OXFORD INTERNATIONAL MODEL UNITED NATIONS 12TH ANNUAL CONFERENCE 7TH – 9TH NOVEMBER 2014 UNITED NATIONS CLIMATE CHANGE CONFERENCE emissions, not all states eventually ratified the protocol. HISTORY OF THE COMMITTEE The Protocol was due to expire in 2012, but an extension was agreed to by the COP at the Doha conference3. The last UNCCC was in Warsaw in 2013; the next sessions will be at Lima and Paris, respectively. The 2013 UNCCC at Warsaw, Poland. Source: RT. The United Nations Climate Change Conference (UNCCC) is an annual Conference of the Parties (COP) session under the UN Framework Convention on Climate Change (UNFCCC). There are currently a total of 198 Party States to the Convention and Observer States4. According to the UNFCCC, there are currently 192 Parties to the Kyoto Protocol5. The COP is, as described by the UNFCCC website, the ―supreme decision-making body of the Convention‖. Party States of the Convention are members of the COP. They convene at the yearly conferences1 to discuss progress in tackling climate change, as well as any further developments in the area. The first UNCCC was held in Berlin in 1995. But it was only in 1997, at the third COP session, that the Convention adopted the Kyoto Protocol2. It was a first major step in setting greenhouse gas emissions reductions standards. But despite agreements to legally binding provisions for the reduction of 3 1 https://unfccc.int/meetings/items/6237.php?filtbody= 53 2 http://unfccc.int/kyoto_protocol/items/2830.php http://www.bbc.com/news/science-environment20653018 4 https://unfccc.int/parties_and_observers/parties/item s/2352.php 5 http://unfccc.int/kyoto_protocol/status_of_ratificatio n/items/2613.php Page 3 www.oximun.org TOPIC A: FRAMEWORKS FOR CONTINGENCY PLANS IN LIGHT OF IRREVERSIBLE CLIMATE CHANGE The question as we enter the third decade of the twenty-first century may not be ―How can we stop climate change?‖, but rather ―What can we do to react to climate change?‖ TOPIC HISTORY The beginning of climate change action The melting of the ice caps is a wellknown symbol of climate change. Source: Affordable World Security. ―Anthropogenic warming could lead to some impacts that are abrupt or irreversible, depending upon the rate and magnitude of the climate change‖, concluded the IPCC‘s 2007 Climate Change Synthesis Report. The world is already facing ―severe, pervasive and irreversible‖ impacts of climate change, according to the IPCC‘s Climate Change 2014: Impacts, Adaptation, and Vulnerability report. A defining question of the early 21st century is likely to be whether we are already too late to stop certain irreversible effects of climate change which may already be locked into our planet‘s fate. This topic will aim to get delegates to realise the significant modifications to life for the foreseeable future that will be necessary should irreversible shifts in climate take place. By the early 1990s, climate change was only beginning to enter the public and political consciousness6. Scientists had known for quite a while that the temperature was rising at a rate quicker than expected of the usual flux in climate, and that the warming was human-made in nature. Eventually, the famous 2°C temperature increase limit cemented itself in the debate over climate change. Scientists reported that the potential risk presented by climate change would be particularly great if global temperatures were to exceed the 2°C limit. The limit had its share of detractors, but the presence of a simple, straightforward policy goal caught on. In the present day, nearly every state has endorsed or signed on to the 2°C cap – as well as the idea that an increase beyond that threshold would be dangerous. The UNCCC conferences (and in particular the Kyoto Protocol) therefore 6 http://www.vox.com/2014/4/22/5551004/twodegrees Page 4 www.oximun.org revolved strongly around the possible policies capable of reducing emissions. The Reality of the 2°C Limit The problem at present, however, is that that limit has become increasingly unrealistic. The annual climate change talks have so far been less than successful in getting states to ratify or else adopt policies that are substantially cutting down on emissions. At the world‘s current rate, the limit will have been breached by the middle of the century – and if allowed to persist further, we may well exceed the 4 °C limit by the end of the century. That is far beyond the limit previously called ―dangerous‖. To successfully keep to the 2 °C limit today would mean urgent and deep emissions cuts. Today, it may be time to consider that the limit will almost certainly be breached at some point, and that collective action on adaptation, rather than mitigation, is needed to reduce climate change‘s potential damage in the future. DISCUSSION OF THE PROBLEM An Inevitable Change? Climate change will affect almost every facet of our lives. Combined with the expiration of the Earth‘s oil reserves within the next sixty years, human life will