CONTENTS -- Foreword -- Preface -- Contributors -- Theme I Setting the Stage -- 1 Climate Disruption: Remaking the Agenda of MEAs in Asia and the World Nicholas A. Robinson -- 1. The Gathering "Storm" -- 2. Responding to Climate Disruption -- 3. The Lagging Pace of International Law-Making -- 4. Precaution and the Scale of Responding to Climate Change -- 5. Legal Precedents for More Effective Climate Change Regimes -- 6. Institutional Dysfunctionality -- 7. Epilogue -- 2 Reframing Global Warming: Toward a Strategic National Planning Framework Scott Victor Valentine -- 1. Introduction -- 2. The Emergence of Consensus on Climate Change -- 3. Climate Change as an Opportunity? -- 3.1. Climate Change as an Opportunity -- 4. Why Singapore? -- 5. Economic and Political Realties in Singapore -- 6. Four National Strengths Related to Alternative Energy -- 7. Leveraging National Strengths for Market Development -- 8. Questions, Suppositions and Lessons -- 9. A Corporate Perspective on Exploiting Strengths -- 10. Demonstrating Relevance -- 11. Concluding Thoughts -- References -- 3 Climate Change - Living in the Anthropocene Jeff Obbard -- The Earth-Atmospheric System and Climate Change -- The Impacts of Climate Change -- The Climate Change Puzzle -- The Global Carbon Cycle -- Carbon and the Gaia Hypothesis -- The Biosphere and Climate Change -- Feedback Mechanisms and Climate Change -- Stabilizing the Climate -- Conclusion -- References -- Theme II Clean Development Mechansim (CDM) -- 4 An Overview of the Clean Development Mechanism in Southeast Asia Jolene Lin -- 1. Introduction -- 2. Introduction to Southeast Asia and ASEAN -- 2.1. Southeast Asia -- 2.2. ASEAN7 -- 3. The Clean Development Mechanism in Southeast Asia -- 3.1. The global context -- 3.2. Renewable energy -- 3.3. Domestic factors -- 4. Regional Cooperation Within ASEAN.

5. The Role of Singapore -- 5.1. Singapore as an environmental financing hub -- 6. Conclusion -- 5 CDM in China Yang Xing and Wang Xi -- Introduction -- 1. The Implementation of CDM in China -- 1.1. Regulations of CDM in China -- 1.1.1. General provisions -- 1.1.2. Permission requirements -- 1.1.3. Institutional arrangement for project management and implementation -- 1.1.4. Project procedures -- 1.1.5. Other provisions -- 1.2. National project management institutions of CDM in China -- 1.2.1. National climate change coordination committee (hereinafter referred to as "the Committee") -- 1.2.2. National CDM Board (hereinafter referred to as "the Board" ) -- 1.2.3. National authority for CDM -- 1.3. CDM projects in China -- 1.4. Provincial CDM service institutions in China -- 1.5. Other legal instruments concerning CDM -- 2. Examples of CDM Projects in China -- 2.1. Meizhou landfills gas recovery and utilization as energy -- 2.1.1. Project participants -- 2.1.2. A brief description of the project -- 2.2. HFC23 decomposition project of Zhejiang Juhua Co., Ltd. -- 2.2.1. Project participants -- 2.2.2. A brief description of the project -- 2.3. Fujian Zhangpu Liuao 30.6 MW Wind power project -- 2.3.1. Project participants -- 2.3.2. A brief description of the project -- 2.4. Liaoning Zhangwu 24.65 MW Wind-farm project -- 2.4.1. Project participants -- 2.4.2. A brief description of the project -- 3. Conclusion -- 6 Empirical Considerations in the Development of CDM Projects in Asia William I.Y. Byun and Felix H.C. Chan -- 1. A Market Based Climate Change Framework -- 2. Considerations for Structuring Market Growth -- 3. "Feedback Signals" -- 4. Scoreboard -- 5. Growth of Corporate Participation -- 6. Towards a Commercial Market -- 7. Potential Bottlenecks? -- 8. For a Continual Market Development -- 9. Post-Kyoto Mobilization -- 10. A Broader Accommodation.

11. A Volume Approach? -- 7 Making Markets Work - A Review of CDM Performance and the Need for Reform Charlotte Streck and Jolene Lin -- Introduction -- 1. Setting the Context -- 1.1. The Kyoto Protocol mechanisms -- 1.2. The CDM's conceptual origins -- 2. The CDM Regulatory Framework -- 2.1. The CDM project cycle -- 2.2. Entities involved in the CDM -- 2.2.1. The COP/MOP -- 2.2.2. The CDM executive board -- 2.2.3. Panels/working groups/teams -- 2.2.4. The UNFCCC secretariat -- 2.2.5. Designated operational entities (DOEs) -- 2.2.6. Designated national authorities -- 2.2.7. Project participants -- 3. CDM Market Regulation -- 3.1. A snapshot: The CDM and the carbon market -- 3.2. The EB as regulator -- 3.3. The EB in operation: An analysis -- 3.3.1. Independency -- 3.3.2. Transparency -- 3.3.3. Efficiency -- 3.3.4. Predictability and certainty -- 3.3.5. Review -- 4. Comparative Analysis -- 4.1. The UN Security Council and its targeted sanctions -- 4.2. The global anti-doping regime -- 5. Models for International Review Mechanisms -- 5.1. World Bank Inspection Panel -- 5.2. The European Ombudsman -- 6. Lessons Learned for the CDM -- 6.1. Adoption of due process rules -- 6.1.1. Administrative rules and procedures -- 6.1.2. Establishment of a focal point -- 6.1.3. Compiling CDM rules -- 6.2. Reform of the executive board and its panels -- 6.2.1. Professionalizing the EB -- 6.2.2. Funding and hiring of sufficient support staff -- 6.3. Establishment of a review mechanism -- 6.3.1. Design features of a CDM review and appeal mechanism -- 7. Conclusion -- Acknowledgments -- Theme III Emissions Trading in the European Union and Asia -- 8 Regional Framework: The European Union Emissions Trading Scheme - Past, Present and Future Kurt Deketelaere and Marijke Schurmans -- Introduction -- 1. Introduction to the Current European Union GHG Emission Trading Scheme.

