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Pages 34-38

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From page 34...
... Allowances and offset credits would then be tradable across national borders while collectively the world cap would steadily decline, ensuring lower concentrations of GHGs and slowing the impacts of global warming. The following section describes the current state of carbon markets internationally.
From page 35...
... : a developed nation with emission reduction commitments sponsors an emission reduction project in a less developed nation in return for a certified emission reduction ("CER") credit.
From page 36...
... The program is currently in Phase II, which began in 2008 and continues through the end of 2012, concurrent with the Kyoto timeframe. Only the electric generation sector and selected large industrial sectors are covered at this time.
From page 37...
... Airlines will be required to surrender one EUA or eligible offset credits for every tonne of GHG emissions released from a domestic or international flight that either originates or lands at an airport of a participating country. This means that flights originating in the United States and landing in one of the EU-27 nations will be impacted by this regulation.
From page 38...
... A common means for these countries to address their contributions to global emissions is through the adoption of intensity-based GHG emission targets. Intensity-based targets can use any number of established baselines -- including emission reductions over a "business as usual" emission trajectory or reducing emissions per unit GDP -- ensuring continued economic growth.

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