françoise Labrousse Jones Day Paris London, January 11, 2008 PAI v1
2 International and European Key Dates 1992: United Nations Framework Convention on Climate Change 1997: Kyoto Protocol 2003: Directive 2003/87/EC of October 13, 2003 concerning the greenhouse gas emission quota exchange system in the European Union (Emission Trading System or ETS ) Feb. 05: Entry into force of the Kyoto Protocol : 1 st trading period : 2 nd trading period and 1 st Kyoto commitment period
3 Key Energy Numbers (1) Source: Mission Climat of Caisse des dépôts, CITL 1 LULUCF: Land use, Land Use Change and Forestry
4 Key Energy Numbers (2) Source: IPPC, 4th report of the 3rd working group, 2007
5 Key Energy Numbers (3) Distribution of CO 2 Emissions in the EU in 2005 (4,269 MtCO 2 excluding LULCF) Source: European Environment Agency, June 2007
6 2 Systems I. The Kyoto Protocol * II. EU Emission trading system (ETS) III. Linking ETS and Kyoto? * Status of Kyoto Protocol in 2005; Australia ratified Kyoto s protocol on December, 2007.
7 I. Kyoto Protocol A. Background Objective On average in the period : -5% compared with the 1990 emissions Scope: Activities: Energy, Industrial processes, Use of solvents, Agriculture, Waste and LULUCF (Land use, land use change and Forestry) 2 types of parties: Annex I Parties with binding obligations (industrialized countries) Non-annex I Parties no binding obligations (developing countries) Countries with emissions reduction obligations: the 38 most industrialized countries of Annex I countries and listed on the Annex B of the Kyoto protocol ( Annex B countries ) 6 greenhouses gases: CO 2, CH 4, N 2 O, HFCs, PFCs and SF 6 Principle: Creation of an emission trading system Allowances system (so-called Assigned Amounts Units or AAUs) Progressive reduction of allowed AAUs
8 B. Scheme Three flexible Mechanisms Emission Trading, provides for Annex B Parties to acquire units from other Annex B Parties and use them towards meeting their emissions targets; trade of AAUs between companies (Article 17 of the Kyoto Protocol) Clean Development Mechanism (CDM): arrangement allows companies in Annex I Parties to invest in projects that reduce emissions in non-annex I Parties (emissions reduction produced are called Certified Emission Reductions or CERs) (Art. 12) Joint Implementation (JI): for the purpose of meeting its commitments, any Annex I Party may transfer to, or acquire from, any other such Party emission reduction units resulting from projects aimed at reducing emissions of greenhouse gases (emission reduction produced are called Emission Reduction Units or ERUs) (Art.6)
9 II. EU - Emission Trading System (ETS) A. Background The EU Directive 2003/87 Allocates to EU countries emission authorizations in tco2 Passes down each Member State s (MS) objectives to operators Establishes a system for the exchange of emission allowances (or quotas) (Since January 1, 2005): the EU-ETS
10 B. Scheme The Directive sets an emission ceiling for each Member State, under which all covered industrial installations are included The ceiling results in an annual allocation of allowances distributed by each Member State to the various eligible sectors of activity for the periods and then Allowances may be exchanged on the EU-ETS market
11 C. Coverage Energy intensive industry Around installations: Electricity generators Heat & steam production Mineral oil refineries Ferrous metals: production & processing Cement, lime glass, bricks and ceramics Pulp & paper sector
12 D. Allowances (1) Entitle to emit a tone of CO2 - equivalent during a specified period from sources in an installation Are issued by Member State (which also ensures their cancellation) May be held by any person (moral or physical) Registered in electronic form in the national registries (and the integrated Community system of registries)
13 D. Allowances (2) CO 2 Allowances Price
14 E. National Allocation Plan (NAP) Must be developed by each Member State Determines the duties of individual installations Must be based on objective and transparent criteria Is subject to public consultation Is notified to the EU Commission Approved or rejected by the EU Commission If a National Allocation Plan contains State aid within the meaning of Art. 87 EC Treaty => notification to the Commission (Art. 88 EC Treaty)
15 E. National Allocation Plan (NAP)
16 F. Method of Allocation of Allowances General: free allocation (vs. auction) Member State shall allocate allowances: : at least 95% free of charge : at least 90% free of charge
17 G. Phases First phase 2005 to 2007 First reporting compliance cycle complete Infrastructure for registries and monitoring established Second phase 2008 to 2012 National Allocation Plan submission was required by June 30, 2006 Expands the scope significantly: At the request of MS, possible extension of the scope to activities, installations and greenhouse gas other than those listed in the Annexes of the Directive (e.g., N 2 O by France) JI-CDM allowances (ERUs and CERs) can be used by operators to fulfill their obligations under the ETS Aviation emissions are expected to be included in non-eu members joined the scheme (Norway, Iceland, Liechtenstein and Switzerland) Prohibition of banking
18 H. Control and Penalties The compliance of each installation is verified on a yearly basis before the 30 th of April of each year: therefore the covered installations must provide the EU Commission with enough allowances to cover their emissions during the previous year Member State had to set effective, proportionate and dissuasive penalties and notify rules to the EU Commission In case of an excess of emissions, the covered parties have the choice between: The acquisition of allowances on the EU-ETS market, or Penalties : penalty of 100 euro / tco-2 Plus compensation: equal amount of excess emissions
19 III. Linking ETS & JI-CDM A. Background Different units of trade: ETS => European Union Allowances (EUA) JI => Emission Reduction Units (ERU s:) CDM => Certified Emission Reductions (CER s) Directive: 2004/101/EC of October 27, 2004, the so-called Linking Directive JI-CDM allowances (ERUs and CERs) can be used by operators to fulfill their obligations under the ETS The linking Directive implies the recognition of JI-CDM credits as equivalent to allowances from an environmental and economic point of view Objectives Environmental Economic Co-development
20 B. Scheme CERs and ERUs from project activities pursuant to the Kyoto Protocol may be used by operators in the EU to cover their emission reduction obligations May only cover a percentage of the allocation of allowances to each installation (percentage fixed by MS: e.g., 10% for France) Commission Decision of November 13, 2006: In order to avoid double counting of greenhouse gas emission reductions under the ETS for project activities under the Kyoto Protocol Each Member State shall include in the total quantity of allowances a set-aside of allowances drawn up for each project activity
21 Conclusion: CDM and Energy 895 CDM projects are registered and 46 have been requested registration under the UNFCCC Issued CERs: 102,544,493; Expected CERs (from registered projects until the end of 2012): > 1,150,000,000 Energy industries represent % of registered project activities Examples of CDM projects in the area of energy: Reduction of greenhouse gas emissions at existing Rhodia plants in South Korea and Brazil Project 1391: Yuliangwan Small Hydroelectric Project (China) Project 1245: Rehabilitation of the Callahuanca hydroelectric power station (Peru)
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