1.1. Background: The UNFCCC and the Kyoto Protocol -- 1.1.1. International Emission Trading (IET): Allowance-based transaction -- 1.1.2. Joint Implementation (JI): Project based-transaction between an Annex I-Party and another Annex I-Party -- 1.1.3. Clean Development Mechanism (CDM): Project based-transaction between an Annex I-Party and a non Annex I-Party -- 1.2. The EU greenhouse gas emission trading scheme: Current situation and legislation -- 1.2.1. The European Climate Change Programme (ECCP) -- 1.2.2. The EU Directive 2003/87/EC: The establishment of a Community-wide greenhouse gas emission allowance trading scheme -- 1.2.3. The EU Regulation of 21 December 2004: Community Independent Transaction Log (CITL) -- 1.2.4. The EU Linking Directive 2004/101/EC -- 2. Review of the European Union GHG Emission Trading Scheme -- 2.1. General -- 2.2. EU Spring Council 8/9 March 2007 -- 2.3. The aviation proposal -- 2.3.1. Context of the proposal -- 2.3.2. Legal elements of the proposal -- 2.3.3. Evaluation -- 2.4. The maritime sector under EU ETS… -- 2.5. The EU ETS global revision… -- 2.5.1. General -- 2.5.2. The scope of the Directive -- 2.5.3. Further harmonisation and increased predictability 136 -- 2.5.4. Robust compliance and enforcement -- 2.5.5. Linking with emissions trading schemes in third countries, and appropriate means to involve developing countries and countries in economic transition138 -- 2.5.6. Institutional and procedural aspects -- 2.5.7. The relationship between the EU ETS and other market-based regulatory instruments -- 2.5.8. Meetings -- 9 Trends in Carbon Trading: Practical Lessons Andrew Beatty and Evan Williams -- 1. Introduction -- 2. Current Trends in the Carbon Market -- 2.1. State of the Global Carbon Market -- 2.2. State of the carbon market in Asia -- 2.3. Players in the carbon market -- 3. Types of Carbon Transactions.

3.1. Forward sales from emissions reduction projects -- 3.2. Acquisitions of carbon portfolios -- 3.3. Spot trades -- 4. Country Risk -- 4.1. Legal and policy treatment of carbon credits -- 4.2. Foreign investment rules -- 4.3. CDM infrastructure -- 4.4. Domestic regulations specific to carbon credit projects -- 4.5. The impact of domestic regulations on the assessment of additionality -- 5. Contractual Risk -- 5.1. Defining the assets and rights being traded -- 5.2. Delivery risk -- 5.3. Dispute resolution -- 5.4. Environmental risk -- 5.5. Market price risk -- 6. Future Developments -- Glossary -- Schedule 1: CDM Project Cycle67 -- Schedule 2: Case Study - Domestic Regulation of CDM Projects in the PRC -- Project Owners Must be PRC Controlled -- Foreign Buyer Must Agree to Purchase All of the CERs -- The Imposition of a Floor Price for CERs -- The PRC Government Takes a Share of the CER Revenues -- NDRC Ruling on Consultancy Fees -- Theme IV Effective Implementation of the Kyoto Protocol in Asia -- 10 Singapore's National Climate Change Strategy K. Suresh -- 1. Introduction -- 2. Greenhouse Gas Emissions -- 3. Mitigation, Public Awareness and Competency Building Strategies and Programmes -- 4. Clean Development Mechanism -- 5. Vulnerability and Adaptation -- 6. Conclusion -- 11 Japan: Achieving Its Kyoto Target Hiroji Isozaki -- Current Status of the Debate on a Post-Kyoto Framework - Overview of the Main Actors' Positions on a Post-Kyoto Framework -- Proposal for a Post-Kyoto Framework - Commitment and Action Plan -- Structural Problems of the Kyoto Protocol -- 1. Reduction Targets for Japan under the Kyoto Protocol -- 2. GHG emissions from Japan -- 3. Measures Decided by the Japanese Government to be Taken for the Kyoto Protocol -- 4. The Kyoto Protocol Target Achievement Plan, 2005 -- 5. Additional Measures Taken.

6. Measures under the Kyoto Mechanisms.