have to adapt significantly to take into consideration the additional environmental demands placed upon it. In the event of irreversible climate change, human life will undergo the greatest sudden change since the end of the Ice Age. Within a century, modern plastics will be unmanufacturable due to the use of oil products in their production. Countries which have focused their economies on certain kinds of agriculture will be unable to grow their staple crops, requiring adaptation of both economies and human diets. Crops that draw heavily on water resources will have to be substituted for their less intensive relatives. With at least some climate change looking certain, delegates must consider how the world will react to this inevitability rather than debating about what will happen. There are a plethora of problems that climate change could cause, and the number of reports on the impact of the phenomenon runs into the thousands. As this is largely a speculative topic, you are encouraged to do your own reading and find problems that you can foresee from other sources and from your own thinking – however, general principles Page 5 www.oximun.org will surely be the nature of any feasible resolution. The Great Green Wall project is a proposed initiative to counter desertification in the Sahel-Saharan region. Source: BBC Some Interesting Investigate Problems to Cost increases in international travel and other modes of transport. Given overwhelming global reliance on fossil fuels, we face the possibility of travelling becoming an exponentially more expensive activity. Any mode of transport reliant on fossil fuels will likely find costs ballooning in the wake of irreversible climate change. Changes in sea or wind currents. One example is the cooling of the Gulf Stream, which the Intergovernmental Panel on Climate Change (IPCC) predicts will cool the United Kingdom by 1 degree Celsius by 21007. The change in temperature will affect biosystems, agriculture and ways of life across large tracts of land. The melting of the polar icecaps and glaciers. An enduring symbol of the change that climate change has wrought, the melting icecaps are more than a striking visual representation of climate change. The phenomenon threatens biodiversity, affects ocean temperatures and mountain groundwater sources and will result in rising water levels. These higher water levels in turn threaten land in the Pacific and Indian Oceans. Permanent desertification. This particularly devastating phenomenon ―threatens the livelihoods of millions of people‖, especially those in developing countries. Limited access to water supplies. A water shortage or limitation in access will easily disrupt manufacturing activities and agriculture – the end result being a threat to human sustenance. 7 http://www.ipcc.ch/publications_and_data/ar4/wg1/ en/ch10s10-3-4.html Page 6 www.oximun.org POINTS RESOLUTIONS SHOULD ADDRESS How do we find global solutions to localised problems? These are some of the points delegates should keep in mind when discussing ideas and drafting a resolution. The list is by no means exhaustive: Is there a one-size-fits-all response to climate change, or will the committee delegate to other institutions? How can the UN work to support institutions in concerned states? What can states do to ensure that changes to everyday life help ease the burden of climate change? What advice can the United Nations give? What support is it willing to offer? What can be done regarding agricultural effects and the stress placed on water resources? Will international legal arbitration be required? Will the drain on resources cause conflicts or deterioration of international relations? How will the United Nations as a body cope with this? How can we encourage states to take steps to limit individual climate change? What effects will climate change have (permanently) on personal travel? Is adaptation, reduction or invention the way forward? How can the UN help in the field of technology? Many United Nations bodies will be concerned with the fight against the consequences of climate change, however the major institutions you need to be concerned with are the UNEP, the IPCC and of course our very own UNCCC. Companies like Dutch Docklands are creating business opportunities out of climate change. Pictured is a ‗floating islands‘ project in the Maldives. Source: Dutch Docklands. FURTHER READING Fourth Assessment Report of the Intergovernmental Panel on Climate Change [2007]: http://www.ipcc.ch/publications_and_dat a/ar4/syr/en/contents.html Page 7 www.oximun.org IPCC WGII AR5 Summary for Policymakers [2014]: http://www.ipcc.ch/publications_and_dat a/ar4/syr/en/contents.html UNEP Millennium Ecosystem Assessment on Desertification: http://www.unep.org/maweb/documents /document.355.aspx.pdf Deutsche Bank - Investing in Climate Change – an interesting look at investing into firms looking to profit from climate change: https://fundsus.deutscheawm.co m/EN/docs/products/Investing_ in_Climate_Change_2011.pdf The Atlantic – The UN’s New Focus: Surviving, Not Stopping, Climate Change. A very concise summary on the argument for adapting, rather than simply halting, climate change. http://www.theatlantic.com/inter national/archive/2014/04/theuns-new-focus-surviving-notstopping-climate-change/359929/ Vox – Meet the companies that are trying to profit from global warming. The article itself contains many useful links to interesting case studies of organisations attempting to benefit from climate change. http://www.vox.com/2014/8/18 /6031219/how-to-profit-off-ofglobal-warming Vox – This map explains why climate change is so unfair. The graphics in this article provide an accessible look at the disparity in negative climate change effects on countries. http://www.vox.com/2014/6/2/ 5765030/obama-global-inequalitypower BIBLIOGRAPHY UNFCCC – Annual COP conferences: https://unfccc.int/meetings/items /6237.php?filtbody=53 UNFCCC – Kyoto Protocol: http://unfccc.int/kyoto_protocol /items/2830.php BBC - ‗UN climate talks extend Kyoto Protocol, promise compensation‘: http://www.bbc.com/news/scien ce-environment-20653018 UNFCCC – Parties and Observer States: Page 8 www.oximun.org https://unfccc.int/parties_and_ob servers/parties/items/2352.php UNFCCC – Status of Ratification of the Kyoto Protocol: http://unfccc.int/kyoto_protocol /status_of_ratification/items/261 3.php Vox – ‗Two degrees: How the world failed on climate change‘ http://www.vox.com/2014/4/22 /5551004/two-degrees IPCC Fourth Assessment Report: Climate Change 2007: Working Group I: The Physical Science Basis: http://www.ipcc.ch/publications_ and_data/ar4/wg1/en/ch10s10-34.html Page 9 www.oximun.org TOPIC B: A UNIVERSAL CARBON CREDIT AND TAX SYSTEM quantity of the greenhouse gas that may be emitted collectively. The limit is split into units (the emissions permits of ‗Carbon Credits‘) and sold to firms. Firms must therefore purchase as many credits as they require to emit and meet their needs, and the total collective emissions will not exceed the cap set. Permits or credits can also be transferred or sold off – as with any trade. There are emissions markets where carbon credits are traded – like the European Climate Exchange. A graphical representation of the capand-trade system. Source: Vox A Carbon Tax is simply what its name implies: a tax imposed on the carbon content of fuels. The idea is simple: as emitters of greenhouse gas emissions (of which carbon dioxide is the major gas) do not generally have an incentive to reduce emissions, levying a tax on emissions will therefore force parties to scale emissions according to cost. In other words, parties will only be able to emit as much greenhouse gas they can afford to. Yet another form of carbon pricing is the Carbon Credit. This takes an emissions trading approach to reducing greenhouse gas emissions – also popularly known as a cap-and-trade system. Under this system, the state, government or some other regulatory authority establishes a limit (the ‗cap‘) on the In simple terms, therefore, these systems attempt to price carbon as a way of reducing emissions. The question that follows is: which system is preferable? In addition, what effects might these policies have on the average consumer? There has been much debate over this, but generally carbon taxes have been considered the more desirable option by economists and analysts. However, the application of either system internationally is far from universal. That most states have by and large failed to meet the targets set by the Kyoto Protocol speaks to the potential need for a stronger global consideration of carbon taxes or emissions trading. The ultimate aim of such carbon pricing methods is not to increase government revenue – in fact, some cases involve a ‗revenue-neutral‘ policy, where carbon taxes essentially substitute other existing taxes. The end goal of the policy is to Page 10 www.oximun.org reduce the disparity in price between traditional fossil fuels and more sustainable renewable and clean energy.8 By raising prices for the former relative to the latter, incentives are created for parties to make the switch, where previously economic considerations dictated the use of fossil fuels almost by default. DISCUSSION OF THE PROBLEM By taxing carbon emissions, the hope is that some of the burden and social cost of greenhouse gas emissions is passed on to emitters. Source: The Liberty Beat The Issue in Brief: The carbon market can be divided into two: the voluntary market and the regulatory (compliance) market. In the compliance market, carbon credits are generated by projects that operate under one of the UNFCCC-approved mechanisms such as the Clean Development Mechanism (CDM). Credits generated under this mechanism are known as Certified Emissions Reductions (CERs). In the voluntary market, carbon credits are generated by projects that are accredited to independent international standards such as the Verified Carbon Standard (VCS). These