Greenhouse Gases – Gases such as CO2 that trap heat in the atmosphere

 

United Nations Framework Convention on Climate Change, signed in 1992.


International agreement under which industrialised countries commit to reduce GHG emissions

 

Developed countries with emission reduction commitments, as defined in the Kyoto Protocol

 

Developing countries without emission reduction commitments, as defined in the Kyoto Protocol


Units ascribed to the reduction of greenhouse gas related emissions


Market for emission reductions purchased by organisations wishing to offset their carbon footprint on a voluntary basis.


Emission reductions created by projects which have been verified outside of the Kyoto Protocol – including credits from pre-registration CDM projects; 1 VER corresponds to 1 tonne of CO2e emission reductions.


Market for emission reductions purchased by organisations with Kyoto targets.

Clean Development Mechanism – The provision of the Kyoto Protocol that governs project-level carbon credit transactions between developed (Annex 1) and developing (non-Annex 1) countries

Certified Emission Reduction – Carbon credits created by Clean Development Mechanism projects; 1 CER corresponds to 1 tonne of CO₂e emission reductions

 

Joint Implementation - The provision of the Kyoto Protocol that governs project-level emission reduction transactions between between entities located in Annex 1 countries 

 

Emission Reduction Units - The output of Joint Implementation projects. 1 ERU corresponds to 1 tonne of CO₂e emission reductions


European Union Emissions Trading Scheme – A market-based ‘cap and trade’ system for GHGs adopted by European Union member states in January 2005 in advance of their obligations under the Kyoto Protocol


European Allowance – Allowance unit issued to installations covered by the EU ETS.


Carbon dioxide equivalent – The unit used in the Kyoto Protocol


Tonnes of carbon dioxide equivalent, units for carbon dioxide equivalent calculations


Emission Reduction Purchase Agreement 

 

Verified Emission Reduction Purchase Agreement