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Flexible Mechanisms |
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Flexible mechanisms which are also termed as Kyoto Mechanisms are instruments included in the Kyoto Protocol. These mechanisms are Emission Trading, Joint Implementation and Clean Development Mechanism (CDM). These instruments allow the industrialized nations to accomplish a part of their emission reduction commitments. These are done through projects abroad instead of policy changes and action in their home country.
Joint Implementation
Industrialized nations can gain credits for emission reduction projects financing through Joint Implementation. These projects are taken with Kyoto targets in other industrialized countries. Crediting for carbon sink projects is also eligible under the Joint Implementation scheme. These projects don’t distinguish between tree and forests plantations and thus no safeguards are provided which can help in restoring natural forest ecosystems.
Emission Trading
This system allows industrialized nations to sell and buy emission credits. Countries which can keep their emissions below the agreed target level can sell the excess emissions to countries which can’t meet their own targets due to expenses and difficulty. Another concern is that some countries have very low Kyoto targets which can be achieved with a minimum effort. These countries can sell emission credits which are also known as hot air in large quantities. These take off pressure from governments who can buy credits conveniently instead of placing measures and policies.
Clean Development Mechanism (CDM)
With this, industrialized nations can gain credits for emission reduction project financing in non Kyoto target countries. A ‘Clean Development Fund’ was proposed by Brazil as part of the Kyoto Protocol. It was based on penalizing the industrialized nations who didn’t comply with the Kyoto Protocol emission targets. It was supported by G-77/China. The funds resources were available to non-industrialized nations to use them in climate change mitigation projects and adaptation projects to help fight climate change consequences like droughts, floods and others. Clean Development Mechanism was a compromise as many industrialized countries resisted this idea. The mechanism aims to accomplish climate change mitigation through a market-based approach and is not linked with their emission target compliance.
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