|Generate QR code
Open Access
Subscription Access
Perspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto Protocol
https://doi.org/10.32609/0042-8736-2008-10-108-125
Abstract
Project-based transactions (PBTs) are a market mechanism of attracting foreign investments in order to abate greenhouse gas emissions and increase energy efficiency of the country’s enterprises. The article provides a classification and analyzes advantages and drawbacks of PBTs from the point of view of a host country. The main trends and factors determining the dynamics of the PBT market are described. Given that Russia currently lags behind the leaders of the PBT market, an incorporation of a state carbon fund is put forward with an aim of channelling PBTs through it. This paper proposes a form of PBT market regulation by incorporating an option mechanism into the contract structure of a transaction. A comparison of the new form of regulation with the tools that are currently in use in Russia and other countries demonstrates its greater economic efficiency under uncertainty.
About the Author
K. Zavodov
Ural State University of Economics; University of Cambridge
Russian Federation
Russian Federation
References
1. Налоги и налогообложение / Под ред. М. В. Романовского, О. В. Врублевской. СПб.: Питер, 2005.
2. Пискулова Н. А. Киотский протокол: возможности для России. М.: МГИМО, WWF России, 2006.
3. Ткаченко Н. Киотский протокол как инструмент промышленной экспансии Евросоюза // Промышленные ведомости. 2004. № 9-10 (86-87).
4. Barker T. et al. Mitigation from a cross-sectoral perspective // Climate Change 2007: Mitigation / B. Metz et al. (eds.). Cambridge: Cambridge University Press, 2007.
5. Beck L. China emission-cutting fund to reap $3 bln // Reuters -UK. 09.11.2007. http://uk.reuters.com/article/environmentNews/idUKPEK2850520071109?sp=true.
6. Boldyreva T., Timofeev D. JI Approval Procedures in Russia and Ukraine // Greenhouse Gas Market Report 2007 / D. Lunsford (ed.). Geneva.: IETA, 2007.
7. Breton M., Zaccour G., Zalaf M. A Differential Game of Joint Implementation Environmental Projects // Automatica. 2005. Vol. 41. P. 1737-1749.
8. Breton M., Zaccour G., Zalaf M. A Game-Theoretic Formulation of Joint Implementation of Environmental Projects // European Journal of Operational Research. 2005. Vol. 168, No 1. P. 221-239.
9. Bush E. J., Harvey L. D. D. Joint implementation and the ultimate objective of the United Nations Framework Convention on Climate Change // Global Environmental Change. 1997. Vol. 7, No 3. P. 265-285.
10. Das M. Carbon credits: Europe finds Indian cos tough sellers // The Hindu Business Line. 05.11.2007. http://www.thehindubusinessline.com/2007/11/06/stories/2007110650541200.htm.
11. De Coninck H., Haake F., Van der Linden N. Technology transfer in the Clean Development Mechanism // Climate Policy. 2007. Vol. 7. P. 444-456.
12. De Klerk L. A post-2012 perspective for joint implementation // JI Quarterly. 2007. Vol.13, No 3. P. 7.
13. Dudek D. J., Wiener J. B. Joint implementation, transaction costs, and climate change // Organization for Economic Cooperation and Development. OECD / GD(96)173. 1996.
14. Dudek D., Golub A., Strukova E. Ancillary benefits of reducing greenhouse gas emissions in transitional economies. New York: Environmental Defence, 2002.
15. Dudek D.J., Wiener J.B. Joint implementation, transaction costs, and climate change // Organization for Economic Cooperation and Development. OECD / GD(96)173. 1996.
16. FCCC / CP / 2001 / 13 / Add. 2. Report of the Conference of the Parties on its seventh session, held at Marrakech form 29 October to 10 November 2001. Part 2.
17. Frankhauser S., Lavric L. The Investment Climate for Climate Investment: Joint Implementation in Transition Countries // Working Paper No 77. EBRD, 2002.
18. Hagem C. Joint Implementation under Asymmetric Information and Strategic Behavior // Environmental and Resource Economics. 1996. Vol. 8. P. 431-447.
19. Janssen J. (Self-) Enforcement of Joint Implementation and Clean Development Mechanism Contracts // Fondazione Eni Enrico Mattei. 1999. Working Paper No 14.99. http://ssrn.com/abstract=158796.
20. Korppoo A. Joint implementation in Russia and Ukraine: review of projects submitted to JISC // Climate Strategies: Briefing Paper. 2007.
21. Korppoo A. Joint Implementation in Russia and Ukraine:Review of the Projects submitted to JISC // Climate Strategies. http://www.climate-strategies.org/uploads/JI_pipeline_BP_FINAL.pdf.
22. Korppoo A. Russian energy efficiency projects: lessons learnt from Activities Implemented Jointly pilot phase // Energy Policy. 2005. Vol. 33. P. 113-126.
23. Korppoo A., Moe A. Russian JI procedures adopted, but work still remains to be done // Joint Implementation Quarterly. 2007. Vol. 13. No 2. P. 4.
24. Laroui F., Tellegen E., Tourilova K. Joint implementation in energy between the EU and Russia outlook and potential // Energy Policy. 2004. Vol. 32. P. 899-914.
25. Lee R. et al. Understanding Concerns about Joint Implementation // Joint Institute for Energy and Environment. 1997. Report 97-6.
26. Maeda A., Tezuka T. Cost analysis of project-based Kyoto mechanisms // Paper presented at the 7th IAEE European Energy Conference "European Energy Markets in Transition". Bergen, Norway, 2005, 28-30 August.
27. Maya R. S. Joint Implementation: Cautions and Options for the South // The Feasibility of Joint Implementation / C. J. Jepma (ed.). Dordrecht: Kluwer, 1995.
28. Michaelowa A., Jotzo F. Transaction costs, institutional rigidities and the size of the clean development mechanism // Energy Policy. 2005. Vol. 33. P. 511-523.
29. Michaelowa A., Stronzik M., Eckermann F., Hunt A. Transaction costs of the Kyoto mechanisms // Climate Policy. 2003. Vol. 3. P. 261-278.
30. Mьller B. Ratifying the Kyoto Protocol: the case for Japanese-Russian joint implementation // The Royal Institute of International Affairs: Briefing Paper No 21. 2001. May.
31. Sandhoevel A., Ramming I. Joint Implementation -A Catalyst for change // Greenhouse Gas Market Report 2007 / D. Lunsford (ed.). Geneva.: IETA, 2007.
32. Savva N. D., Scholtes S. Real options in partnerships // Judge Business School. Working Paper Series 03 / 2006, 2006.
33. Szabo M. South Africa looks to cash in on carbon market // Reuters -Africa. 01.11.2007. http://africa.reuters.com/business/news/usnBAN123795.html.
34. Viguier L. L. A Proposal to Increase Developing Country Participation in International Climate Policy // Environmental Science and Policy. 2004. Vol. 7. P. 195-204.
35. Wang X., Leguet B. The Chinese equation // Mission Climate. 2007. No 9. P. 4.
36. Wirl F., Huber C., Walker I. O. Joint Implementation: Strategic Reactions and Possible Remedies // Environmental Science and Policy. 1998. Vol. 12. P. 203-224.
Review
For citations:
Zavodov K. Perspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto Protocol. Voprosy Ekonomiki. 2008;(10):108-125. (In Russ.) https://doi.org/10.32609/0042-8736-2008-10-108-125
Views:
395
Email this article 
