Issue 03/2016


Legal Aspects of Emission Reductions and Carbon Credits under Evolving Climate Finance Mechanisms in Brazil
Thiago Borma Chagas
Brazil broke some ground by submitting an absolute GHG-reduction goal under the Paris Agreement, but the country must now cope with implementing the needed regulatory Tools promote public and private climate action. Climate financing has evolved substantially in the past years, ranging from crediting systems, to results-based payments, to carbon pricing instruments.
Creating, Regulating and Allocating Rights to Offset and Pollute: Carbon Rights in Practice
Dr. Charlotte Streck, Moritz von Unger
The adoption and entering into force of the Paris Agreement is a welcome occasion to re-assess the legal foundations of emissions trading and, in particular, the nature of ‘carbon rights’. Cap-and-trade (‘allowances’) and baseline-and-credit (‘credits’) represent the main Emission trading approaches, the former imposing compliance obligations, the latter stipulating voluntary action to reduce and monetize emissions. Each approach comes with legal characteristics and raises legal questions concerning property rights and protection, taxation, and financial regulation, on the one hand, and the proper recognition of individual mitigation efforts (in the context of environmental services) and participation rights, on the other hand. This article places the different type of rights in the context of their creation, purpose, and function.
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