credits are known as Verified Emission Reductions (VERs). Carbon Trade Exchange supports the trading of both voluntary and compliance credits. It is important to note that carbon credits differ from carbon allowances although the term carbon credit is interchangeably used to represent both. Although in most cases they both represent one tonne of carbon dioxide equivalent, allowances do not originate from carbon projects but are allocated to companies under a ‗cap and trade‘ system such as the EU Emissions Trading Scheme – therefore, they represent the right to emit. At the centre of the government‘s policy on climate change is pricing carbon. Many commentators and politicians have referred to this as a ―carbon tax‖9. The idea is that polluters will pay per tonne of carbon they release into the atmosphere. This cost will initially be set at $23, and increase gradually until 2015, when we 8 http://www.carbontax.org/issues/protecting-thevulnerable/ensuring-equity/ 9 http://www.carbontax.org/whats-a-carbon-tax Page 11 www.oximun.org will shift to a trading scheme that will let the market set the cost. Case Study 1: Australia This is widely thought of as the most effective and least costly mechanism to reduce carbon output and reduce the level of climate change that is occurring. Carbon Taxes in Developed States Introduction Even amongst so-called ‗developed‘ nations, there has not been a wide adoption of the carbon tax system. Cases exist where the existing political structure simply obstructs any attempt to introduce such a system – in others, legislation was actually passed, only to be scuttled later under the force of public or private pressure. And in a few instances, countries have actually successfully adopted carbon taxes. The reasons behind the relatively difficult political acceptance of carbon taxes are nuanced and specific to each state. Broadly speaking, however, corporate lobbying and private sector interests often play a role in railing against carbon taxes. In addition, a lack of public understanding on the issue does not help matters in some cases. Repealing the carbon tax introduced by the Gillard administration was a key promise in current Australian Prime Minister Tony Abbott‘s election. Source: The Australian On July 17, Australia became the first country to repeal a carbon tax. Australia, the world's 12th largest economy, is one of the world's largest per capita greenhouse gas emitters due to its reliance on coal-burning power stations to power homes and industry. Despite having only 0.02 percent of Australia‘s three million businesses affected (the top 500 polluters) by the Carbon Tax that was recently repealed, such decision was taken by the Australian government as Australia is one of the world‘s biggest producers of coal, and the industry is worth about $60 billion and supports an estimated 200,000 jobs. The importance of the coal industry is reiterated by Indian firms such Adani and GVK which stated their disapproval at Page 12 www.oximun.org the Carbon Tax as it would increase the cost of coal being exported to the India. Therefore, it is no surprise that the recent move by the Australian government would be a major boost for coal trade between Australia and India10. There is a good reason why Australia‘s move to repeal the Carbon Tax is significant for other developed countries. The Brookings Institution has previously cited Australia as an "important laboratory and learning opportunity" for U.S. thinking about climate change and energy policy, as it was one of the first major countries outside Europe to adopt a carbon price. The country was also comparable in many ways to the U.S., with similarly energy-intensive lifestyles, industries and per capita greenhouse gas emissions. Hence, this represents a setback in pressuring the U.S government to adopt a carbon tax and credit system domestically which is proven to have work successfully in a country such as Australia. Case Study 2: British Columbia Canadian economists Richard Lipsey (left) and Stewart Elgie (right) were among those voicing approval11 for the province‘s tax and criticising Canadian PM Stephen Harper‘s dismissal of the policy. Source: Sustainable Prosperity However, British Columbia (―BC‖), Canada‘s third largest province (2011 population of 4.4 million), enacted carbon tax which qualifies as the most significant carbon tax in the Western Hemisphere by far. The tax has also been praised as extremely straightforward and transparent in both its administration and revenue treatment12. It has been shown that in BC there is a drop in fuel consumption since the tax took effect in 2008, British Columbians‘ use of petroleum fuels (subject to the tax) has dropped by 15.1% — and by 16.4% compared to the rest of Canada. BC‘s greenhouse gas emissions have shown a similarly substantial decline (although that analysis is based on one year‘s less data). 