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The first edition of this book offered an insider's view of the politics, economics, science, and diplomacy involved in creating the 1987 Montreal Protocol on Substances that Deplete the Ozone Layer. Now Benedick--a principal architect and chief U.S. negotiator of the treaty--brings us to the eve of the treaty's 10th anniversary.

Ozone layer depletion --- Air --- Air quality management --- Environmental law --- Liability for air pollution damages --- Law and legislation. --- Pollution --- International cooperation. --- Vienna Convention for the Protection of the Ozone Layer --- Montreal Protocol --- Montreal Protocol on Substances that Deplete the Ozone Layer

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Environmental protection --- Ozone layer depletion. --- International cooperation. --- Multilateral Fund for the Implementation of the Montreal Protocol. --- Vienna Convention for the Protection of the Ozone Layer

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This study seeks to identify potential sources of co-financing to meet the additional costs of energy efficiency (EE) and climate mitigation benefits associated with the hydrochlorofluorocarbons (HCFC) phase-out supported by the Multilateral fund of the montreal protocol (MLF). As it stands, the policy of the multilateral fund is to support only the eligible incremental costs related to the phase-out of ozone depleting substances, and not to support the additional costs of additional EE related improvements of the equipment. Currently therefore, while the multilateral fund encourages exploring co-financing opportunities for improving energy efficiency, the fund does not directly support the uptake of the most energy efficient technology. HCFC phase-out management plans (HPMPs) approved by the MLF seek to facilitate the conversion of refrigeration - air conditioning (Ref-AC) manufacturing and foam manufacturing away from the use of HCFCs to non - ozone depleting substance (ODS) alternatives. This study explores pathways that may encourage the uptake of ozone- and climate friendly technologies through synergies between the MP, policies to promote EE, and climate finance instruments; thereby leading also to cost-effectiveness of public financing and economic efficiency where synergies exist and can be exploited. The study underscores, based on practical examples, that opportunities can be strategically engineered to encourage harmonization between the phase-out of the HCFCs and HCFC-using technologies with efforts to promote energy efficiency and reduce greenhouse gas emissions (GHG).

Climate Change --- Climate Change Economics --- Climate Change Mitigation and Green House Gases --- Energy --- Energy Production and Transportation --- Environment --- Environment and Natural Resources Management --- Macroeconomics and Economic Growth --- Montreal Protocol --- Pollution Management and Environmental Health

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This paper builds on the findings of an earlier unpublished discussion paper titled "designing a model for networked carbon markets", with its objective being to describe key elements of the mitigation value assessment process. The outcome of this paper will inform a model for the Networked Carbon Markets concept, to be prepared at a later date. The following section two acknowledges the subject matter of the NCM initiative, namely the diverse and heterogeneous trading schemes and other carbon pricing mechanisms that are being put in place by jurisdictions around the globe. As this is the subject of another World Bank paper, only a brief reference is included. Section three sets out a conceptual framework within which to consider the key elements described in the glossary of terms, addressed in section four and annexure 'C'. This section also looks at different transaction scenarios, introducing the concepts of an international transaction unit and an index. Section five turns attention to the types of institutions that might be suitable to participate in the mitigation value assessment process, providing practical examples, and considering the types of expertise and tools those institutions might leverage. Section six considers options for regulatory supervision of the MV assessment process. Section seven looks in more detail at the relationship between mitigation value and the compliance value that might be attached to carbon assets and, in so doing, considers the role and function of the settlement platform. This section also considers the feasibility and potential benefits of an index. The concluding section eight looks at the next steps that might flow from this work.

Accounting --- Acid Rain --- Carbon Dioxide --- Carbon Emissions --- Climate --- Climate Change --- Climate Change Economics --- Climate Change Mitigation and Green House Gases --- Consumer Protection --- Contracts --- Creditworthiness --- Currencies --- Debt --- Default --- Emission Reductions --- Emissions --- Energy --- Environment --- Exchange Rates --- Finance --- Financial Crisis --- Fraud --- Global Warming --- Greenhouse Gases --- Investment Banks --- Legal System --- Macroeconomics and Economic Growth --- Montreal Protocol --- Mortgages --- Private Investment --- Securities --- Sovereign Debt --- Temperature --- Transparency

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Despite the many calls to reform the CDM, its conceptual underpinnings are strong and it will most likely survive in the post-2012 climate regime. Some modifications may be considered in the short term to strengthen the effectiveness and transparency of the mechanism without modifying the Marrakesh Accords. In the medium term substantially increased mitigation efforts in developing countries may require a combination of three possible financial mechanisms: the current activity-based CDM albeit improved, a second market mechanism that would seek to improve the long term emission trends of developing countries by promoting broad based emission reduction programs primarily in the private sector, and a third financial mechanism outside of the market which would be an incentive for the adoption of policy changes leading to a low carbon path, but where emission reductions would not be used as international offsets.

Carbon --- Carbon dioxide --- Carbon Policy and Trading --- Clean development mechanism --- Climate change --- Coal --- Compliance costs --- Consumption patterns --- Debt Markets --- Developed countries --- Economics --- Emission reduction --- Emission reduction commitments --- Emission reductions --- Emissions --- Energy --- Energy and Environment --- Energy efficiency --- Energy Production and Transportation --- Environment --- Environment and Energy Efficiency --- Environmental --- Environmental Economics and Policies --- Environmental integrity --- Finance and Financial Sector Development --- Financial resources --- Market mechanism --- Mines --- Montreal Protocol --- Oil --- Public Sector Development --- Transport --- Transport and Environment --- Transport Economics, Policy and Planning