To remain competitive in an environment with limited natural resources and ever-increasing operational costs, energy efficiency cannot be ignored. From this perspective the need for Energy Service Companies (ESCos) has arisen to address the supply constraint of national utilities and emission reductions faced by governments, to mitigate climate change. This has led to the development of two energy-efficiency finance business applications in South Africa, namely Demand-Side Management (DSM) under Eskom and the Clean Development Mechanism (CDM) under the Kyoto Protocol. The technologies developed by ESCos, primarily for DSM energy efficiency projects, can be directly applied to generate Certified Emission Reduction (CERs) units, or carbon credits under the CDM business model. ESCo executives now need to decide which option will be more profitable; a once-off Rand/MW value from Eskom-DSM or an annual return on investment (ROI) from selling CERs over an extended crediting period. With a volatile CER price and bureaucratic registration procedures, it is very important that managers have all the right information at hand before making such decisions. A unique energy-efficiency investment decision model is developed that incorporates cost benefit analysis, based on the ESCos chosen risk profile. All attributes to the model of both DSM and CDM are defined, discussed and quantified into a decision analysis framework that would minimize risk and maximize profit. These attributes include life cycle analysis, technology transfer, cash flow, future CER prices, and associated project and political risks. The literature and background information that builds up to the development of this decision model serves as a complete handbook with guidelines to the South African energy services industry and investors. This study proposes a new energy-efficiency methodology under the United Nations Framework Convention on Climate Change (UNFCCC) that would increase the amount of CDM energy efficiency projects in South Africa and internationally. The methodology is designed to improve control system efficiency of any large electricity consumer instead of being equipment-specific. This implies that developers can use the same methodology regardless of whether the end-users are clear water pumping systems, compressed air systems, fans etc. This will reduce the cost of registering new methodologies with the UNFCCC and make CDM a more lucrative option to ESCos and other developers. This new energy-efficiency methodology and finance decision model was used in a case study to test its validity and accuracy. Two supporting technologies, REMS-CARBON and OSIMS, were developed in conjunction with HVAC International and tested at the clear water pumping system of Kopanang gold mine. The results from the case study demonstrated that this model is an acceptable tool in ensuring that ESCos gain maximum benefit from energy efficiency finance initiatives. Due to the experience gained with the modalities, procedures and pitfalls of DSM and CDM, further suggestions are made for new protocols to follow the Kyoto Protocol post-2012. South Africa and specifically ESCos could be very well positioned in a global “cap-andtrade” future carbon market. / PhD (Mechanical Engineering), North-West University, Potchefstroom Campus, 2009

清潔發展機制作為京都議定書中的一種彈性機制，普遍被認為將為溫室氣體排放減量所引起的「環境保護─經濟發展」與「北─南」衝突帶來雙贏的結果。支持者認為，其為附件一締約方提供達成溫室氣體減排經濟成本較低的方法，也同時為非附件一締約方引進資金與技術。然而，本研究運用國際政治經濟學的分析，提出因為各自要素禀賦的不同，清潔發展機制實行後的利弊損益將不會公平的分配於清潔發展機制項目的投資方與東道方間，因而導致某些負面的效果：其將阻礙投資方境內減排措施的推動，與導致東道方在技術上的依賴。而透過對投資方與東道方內部排放權提供者與技術研發者間互動的分析，再輔以中國與EU-15的實證資料，可以證實本研究的假設並較為清楚地說明其背後之原因。最後，本研究將討論中國政府與EU-15各自如何以政治力介入市場機制的運作，以試圖處理這樣市場機制運作所導致的弊病。 / Clean Development Mechanism (CDM) as a Kyoto flexible mechanism was believed to provide a win-win solution to the conflicts, which result from cutting down greenhouse gas emissions, between wheather ecology & economy or North & South. The proponents believe the implementation of CDM is cost-efficient for the Annex I Parties to achieve their Kyoto commitments and can also introduce capital & technology into the non-Annex I Parties. However, by international political economic analysis, the difference in factors endowments between CDM invest parties and host parties will result in unequal distribution of gains & pays between them. This causes some negative effects: CDM will deter the implementation of domestic emissions reduction in the invest parties, and it will also make technological dependence in the host parties. Through analyzing the interactions between emission allowance providers & technology innovators in the invest & host parties and with empirical data from China & EU-15, the assumptions of this study is proved and the causation is clarified. At last, the governmental interventions, which are trying to modify the negative effects result from the operation of market mechanism, by China and EU-15 are brought into discuss perspectively.