11 10 http://articles.economictimes.indiatimes.com/201407-18/news/51708637_1_australian-parliamentcarbon-tax-adani-group http://www.theglobeandmail.com/globedebate/the-insidious-truth-about-bcs-carbon-tax-itworks/article19512237/ 12 http://www.fin.gov.bc.ca/tbs/tp/climate/A4.htm Page 13 www.oximun.org Additionally, ―BC‘s GDP growth has outpaced the rest of Canada‘s (by a small amount) since the carbon tax came into effect – suggesting that it has not adversely affected the province‘s economy, as some had predicted. This finding fits with evidence from seven other countries that have had similar carbon tax shifts in place for over a decade, resulting in neutral or slightly positive effects on GDP. The BC government has kept its promise to make the tax shift ‗revenue neutral‘, meaning no net increase in taxes. In fact, to date it has returned far more in tax cuts (by over $300 million) than it has received in carbon tax revenue – resulting in a net benefit for taxpayers. BC‘s personal and corporate income tax rates are now the lowest in Canada, due to the carbon tax shift. Most importantly, from 2008 to 2010, BC‘s per capita Green House Gases emissions declined by 9.9% — a substantial reduction. During this period, BC‘s reductions outpaced those in the rest of Canada by more than 5%. From this, we could see that despite the setback from Canada itself, one of its provinces actually created a sustainable and successful model of carbon tax as compared to Australia. Carbon Taxes in the Rest of the World Case Study 1: Mexico According to a World Bank report13, Mexico has a ―carbon tax on fossil fuel sales and import by manufacturers, producers and importers‖. Effective in 2014, the tax is not one on the entire carbon content of fuels, but a tax on the differential between emissions from fuel and natural gas. This means that natural gas is not included in the tax, for now. Still, the tax is estimated to cover around 40% of all greenhouse gas emissions in the country. Case Study 2: South Africa A carbon tax is expected to be introduced in South Africa by 2016; currently the policy is undergoing technical analysis and assessment to determine its possible impact on the financial situation of the country. The proposed government policy suggested ―a fuel input tax based on the carbon content of the fuel‖. The tax would cover ―all stationary direct [greenhouse gas] emissions from both fuel combustion and non-energy industrial process emissions‖14. 13 http://www.ecofys.com/files/files/world-bankecofys-2014-state-trends-carbon-pricing.pdf at page 81. 14 http://www.ecofys.com/files/files/world-bankecofys-2014-state-trends-carbon-pricing.pdf at 83. Page 14 www.oximun.org The estimate pegged the tax as covering around 80% of all greenhouse gas emissions in South Africa. Several other countries are considering introducing carbon taxes as well. The Brazilian government has undertaken an economic impact study on the matter. Chile‘s plans on introducing a carbon tax are also significant, given their strong reliance on coal in the local energy industry. Carbon Credits and Emissions Trading Introduction The World Bank‘s comprehensive report on state trends in carbon pricing15 notes that emissions trading ―continue to develop at pace, despite the dire state of the international carbon market‖. Eight new carbon markets opened in 2013, while one more opened in early 2014. Emissions trading schemes are collectively valued at approximately $30 billion. China is currently home to the second-largest carbon market in the world, spanning nearly 1,115 million tonnes of carbon dioxide emissions, according to the World Bank16. 15 http://www.ecofys.com/files/files/world-bankecofys-2014-state-trends-carbon-pricing.pdf at 49. 16 http://www.worldbank.org/en/news/feature/2014/0 5/28/state-trends-report-tracks-global-growth-carbonpricing Overview of case studies On the other hand, emissions programmes are already in place in Europe and parts of the U.S. and Canada, as well as Japan and Australia's transTasman neighbour New Zealand. South Korea is expected to begin emissions trading next year, while China is proceeding with pilot schemes in seven locations. Europe's emissions market17 covers 31 countries and 40% of total greenhouse gas output inside the bloc and the European Union Emission Trading Scheme is the largest multi-national, greenhouse gas emissions trading scheme in the world. It is one of the EU's central policy instruments to meet their cap set in the Kyoto Protocol. Britain in 2008 also committed to slashing emissions by at least 80% by 2050 when measured against 1990 levels, while the U.S. Environmental Protection Agency has finalized regulations that aim to deliver carbon pollution cuts of 30% from power plants by 2030 when compared with 2005 levels, giving teeth to U.S. President Barrack Obama's promise to tackle climate shift through mechanisms putting a price on carbon. But there have been backward moves as well. Japan last year retreated on pledges to cut greenhouse emissions, blaming the 17 http://ec.europa.eu/clima/policies/ets/index_en.htm