Glossary
GHG
Greenhouse Gases – Gases such as CO2 that trap heat in the atmosphere
UNFCCC
United Nations Framework Convention on Climate Change, signed in 1992.
Kyoto Protocol
International agreement under which industrialised countries commit to reduce GHG emissions
Annex 1
Developed countries with emission reduction commitments, as defined in the Kyoto Protocol
non-Annex 1
Developing countries without emission reduction commitments, as defined in the Kyoto Protocol
Emission Reductions
Units ascribed to the reduction of greenhouse gas related emissions
Voluntary market
Market for emission reductions purchased by organisations wishing to offset their carbon footprint on a voluntary basis.
VER – Verified Emission Reduction
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.
Compliance market
Market for emission reductions purchased by organisations with Kyoto targets.
CDM
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
CER
Certified Emission Reduction – Carbon credits created by Clean Development Mechanism projects; 1 CER corresponds to 1 tonne of CO2e emission reductions
JI
Joint Implementation - The provision of the Kyoto Protocol that governs project-level emission reduction transactions between between entities located in Annex 1 countries
ERUs
Emission Reduction Units - The output of Joint Implementation projects. 1 ERU corresponds to 1 tonne of CO2e emission reductions
EU ETS
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
EUA
European Allowance – Allowance unit issued to installations covered by the EU ETS.
CO2e
Carbon dioxide equivalent – The unit used in the Kyoto Protocol
tCO2e
Tonnes of carbon dioxide equivalent, units for carbon dioxide equivalent calculations
ERPA
Emission Reduction Purchase Agreement
VERPA
Verified Emission Reduction Purchase Agreement