Having been running for over 10 years, the Clean Development Mechanism (CDM) is considered an innovative and successful mitigation initiative. CDM has the dual aims of helping industrialised countries achieve compliance with their emission limitation and reduction commitments in a cost-effective way, while simultaneously assisting developing countries in sustainable development. This thesis does a comprehensive analysis of the dual aims of CDM and is intended to assist in discussions about the post-2012 regime regarding CDM. To analyse the aim of assisting mitigation in a cost-effective way, the prices of certified emission reductions (CERs) on the international carbon market was studied and the provision of CDM was tested by comparing the amount of CERs with the mitigation commitments of the Annex I countries. It was found that CDM plays an important role in maintaining the international carbon price at a low level and that the total amount of CERs alone had already reached up to 52.70% of the entire mitigation commitments of industrialized countries by the end of 2010 and was continuing to grow before 2012. A theoretical analysis of the impacts of CDM showed that CDM has a double mitigation effect in both developing countries and industrialised countries, without double counting at present. A quantitative evaluation of the effects of China’s CDM projects on China’s total emissions showed that the contribution of CDM projects to limiting total emissions is small due to the dominance of fossil fuels, but CDM’s role in stimulating renewable energy is significant, e.g. about 11% of hydropower and 93% of wind power was generated by CDM projects in 2010. The results provide strong evidence in support of CDM’s contribution under the current Kyoto Protocol mitigation regime. To analyse the aim of promoting sustainable development in developing countries, popular methods such as checklist, Multi-Criteria Analysis (MCA) and Cost-Benefit Analysis (CBA) were reviewed, a CBA of co-benefits of China’s CDM projects was carried out, and the Analytic Hierarchy Process (AHP) method was applied in an experimental study. The results showed that every method has its own advantages and problems. In other words, neither the CBA of co-benefits nor the AHP method alone is able to assess sustainable development in a completely satisfactory way. Currently, a bottom-up approach through engaging local stakeholders in CDM design and approval, combining a mandatory monitoring and evaluation of co-benefits, could be more effective for safeguarding local sustainable development than any consolidated standards. The future of the CDM is still unclear mainly due to uncertainties about the post-2012 regime. This thesis shows that there is more than sufficient reason for CDM to continue after 2012. Industrialised countries in general should make more substantial efforts to reduce their domestic emissions rather than blaming developing countries. For developing countries, learning from the CDM projects and further applying the knowledge, technology and experiences to their domestic development agenda could be more valuable than the present CER revenues. CDM can be an important starting point for developing countries to gradually make incremental greenhouse gas (GHG) reduction and limitation efforts. / QC 20110817

Through this interview, Manuel Pulgar-Vidal refers some crucial aspects related to the management being done by the Ministry of Environment (MINAM) on Sustainable Development. As the first point, the author lists the actions that MINAM has executed under the National Energy Policy of Peru, as well as those measures in which they have been working to reduce the environmental impact in the energy sector. Next, the author explains the reasons why the National Climate Change Strategy of 2003 has been implemented in only 12%; while in relation to the possible configuration of a carbon market in Peru, EnvironmentMinister confirmed its existence, adding that as a result, it has been recently approved a legal formula that defines the legal and institutional framework mechanisms to regulate compensation for ecosystem services such as the Clean Development Mechanism (CDM). Finally, Dr. Manuel Pulgar-Vidal, express its position on the package content reactivating measures that were approved earlier this year by Congress, as well as their expectations of the Twentieth Conference of the Parties to the Framework Convention United Nations Climate Change (COP 20) which our country will host. / A través de la presente entrevista, el Dr. Manuel Pulgar-Vidal se pronuncia sobre algunos aspectos cruciales vinculados a la gestión que viene realizando el Ministerio del Ambiente (MINAM) en materia de Desarrollo Sostenible. Como primer punto, el autor realiza un recuento de las acciones que hasta el momento ha ejecutado el MINAM en el marco de la Política Energética Nacional del Perú, así como aquellas medidas en las que viene trabajando para reducir el impacto ambiental en el sector energético. A continuación, el autor explica las razones por las que la implementación de la Estrategia Nacional de Cambio Climático (ENCC) de 2003 solo se ha dado en un 12%; mientras que, en relación a la posible configuración de un mercado de bonos de carbono en el Perú, el Ministro del Ambiente confirma su existencia, precisando que como consecuencia de ello recientemente se ha arribado a una fórmula legal que permite definir el marco legal e institucional para regular los mecanismos de retribución por servicios ecosistémicos, tales como el Mecanismo de Desarrollo Limpio (MDL). Finalmente, el Dr. Manuel Pulgar-Vidal, expresa su posición frente al contenido del paquete de medidas reactivadoras que fueron aprobadas hace algunos meses por el Congreso de la República, así como sus expectativas respecto a la Vigésima Conferencia de las Partes de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (COP 20) de la cual será sede nuestro país.

