Opis
The book offers a deep insight into the subject of carbon funds - investment vehicles aimed predominantly at acquiring carbon credits. It is primarily concerned with selected aspects of the organisation and activity of carbon funds which the public authorities invest in. It also explores the effectiveness of investment decisions made by carbon funds compared with all the other entities purchasing carbon credits. What is more, the Author discusses the presumptions and provisions of the European Union's and global climate change policy, and thus, shows an overall picture of the environment that carbon funds operate in. A great advantage of the book is that it adopts an interdisciplinary approach to the subject of carbon funds' organisation and activity. The following are excerpts from the reviews referring to the Ph.D. dissertation that this book is based on: "[...] the selection of the problem, as well as the scope of the conducted analyses and research, is innovatory, creative, and applicable to the development of science, as well as to business practice." Professor Agnieszka Alińska, Warsaw School of Economics "It should be appreciated that the Author decided to devote her work to a field that is poorly represented in economic publications in the Polish publishing industry as there still is scarcity of economic studies referring to the field of climate protection and environmental policy." Professor Grzegorz Gołębiowski, the University of Finance and Management in Warsaw "In Poland, no other studies analyze the organizational models and effectiveness of carbon funds of public nature in such a comprehensive way, or give such a detailed picture of the problem. As a matter of fact, this problem is not sufficiently covered in the literature and research work of other countries, either. Therefore, we can state that this dissertation is a valuable complement to and a development of the knowledge of climate policy, its subjects and instruments." Professor Zbigniew M. Karaczun, Warsaw University of Life Sciences Spis treściList of Acronyms 9Acknowledgments 11Preface 13Chapter 1The Economics of Climate Policy - the Theoretical Framework 171.1. The Ecologisation of Economics vs. the Economisation of the Natural Environment 171.2. Climate Policy in Regard to Environmental Policy Conducted by the State 231.3. External Environmental Costs 251.4. Internalisation of External Environmental Costs 301.5. The Tools for the Internalisation of the External Cost Used in Practice 421.6. The Organisation of Trade and the Types of Markets for Tradable Permits 43Chapter 2The Legal and Organisational Aspects of the Global and the European Union's Climate Policy 472.1. The United Nations Framework Convention on Climate Change and the Kyoto Protocol to the United Nations Framework Convention on Climate Change 482.2. The Assumptions and Principles of the Global Climate Policy Under the UNFCCC and the Kyoto Protocol 642.3. The Paris Agreement - a New Approach to Global Climate Policy 662.4. The Legal Aspects and the Development of the European Union's Climate Policy 722.5. Climate Policy in the EU Strategy and Programming Documents 822.6. The Characteristics of Tradable Permits for GHG Emissions 852.7. The Organisation of Trading in Tradable GHG Allowances Under the Kyoto Protocol and the EU ETS 862.8. The Comparison of Global and EU Climate Policy 94Chapter 3Project-based Mechanisms Under the Kyoto Protocol 1013.1. The Premises of the Construction of the Kyoto Protocol Flexibility Mechanisms 1013.2. A Comparison of the Joint Implementation and the Clean Development Mechanism 1063.2.1. The Engagement of the United Nations and Other Entities 1063.2.2. Project Participants 1113.2.3. Project Implementation Principles and Procedures 1133.2.4. Project Types 1183.3. Using the Flexibility Mechanisms Under the Kyoto Protocol 1203.4. Using Flexibility Mechanisms Under the EU ETS 1213.5. JI and CDM Projects Financing 1263.5.1. The Standard Sources of Financing Investment Projects and the Sources Available to JI and CDM Projects 1263.5.2. The Structures of JI/CDM Projects Financing 1303.5.3. The Role of the Long-term Institutional Investors in Venture Financing 1323.5.4. Carbon Finance 133Chapter 4A Model Approach to the Organisation and Scope of Activity of Carbon Funds of Public Nature 1354.1. The Definition of Carbon Fund and the Research Methodology 1364.2. A Comparison of the Organisation and Operations of Public and Mixed Carbon Funds 1434.2.1. The Operational Objectives of Carbon Funds of Public Nature 1434.2.2. The Organisational Forms of Carbon Funds of Public Nature 1454.2.3. Managing Carbon Funds of Public Nature 1484.2.4. The Scope of Activity of Carbon Funds of Public Nature 1524.2.5. The Project Selection Criteria and Project Portfolio Criteria Adopted by Carbon Funds of Public Nature 1564.2.6. Project Financing Forms Used by Carbon Funds of Public Nature 1584.2.7. Investment Risks Involved in the Operations of Carbon Funds of Public