First Kyoto compliance trade completed

The first trade of greenhouse gas emissions under the Kyoto Protocol’s international emissions trading mechanism took place in December, a move market participants hope will kick-start the long-awaited Kyoto compliance market.

The emissions allowances were sold by the Slovakian government to an anonymous Japanese trading house in the form of ‘assigned amount units‘ (AAUs). Countries that sign up to the Kyoto Protocol – the international agreement to reduce greenhouse gas emissions – receive a

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