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Kyoto Protocol
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===== Intergovernmental emissions trading ===== The design of the [[European Union Emissions Trading Scheme]] (EU ETS) implicitly allows for trade of national Kyoto obligations to occur between participating countries.{{sfn|Carbon Trust|2009|p=24}} The Carbon Trust found that other than the trading that occurs as part of the EU ETS, no intergovernmental emissions trading had taken place.{{sfn|Carbon Trust|2009|pp=24β25}} One of the environmental problems with IET is the large surplus of allowances that are available. Russia, Ukraine, and the new EU-12 member states (the Kyoto Parties Annex I Economies-in-Transition, abbreviated "EIT": Belarus, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Slovakia, Slovenia, and Ukraine)<ref>{{citation |title=Development and Climate Change: A Strategic Framework for the World Bank Group: Technical Report |year=2008 |author=World Bank |url=http://beta.worldbank.org/overview/strategic-framework-development-and-climate-change |publisher=The International Bank for Reconstruction and Development / The World Bank. |location=Washington, DC, USA |access-date=3 April 2010 |archive-date=24 December 2009 |archive-url=https://web.archive.org/web/20091224213652/http://beta.worldbank.org/overview/strategic-framework-development-and-climate-change |url-status=dead }}</ref>{{Rp|59|date=November 2012}} have a surplus of allowances, while many [[OECD]] countries have a deficit.{{sfn|Carbon Trust|2009|p=24}} Some of the EITs with a surplus regard it as potential compensation for the trauma of their economic restructuring.{{sfn|Carbon Trust|2009|p=25}} When the Kyoto treaty was negotiated, it was recognized that emissions targets for the EITs might lead to them having an excess number of allowances.<ref> {{cite book |year = 2001 |contribution = 8.3.1.1 "Where Flexibility" |title = 8. Global, Regional, and National Costs and Ancillary Benefits of Mitigation |page = 538 |series = Climate Change 2001: Mitigation. A Contribution of Working Group III to the Third Assessment Report of the Intergovernmental Panel on Climate Change |editor = B. Metz |display-editors = etal |publisher = Cambridge University Press |last1 = Hourcade |first1 = J.-C. |url = http://www.grida.no/climate/ipcc_tar/wg3/341.htm |display-authors = etal |url-status = dead |archive-url = https://web.archive.org/web/20120111150919/http://www.grida.no/climate/ipcc_tar/wg3/341.htm |archive-date = 11 January 2012 |df = dmy-all }} </ref> This excess of allowances were viewed by the EITs as "headroom" to grow their economies.<ref>{{citation | year=2003 | title=Green Investment Schemes: Options and Issues | last1=Blyth | first1=W. | first2=R. | last2=Baron | page=11 | publisher=Organization for Economic Cooperation and Development (OECD) Environment Directorate and International Energy Agency (IEA) | location=Paris, France | url=http://www.oecd.org/dataoecd/48/54/19842798.pdf | access-date=16 December 2011 | archive-date=22 December 2011 | archive-url=https://web.archive.org/web/20111222054248/http://www.oecd.org/dataoecd/48/54/19842798.pdf | url-status=live }} OECD reference: COM/ENV/EPOC/IEA/SLT(2003)9</ref> The surplus has, however, also been referred to by some as "hot air", a term which Russia (a country with an estimated surplus of 3.1 billion tonnes of carbon dioxide equivalent allowances) views as "quite offensive".<ref> {{citation |date = 30 June 2008 |title = Energy and Climate Change in Russia (note requested by the European Parliament's temporary committee on Climate Change, Policy Department Economy and Science, DG Internal Policies, European Parliament) |last1 = Chiavari |first1 = J. |first2 = M. |last2 = Pallemaerts |page = 11 |publisher = Institute for European Environmental Policy |location = Brussels, Belgium |url = http://www.ieep.eu/assets/433/ecc_russia.pdf |archive-url = https://web.archive.org/web/20111222054254/http://www.ieep.eu/assets/433/ecc_russia.pdf |url-status = dead |archive-date = 22 December 2011 }} </ref> OECD countries with a deficit could meet their Kyoto commitments by buying allowances from transition countries with a surplus. Unless other commitments were made to reduce the total surplus in allowances, such trade would not actually result in emissions being reduced{{sfn|Carbon Trust|2009|p=25}} (see also the section below on the [[Kyoto Protocol#Green Investment Scheme|Green Investment Scheme]]).
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