Class Year

2008

Document Type

Journal Article

Publication Date

Winter 2006

Abstract

This article examines several of the emissions trading systems currently in place around the world and how they conduct their monitoring and verification processes. By comparing the systems, and studying their experiences, we can distill best practices for implementing an effective monitoring and verification protocol. Compliance is required in both a command-and-control system and a trading system; but a trading system has the additional demands of transparency and confidence in the scheme. Verification is critical because it promotes compliance, which in turn is needed to foster trust and stability in the market. Emissions disclosure must be universally trusted in order to be tradable. Trust in disclosure requires clear and uniform definitions, requirements, and rules for verification.

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