Page 15 www.oximun.org shutdown of its nuclear plants in the wake of the 2011 Fukushima nuclear disaster for a decision to release 3% more greenhouse emissions by 2020 instead of a 25% cut on 1990 levels previously promised. Closing down nuclear power forced the world's fifth-biggest emitter to rely on fossil fuels for electricity generation. Canada withdrew from the Kyoto protocol in 2011, with the conservative government saying the agreement would unfairly penalize its fossil fuel-reliant economy for failing to meet a promised 6% cut. POINTS RESOLUTIONS SHOULD ADDRESS Both the Carbon Tax and Credit system have been implemented in many countries, generating both success and failures. The debate should therefore focus on what could be done to better supplement both systems to produce a better success rate in the future. Here are a few general point you might like to consider in discussing any resolution (this list is by no means exhaustive): Recent carbon tax repeals in states like Australia. Consider the factors driving the repeal. Was it due to an inherent flaw in the law or policy, or an external disruptive element? How might states avoid adopting carbon tax policies only to have them defeated later? The lack of commitment in leading states – such as the USA. The general lack of leadership amongst the more developed countries in committing to a carbon tax and credit system does not bode well for developing countries who are looking to balance environmental responsibilities with growth. Can this be resolved? Alternatively, does it need resolving? The lack of regulation over leading developing countries. The classic developed-developing divide between states on environmental action plays here as well. The perennial argument made by countries like China, India, Nigeria, Brazil etc. is that to impose such policies would be to leave them behind in catching up with more developed states, which did not have the burden of managing carbon emissions during their ascendance. Balancing growth and sustainability. Should developing countries (or all states, for that matter) be regulated somehow when it comes to emissions? Should they be given the same Page 16 www.oximun.org opportunities to develop first, free from responsibilities over emissions? Is there a way to compel responsibility without affecting their growth? The possibility of a new international agreement. The Kyoto Protocol was the first major step towards combating climate change. Some are now arguing for a new agreement, or at least a strengthening of existing ones by encouraging ratification by countries which left the convention or did not ratify to begin with. FURTHER READING World Bank – State and Trends of Carbon Pricing. This is very useful broad look at states which have implemented carbon taxes, and the state of carbon markets worldwide today. An essential read for any delegate intending to seriously prepare for this topic. http://www.ecofys.com/files/files /world-bank-ecofys-2014-statetrends-carbon-pricing.pdf IPCC – Climate Change 2014: Impacts, Adaptation, and Vulnerability. A recent IPCC policy report; worth at least a skim through to pick out pertinent points. https://ipccwg2.gov/AR5/images/uploads/IP CC_WG2AR5_SPM_Approved.p df IETA – The World’s Carbon Markets: A Case Study Guide To Emissions Trading. Another extremely useful resource, with links to a number of countryspecific case studies in emissions trading. http://www.ieta.org/worldscarbo nmarkets UNEP – Carbon Markets and Africa: A Quick Fact Sheet for Journalists. A handy summary on carbon markets and CDM projects in Africa. http://www.unep.org/climatechan ge/Portals/5/cop17/docs/Carbo n_Markets_and_Afria_Resource_ Guide_for_Journalists.pdf BIBLIOGRAPHY Carbon Tax – ‗Ensuring Equity‘ (Carbon Taxes vs Cap-and-Trade): http://www.carbontax.org/issues /protecting-thevulnerable/ensuring-equity/ Carbon Tax – ‗What‘s a Carbon Tax‘: Page 17 www.oximun.org http://www.carbontax.org/whatsa-carbon-tax The Economic Times - ‗Carbon tax repeal in Australia to help in coal supplies to India‘: http://articles.economictimes.indi atimes.com/2014-0718/news/51708637_1_australianparliament-carbon-tax-adani-group The Globe and Mail – ‗The shocking truth about B.C.‘s carbon tax: It works‘: http://www.theglobeandmail.com /globe-debate/the-insidious-truthabout-bcs-carbon-tax-itworks/article19512237/ World Bank – State & Trends Report Charts Global Growth of Carbon Pricing http://www.worldbank.org/en/ne ws/feature/2014/05/28/statetrends-report-tracks-globalgrowth-carbon-pricing European Commission – The EU Emissions Trading System (EU ETS): http://ec.europa.eu/clima/policie s/ets/index_en.htm British Columbia Ministry of Finance – How the Carbon Tax Works: http://www.fin.gov.bc.ca/tbs/tp/ climate/A4.htm World Bank Group – State and Trends of Carbon Pricing: http://www.ecofys.com/files/files /world-bank-ecofys-2014-statetrends-carbon-pricing.pdf Page 18 www.oximun.org
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