The article reviews the experiences of programs to promote renewable energy in Southeast Asian countries and proposes some learned lessons that can be useful in the context of COP 20 to promote renewable energy.The article analyzes the rates and mechanisms of promotion used in countries such as India, Indonesia and Vietnam, that are led by the World Bank. These mechanisms are used as a legal basis that proposes successful tested alternatives and its usefulness is that renewable energies can be implemented within the current legal structure of international environmental law.In conclusion, it is the correct timing for the COP 20 to secure funds and international legal mechanisms that promote sustainable energy infrastructure. / El presente artículo revisa las experiencias de programas de promoción de energías renovables en países del sudeste asiático a fin de proponer algunas lecciones aprendidas que puedan ser útiles en el contexto de la Vigésima Conferencia de las Partes de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (COP 20) para la promoción de las energías renovables. Asimismo, revisa las tarifas y mecanismos de promoción utilizados en India, Indonesia y Vietnam, impulsados por el Banco Mundial, como una base para proponer alternativas legales ya probadas. Su utilidad es que las energías renovables pueden ser implementadas dentro de la estructura legal actual del Derecho Ambiental Internacional, la COP 20 es el momento de asegurar fondos y mecanismos jurídicos internacionales que promueven una infraestructura energética sostenible.

Made available in DSpace on 2014-06-11T19:24:16Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-12-14Bitstream added on 2014-06-13T19:51:45Z : No. of bitstreams: 1 minchetti_im_me_arafcl_prot.pdf: 2236442 bytes, checksum: b19f8d8800001d81d467e9b3ba475c29 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / As questões ambientais nos últimos anos têm adquirido cada vez mais importância no cenário econômico mundial, sobretudo em razão de evidências sobre graves problemas ambientais de impacto global. Em 2005 entrou em vigência o Protocolo de Quioto da Convenção Quadro das Nações Unidas sobre Mudança do Clima, estabelecendo metas de redução da emissão de gases causadores do efeito estufa (GEE) para os países desenvolvidos, assim como mecanismos de flexibilização para auxiliar os países no cumprimento dessas metas. O mecanismo de flexibilização que pode ser utilizado por países como Brasil, China e Índia é o Mecanismo de Desenvolvimento Limpo (MDL), o qual pode gerar “créditos de carbono” comercializáveis. O objeto do presente estudo é o estudo comparado do desempenho do Brasil, China e Índia no marcado de carbono, de acordo com a metodologia de cálculo do fator de emissão baseada na matriz energética para a obtenção dos Certificados de Emissões Reduzidas (CERs), e com a legislação ambiental nacional voltada para a regulamentação desse mercado. A metodologia aqui utilizada para cada um dos três países compreende: a) estatísticas descritivas sobre o número de projetos aprovados; b) caracterização dos projetos no que se refere a sua localização setorial, porte (custos econômicos e benefícios ambientais); tempo de maturação e respectivos CERs gerados; origem da iniciativa (se pública ou privada, se nacional ou estrangeira); e, c) inventário das informações sobre o contexto nacional no que diz respeito à matriz e política energética de cada país, o marco regulatório na área ambiental, as linhas de financiamento e fundos de investimentos disponíveis para projetos MDL. As oportunidades econômicas e ambientais propiciadas pelas iniciativas de projetos MDL nos três países concentram-se... / Environmental issues in recent years have acquired increasing importance in the global economic scenario, especially because serious environmental problems of global impact. In 2005 enter in vigor the Kyoto Protocol of the Convention United Nations Framework on Climate Change, setting targets for reducing the emissions of greenhouse gases (GHG) for developed countries, as well as flexibility mechanisms for helping the countries to comply with these targets. The flexibility mechanism that can be used by countries like Brazil, China and India is the Clean Development Mechanism (CDM), which can earn saleable “carbon credits”. The object of this study is a comparative analysis of the performance of Brazil, China and India in the carbon market, according to the methodology of calculation of emission factor based on the energy matrix to obtain the Certified Emission Reductions (CERs), and with the national environmental legislation focused in the regulation of this market. The methodological approach applied here for each of these three countries includes: a) descriptive statistics on the number of approved projects; b) characterization of the projects regarding the location industry, business (economic costs and environmental benefits), duration of maturation and their CERs generated; origin of the initiative (public or private, whether domestic or foreign); and, c) the inventory of information on the national context in relation to the energy matrix and policy of each country, the regulatory framework in the environmental area, the financial support and investment funds available for CDM projects. The economic and environmental opportunities provided by the initiatives setup as CDM projects in all three countries it’s concentrated in the sectors of renewable energy, especially biomass and wind power, where investments in China... (Complete abstract click electronic access below)

Orientador: Luciana Togeiro de Almeida / Banca: Rogério Gomes / Banca: Ademar Ribeiro / Resumo: As questões ambientais nos últimos anos têm adquirido cada vez mais importância no cenário econômico mundial, sobretudo em razão de evidências sobre graves problemas ambientais de impacto global. Em 2005 entrou em vigência o Protocolo de Quioto da Convenção Quadro das Nações Unidas sobre Mudança do Clima, estabelecendo metas de redução da emissão de gases causadores do efeito estufa (GEE) para os países desenvolvidos, assim como mecanismos de flexibilização para auxiliar os países no cumprimento dessas metas. O mecanismo de flexibilização que pode ser utilizado por países como Brasil, China e Índia é o Mecanismo de Desenvolvimento Limpo (MDL), o qual pode gerar "créditos de carbono" comercializáveis. O objeto do presente estudo é o estudo comparado do desempenho do Brasil, China e Índia no marcado de carbono, de acordo com a metodologia de cálculo do fator de emissão baseada na matriz energética para a obtenção dos Certificados de Emissões Reduzidas (CERs), e com a legislação ambiental nacional voltada para a regulamentação desse mercado. A metodologia aqui utilizada para cada um dos três países compreende: a) estatísticas descritivas sobre o número de projetos aprovados; b) caracterização dos projetos no que se refere a sua localização setorial, porte (custos econômicos e benefícios ambientais); tempo de maturação e respectivos CERs gerados; origem da iniciativa (se pública ou privada, se nacional ou estrangeira); e, c) inventário das informações sobre o contexto nacional no que diz respeito à matriz e política energética de cada país, o marco regulatório na área ambiental, as linhas de financiamento e fundos de investimentos disponíveis para projetos MDL. As oportunidades econômicas e ambientais propiciadas pelas iniciativas de projetos MDL nos três países concentram-se... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: Environmental issues in recent years have acquired increasing importance in the global economic scenario, especially because serious environmental problems of global impact. In 2005 enter in vigor the Kyoto Protocol of the Convention United Nations Framework on Climate Change, setting targets for reducing the emissions of greenhouse gases (GHG) for developed countries, as well as flexibility mechanisms for helping the countries to comply with these targets. The flexibility mechanism that can be used by countries like Brazil, China and India is the Clean Development Mechanism (CDM), which can earn saleable "carbon credits". The object of this study is a comparative analysis of the performance of Brazil, China and India in the carbon market, according to the methodology of calculation of emission factor based on the energy matrix to obtain the Certified Emission Reductions (CERs), and with the national environmental legislation focused in the regulation of this market. The methodological approach applied here for each of these three countries includes: a) descriptive statistics on the number of approved projects; b) characterization of the projects regarding the location industry, business (economic costs and environmental benefits), duration of maturation and their CERs generated; origin of the initiative (public or private, whether domestic or foreign); and, c) the inventory of information on the national context in relation to the energy matrix and policy of each country, the regulatory framework in the environmental area, the financial support and investment funds available for CDM projects. The economic and environmental opportunities provided by the initiatives setup as CDM projects in all three countries it's concentrated in the sectors of renewable energy, especially biomass and wind power, where investments in China... (Complete abstract click electronic access below) / Mestre

