Emissions Reduction Purchase Agreement
Emissions Reduction Purchase Agreement
These agreements started out with the inception of the Clean Development Mechanism (CDM) deals under the Kyoto Protocol and evolved for use as a specially developed for contract parties that directly want to deal between a carbon reduction project (project developer) and buyer of Carbon Credits to either offset the buyer’s own carbon emissions or for sale on the open market. These agreements are now used in connection with Emission Trading Schemes in the European Union and as proposed in Australia and the United States.
The contract originally outlined in detail the various steps of the process of getting the project idea approved by a Validator and the CDM Executive Board to the actual deliverance of Emission Reductions and consequent issuance of Certified Emission Reductions (CERs) more commonly known as Carbon Credits by the CDM Executive Board.
Emissions Reduction Purchase Agreement – ERPA Originally this agreement involved two countries; however, it evolved and occured between a country and a large corporation. Buyers expect their carbon emissions to be above the level allocated to them by the Kyoto Protocol, while the seller expects to produce less. Often, the seller has implemented new technology or is developing a new project that is expected to lower its greenhouse gas emissions.
Emissions Reduction Purchase Agreement
Emissions Reduction Purchase Agreement
This evolution of the agreement today serves the future of climate change and global warming regulating legislation being acted at national level in industrialized countries.
Emissions Reduction Purchase Agreement
An example agreement can be found at the International Emissions Trading Association website IETA – CDM Emission Reduction Purchase Agreement v2
Emissions Reduction Purchase Agreement
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