초록

1997 Kyoto Protocol(KP) specifies so-called Kyoto Mechanism to implement the reduction of greenhouse gas emissions, saying Joint Implementation(art.6), CDM(art.12) and emission trade system(art.17). KP permits trading of carbon emissions produced by the Kyoto Mechanism in carbon trading markets. Accordingly, all Kyoto Units recognised by KP such as carbon emission(AAU) and carbon credits(CER, ERU, RMU) are tradable in carbon markets. Until now three types of carbon market are established: Kyoto Compliance carbon market, Non-Kyoto Compliance carbon market and Voluntary Carbon Market. KP does not maintain any specific disposition about how to implement domestic or regional carbon markets leaving discretionary power to each country. Consequently, domestic carbon trade market varies one country to another. Kyoto Units are all equal to 1 T CO2 equivalent, representing an entitlement to release the same amount of carbon emissions and transferable under certain conditions. Each unit has a unique serial number. International law did not define the legal nature of Kyoto Units such as whether they are commodities or services, a right to pollute, property rights or financial instrument, etc. leaving these problems are solved according to domestic law of each country. International law such as KP recognized the creation of carbon trade market, however, it never admits ownership over atmosphere which is a common property of humankind. Accordingly, a creation of carbon market under Kyoto mechanism doesn't create any property right over atmosphere and carbon emissions. Proprietary value of Kyoto Units can only be produced through ERPAs between contractual parties and can be generated under domestic and/or regional legal regime. Therefore, the legal nature questions of Kyoto Units arise mainly when legal entities are involved under applicable legal regime. Furthermore, under international regime any international transaction of Kyoto Units should not conflict with WTO law. The government adopted Framework Act on Low Carbon, Green Growth (Act No. 9931, Jan. 13, 2010) to prepare the Post-KP. The Framework Act provides an implementation of carbon trade market requiring separate laws for allocation method of permissible emissions, registration, operation, controle and the creation of trading market, etc. In line with this Framework Act the Act on Allocation and Trading of Greenhouse Gas Emissions Allowances came into force on November 15, 2012, which defines the carbon dioxide emissions allowance to be traded like a financial product, however, without defining clearly its legal nature. As Kyoto Units are new legal concepts not existing in actual legal regime, there exist several legal problems that should be resolved such as how these new concepts are regulated and what legal issues exist and how to solve the problems. The trade of carbon credits and carbon emissions could create legal questions all over legal arena in public and private laws. Indepthed discussions over the legal nature of Kyoto Units and carbon trade mechanism are necessary when legislate laws related to carbon market. Some factors should be considered before any conclusion such as Kyoto Units are created from international law, its main purpose is to preserve environment using market rules, actually EU and developed countries are leading carbon markets and Korea will be a part of international carbon market among others things. In this regard, competitiveness and convenience should be highly considered when architect laws and carbon market. Brazil is well known country by its CDM market. There is a slugfest discussion over the legal nature of carbon credit in Brazil. In fact, regulation and convenience are a main discussion point. The article will analyse the case of Brazil as a good example to argue that the nature of carbon credits and carbon emissions, and their trade market should be considered in international competition and cooperation context as there concepts are created under international law.

키워드

CDM, JI, Emission Allowance, Legal Nature of Emission Right, Carbon Credit, Emission Trading Scheme, Kyoto Mechanism, Kyoto Units, Brazil

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