Orientador: Osmar de Carvalho Bueno / Banca: Maria Aparecida Mourão Brasil / Banca: Thelma Krug / Resumo: O alerta de cientistas sobre o aquecimento do planeta vem desde a década de 60. Entretanto, a comunidade internacional passou a discutir mais profundamente o tema a partir dos anos 80, mas foi na década de 90 que se conseguiram os maiores avanços diplomáticos, com o advento da Convenção-Quadro das Nações Unidas sobre Mudança do Clima e suas Conferências das Partes, onde em 1997 negociou-se o Protocolo de Quioto. Este trabalho discorre sobre a regulamentação internacional relacionada ao aquecimento global, enfocando em particular o papel da agroenergia brasileira dentro do Mecanismo de Desenvolvimento Limpo (MDL) e seu potencial de mitigação para a mudança climática. . Utiliza-se do método dedutivo para o desenvolvimento da dissertação. A atuação do Brasil apresenta-se controversa, pois é grande emissor de gases de efeito estufa (GEE) decorrente do desmatamento. Entretanto, a agroenergia brasileira destaca-se no cenário mundial com o grande potencial de substituição de matrizes energéticas não-renováveis por renováveis. Conclui-se que a agroenergia brasileira poderá contribuir para a mitigação do efeito estufa A discussão enfocou a demonstração da adicionalidade nos projetos de MDL, o potencial dos projetos de co-geração de energia e a necessidade de incluir no segundo período de compromisso do Protocolo de Quioto atividades relacionadas a uso da terra e mudança do uso da terra como ferramentas que contribuem para o controle do aquecimento global. As conclusões indicam a diferenciação entre projetos de redução de emissão e projetos de MDL; a potencialidade da agroenergia e o trabalho do Brasil para se destacar no mercado de carbono. / Abstract: Scientists have been warning about the planet warming since the 1960s. However, the international community started discussing it more deeply in the 1980s, but it was in the 1990s that the greatest diplomatic advances were reached, with the United Nations Framework Convention on Climate Change and its Conference of Parties when, in 1997, the Kyoto Protocol was negotiated. This study concerns the international regulation related to global warming, focusing on the particular Brazilian agroenergy role within the Clean Development Mechanism (CDM) and its mitigation potential to the climate change. The deductive approach was used in this paper. The Brazilian performance is antagonistic, once it is a great greenhouse gas emissary due to deforestation. Nevertheless, the Brazilian Agroenergy stands out in the world scenario with the huge replacement potential from nonrenewable energetic matrix to renewable ones. In this way, it is possible to conclude that the Brazilian Agroenergy can contribute to the greenhouse effect reduction. The discussion focused on the addition demonstration on CDM projects, the energy cogeneration potential of the projects, and the need to include activities concerning the land use and land use changes as a tool that comes through the global warming control in the second commitment period of Kyoto Protocol. The conclusion shows the difference between the reduction emission projects and the CDM projects; the agroenergy potencial as well as the Brazilian effort to stand out in the carbon market. / Mestre

A presente pesquisa teve como objetivo identificar a incidência de impactos econômicos no patrimônio das empresas brasileiras, chinesas e indianas provocados pela mensuração e reconhecimento ao valor justo dos ativos provenientes de Reduções Certificadas de Emissões (RCEs) geradas em seus processos produtivos, com a implementação de projetos de Mecanismos de Desenvolvimento Limpo (MDLs), durante o período de 2005 a 2012. Consideraram-se os estímulos oferecidos com as diretrizes do Protocolo de Quioto e a representatividade de implementações de projetos de MDLs da China, da Índia e do Brasil, para apresentar, com base em pesquisas descritiva, analítica e quantitativa, uma proposta de mensuração contábil das RCEs, capaz de evidenciar os fluxos futuros de seus benefícios econômicos, partindo-se do modelo de Ratnatunga, Jones e Balachandran (2011). Para tanto, trabalhou-se com a hipótese de que as RCEs não estão sendo mensuradas