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The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand.

The Kyoto Protocol and its market‐based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets.

This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post‐Kyoto period, to benefit from similar mechanisms to finance its energy investments.

The paper is a useful source of information for ETS.

This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy.

This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.

This paper aims to review the developments in India with respect to clean development mechanism (CDM) of Kyoto Protocol to assess the achievements during first Kyoto Protocol period (2008-2012) in climate change mitigation and suggest measure for better participation during the second commitment period. The paper further makes an attempt to explore the experience, concerns and expectations of the Indian project proponents of green projects registered with CDM Executive Board.

This paper employs two methods: informal interviews with executives of World Bank, Designated National Authority (DNA) of India for CDM, leading international CDM consulting firms and a questionnaire survey of Indian CDM projects proponents.

During first commitment period valid up to December 31, 2012, India remained active participant in the CDM, the only mechanism of Kyoto Protocol where developing countries can participate and join in mitigation of climate change, through the development of green projects and thereby earning additional revenue in terms of carbon finance by sale of carbon credits. The study finds out that in the global CDM experience, India's role is striking with its second highest share both in terms of number of projects registered worldwide and in generation of Certified Emission Reductions (CERs).

This paper provides several recommendations for strengthening the institutional frame work in India with respect to CDM as well as suggestions to policy makers for consideration while charting out future policies and programs addressing climate change mitigation and adaptation oriented towards better participation in climate change mitigation during the second commitment period of Kyoto Protocol.

Using a variety of public opinion polls over a number of years and from a number of countries this paper revisits the questions of crossnational public concern for global warming first examined over a decade ago. Although the scientific community today speaks out on global climatic change in essentially a unified voice concerning its anthropogenic causes and potential devastating impacts at the global level, it remains the case that many citizens of a number of nations still seem to harbor considerable uncertainties about the problem itself. Although it could be argued that there has been a slight improvement over the last decade in the public’s understanding regarding the anthropogenic causes of global warming, the people of all the nations studied remain largely uniformed about the problem. In a recent international study on knowledge about global warming, the citizens of Mexico led all fifteen countries surveyed in 2001 with just twenty‐six percent of the survey respondents correctly identifying burning fossil fuels as the primary cause of global warming. The citizens of the U.S., among the most educated in the world, where somewhere in the middle of the pack, tied with the citizens of Brazil at fifteen percent, but slightly lower than Cubans. In response to President Bush’s withdrawal of the Kyoto Protocol in 1991, the U.S. public appears to be far more supportive of the action than the citizens of a number of European countries where there was considerable outrage about the decision.

This paper aims to examine whether the amount of costs disclosed as relating to environmental controls is associated with environmental performance in terms of carbon-based eco-efficiency, and whether any relation supports voluntary disclosure theory or legitimacy theory arguments. Further, this paper attempts to determine whether the relations differ across the initial Kyoto Protocol period.

In this study, the focus was on Japanese firms over the period from 2002 to 2012. Disclosed environmental control costs (capital expenditures and operating costs) were identified and eco-efficiency measures based on carbon emissions were calculated. Relations were tested for using regression models controlling for other potential impact factors.

This study’s results indicate a negative relation between disclosed levels of environmental control costs and eco-efficiency performance measures, and, for two of our three eco-efficiency metrics, this is more pronounced over the Kyoto Protocol period.

These results support a legitimacy theory (as opposed to voluntary disclosure theory) explanation for the relation between the levels of disclosed environmental control costs and carbon-based eco-efficiency.

This study is the first to explore how flexibility in cost classification may be used by companies to foster a disclosure strategy.

Carbon emissions from gas flaring in the Nigerian oil and gas industry are both a national and international problem. Nigerian government policies to eliminate the problem 1960-2016 yielded little or no results. The Kyoto Protocol (KP) provides Clean Development Mechanism (CDM) as an international market-based mechanism to reducing global carbon emissions. Therefore, the purpose of this paper is to analytically highlight the potentials of CDM in eliminating carbon emissions in the Nigerian oil and gas industry.

This paper reviewed the historical background of Kyoto protocol, Nigerian Government policies to eliminating gas flaring in its oil and gas industry 1960-2016 and CDM projects in the industry. The effectiveness of the policies and CDM projects towards ending this problem were descriptively analysed.

Government policies towards eliminating gas flaring with its attendant carbon emissions appeared not to be yielding the desired results. However, projects registered under CDM in the industry looks effective in ending the problem.

Therefore, the success recorded by CDM projects has the policy implication of encouraging Nigeria to engage on establishing more CDM projects that ostensibly proved effective in reducing CO2 emissions through gas flaring reductions in its oil and gas industry. Apparent effectiveness of studied CDM should provide a way forward for the country in eliminating gas flaring in its oil and gas industry which is also a global menace. Nigeria could achieve this by providing all needed facilitation to realising more CDM investments.

CDM as a policy has proved effective in eliminating gas flaring in the Nigerian oil and gas industry. The government should adopt this international policy to achieve more gas flaring reductions.

