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1、BIOENERGYANDTHECDMINTHEEMERGINGMARKETFORCARBONCREDITS1.IntroductionBioenergyisoneofthemostimportantpotentialsourcesofsustainableruraldevelopmentfordevelopingcountries.Itspotentialtomitigateglobalclimatechangeopensupanumberoffundingopportunities,e.g.,throughmechanismsofthe
2、emergingcarbonmarket.TheinternationalcarbonmarketstodayemergedfromtheKyotoProtocol(KP)totheUnitedNationsFrameworkConventiononClimateChange(UNFCCC).IntheKP,agreeduponatthethirdConferenceofthePartiestotheUNFCCC(COP-3)inthecityofKyoto(Japan)in1997,thePartiestotheConventionag
3、reedonemissionlimitationsforgreenhousegases(GHG,a/oCO2,CH4andN2O).1TheseemissionlimitationswereonlysetforcountrieslistedintheAnnexItotheKP,comprisingallOECD(atthetimeoftheKyotoProtocol;e.g.,MexicoisnowanOECDmemberbutnotanAnnexIcountry)andanumberofCentralandEasternEuropean
4、(CEE)countries.Withregardtodifferencesintheir1990(percapita)emissions,differentemissiongoalsweredefinedfordifferentcountries,withsomecountriesfacingnominalemissionreductionscomparedto1990levelsandothersabletoincreasetheiremissionsbyacertainpercentage.However,formostcountr
5、iesthetargetsmeanareductioncomparedtotheir“businessasusual”emissionsin2010.Tohelpachievethesegoals,asetofso-calledflexiblemechanismswasintroducedtobringdownoverallcosts,namely,EmissionsTrading(ET),JointImplementation(JI)andtheCleanDevelopmentMechanism(CDM).TheCarbonmarket
6、ischaracterizedbyanumberofmajoractors.Ontheregulatoryside,theUNFCCCisinchargeofsettingtherulesrelatedtotransactionsforcompliancewithobligationsundertheKP.TheCleanDevelopmentMechanism(CDM)isthemechanismundertheKPdirectlyrelevantforthedevelopingworld.Itprovidesforindustrial
7、izedcountriestoinvestinemission-reducingprojectsindevelopingcountriesandtouse(partof)theresulting“certifiedemissionsreductions”towardstheirowncompliancewiththeemissionlimitationtargetssetforthbytheKyotoProtocol.TheCDMhastwomainobjectives(aslaiddowninArticle12.2oftheKP):(1
8、)toassistPartiesnotincludedinAnnexIinachievingsustainabledevelopmentandincontributingtotheultima