Social problems of respiratory diseases, water pollution and food shortage among others due to gas flaring are persisting in oil and gas producing areas as government policies failed to end the problem. CDM projects in the industry have proved effective in eliminating the problem, thus improving the social welfare of the people and ensuring sustainable development.

The paper analysed the effectiveness of Nigerian Government policies and an international market-based mechanism towards ending gas flaring in its oil and gas industry.

This chapter considers the application of climate mitigation policies to the aviation sector with reference to the inclusion of aviation in the EU Emissions Trading System (EU ETS). Assessments of the possible economic impacts of including aviation in the EU ETS are reviewed and an impact analysis using the macroeconometric E3ME model is conducted.

The aviation sector is a significant and rapidly increasing source of GHG emissions. Because international policy measures have not been agreed, the EU has incorporated aviation in the EU ETS. It is therefore important to consider the possible economic effects of the ETS on the aviation industry and the wider economy.

The paper describes the approach used by the EU to include aviation in the EU ETS. Assessments of economic impacts have been made, but have often been limited in their approach. The paper complements the existing literature by including an economic analysis using the E3ME macroeconometric model of the EU that covers 41 industrial sectors including aviation.

Microeconomic and macroeconomic assessments show the economic impacts of including the aviation sector in the EU ETS are small. The negative impacts, if any, on EU GDP and the air transport sector’s economic output are less than 0.1% and 1% respectively. Distortions in competition, both between countries and industrial sectors, are therefore likely to be small.

In the long term (beyond 2020), including aviation in the EU can be seen as a positive move. If and when aviation is fully included in the EU ETS, and when the cost impacts of GHG emissions through permit prices are made evident, it is anticipated that airlines will start monitoring and reducing their GHG emissions by investing in new, less carbon intensive technologies.

This chapter explores the issues in estimating the greenhouse gas (GHG) emissions from the tourism industry and related activities in Australia. A production-based approach is employed and its rationale is explained. The scope of tourism consists of the economic activities of tourism-characteristic and tourism-connected sectors as defined in the Australian Tourism Satellite Account (TSA). The GHG emissions have been estimated for 2003–04, the latest year for which detailed industry GHG emissions data are available in a form suitable for this type of estimate. Tourism's GHG emissions are compared with other industries in the Australian economy. The policy implications of the results are discussed. It should be possible to adopt a broadly similar method for any destination with a TSA, enabling tourism stakeholders to play an informed role in assessing appropriate climate change mitigation and adaptation strategies for their destination.

Although free trade law and environmental law especially contained in multi lateral environmental agreements (MEAs) are more or less compatible, however, some twenty MEAs might create a conflicting situation with the GATT/WTO regime. Efforts through CTESS are being made to make the two regimes compatible with each other. But an amicable solution towards harmonizing them still seems to be far. It is said that if all WTO Member states have the political will to agree to one suggestion, the problem can be solved. But due to politicization of the WTO, a common view is difficult to be reached. It is true that all states want protection of the environment. It is evident from the fact that many MEAs have relatively a large number of members, and their member states are sincerely working on enforcing treaty norms contained in them. But when it comes to a conflict situation with international trade, differences among them becomes eminent. In spite of this, an optimistic view that the two regimes can be made complementary to each other is still being given importance. It is for this reason that states are forwarding their suggestions to the CTESS and the discussion is being carried forward on those suggestions. The paper critically examines the reality of ‘conflict or congruity’ between free trade law and environmental law, evaluates various suggestions to make the two regimes compatible with each other, and offers one suggestion that can bring about harmony and will be viable.

This article purports to show that an adequate anti-money laundering (AML) regime must be integrated into the carbon emissions market industry in order for it to function effectively, meet its intended goals, and prevent criminals from developing innovative methods to take advantage of particular vulnerabilities this unique market type has created.

This article discusses the formation of the international carbon emissions marketplace. It posits that critical to the formation and effective operation of any carbon emissions trading market is the simultaneous coexistence of an AML regime preventing criminals from taking advantage of legislative deficiencies. Lastly, the article formulates and analyzes emerging criminal typology threats to which current, developing, and future carbon emissions markets are and will be subject.

Under the EU ETS, effective AML safeguards were not initially included in the implementation and formation of the EU's carbon emissions trading market, subjecting it to numerous threats and abuses from criminals. The lack of an effective AML regime has resulted in novel and unique criminal typology threats that are currently emerging and need to be addressed to prevent abuses in new and existing carbon emissions trading markets.

The EU has recently started addressing its lack of effective AML safeguards in its carbon emissions trading market. As such, the adequacy of legislative developments needs to be examined over time. Additionally, because many of the emerging criminal typologies identified are based on recent and limited data, further research on the extent of criminality that is actually occurring is recommended.

Because emerging criminal typology threats in carbon emissions trading markets has not been researched at the scholarly level, this article is unique and has substantial value to the AML community.