ao valor justo enquanto ativo, fato este que tem inviabilizado a evidenciação dos efeitos patrimoniais dos fluxos de caixa futuros. Descreveu-se a teoria da mensuração contábil como suporte ao valor justo; discutiu-se os padrões contábeis existentes nos países mencionados e as principais características que envolvem as adoções das International Financial Reporting Standards (IFRSs) em cada um deles, com foco na mensuração contábil ao valor justo, aceita pelo International Accounting Standards Board (IASB). As orientações contábeis internacionais emanadas para contabilização das RCEs foram apresentadas para analisar o cenário atual de desenvolvimento do tratamento contábil atribuível ao ativo em questão. Assim, detectou-se que a mensuração das RCEs tem sido pouco discutida. Sugeriu-se que com a efetivação do registro dos projetos de MDLs junto ao Conselho Executivo da United Nations Framework Conference on Climate Change (UNFCCC), as RCEs passem a ser reconhecidas ao valor justo e como ativos intangíveis desenvolvidos internamente por parte das entidades hospedeiras dos projetos de MDLs, em contrapartida ao Patrimônio Líquido (PL), até o momento de sua realização. A base para mensuração do valor justo proposta foi os valores de mercados ativos. Em função do lapso temporal que estarão gerando benefícios econômicos, realizou-se projeção financeira sobre as quantidades potenciais constantes estimadas de Reduções Esperadas (REs) para todo o período de desenvolvimento das atividades dos projetos, utilizando-se uma taxa Euribor para desconto de seus valores futuros ao presente. De posse dessas variáveis, os valores justos das REs de 31 projetos de MDLs brasileiros, 379 chineses e 318 indianos, foram projetados sobre o valor do PL de 15 empresas brasileiras, 56 chinesas e 183 indianas componentes da amostra da pesquisa, com apoio do teste estatístico não-paramétrico Wilcoxon. Os resultados da pesquisa forneceram indícios de que a mensuração ao valor justo das RCEs, e seu reconhecimento enquanto ativo intangível, poderia ter representado um impacto positivo no grupo de contas patrimoniais das empresas participantes da pesquisa. Assim, a aplicabilidade empírica da mensuração ao valor justo das RCEs embasada em discussões teóricas já existentes, possibilitou a realização de avaliações desse ativo enquanto item patrimonial capaz de gerar efeitos econômicos positivos no patrimônio das entidades localizadas em países em desenvolvimento, durante a primeira fase do Protocolo de Quioto. / This research aimed to identify the incidence of economic impacts on equity of Brazilian, Chinese and Indian companies caused by the measurement and recognition at fair value of the assets from Certified Emission Reductions (CER) generated in their production processes, with the implementation of Clean Development Mechanisms (CDM) projects from 2005 to 2012. It was considered the incentives offered to the guidelines of the Kyoto Protocol and the representativeness of CDM projects implementation of China, India and Brazil, to present, based on descriptive, analytical and quantitative research, a proposal for accounting measurement of CER, able to enhance the future flows of its economic benefits, based on the Ratnatunga, Jones and Balachandran (2011) model. Therefore, it worked with the hypothesis that the CER are not measured at fair value as assets, a fact that has made impossible the disclosure of balance sheet effects of future cash flows. It was described the theory of accounting measurement as support at fair value. It was discussed existing accounting standards in those countries and the main characteristics that involve the adoption of International Financial Reporting Standards (IFRS) in each of them, focusing on accounting measurement at fair value, accepted by the International Accounting Standards Board (IASB). The international accounting guidelines issued for accounting of CER were presented to analyze the current scenario of development of the accounting treatment attributable to the asset. Thus, it was found that the measurement of CERs has been little discussed. It was suggested that with the realization of the registration of CDM projects with the Executive Council of the United Nations Framework Conference on Climate Change (UNFCCC), CER start to be recognized at fair value as intangible assets developed internally by the host entities of CDM projects, in contrast to Equity, until the moment of its realization. The basis for measuring fair value proposition was the values of active markets. Depending on the time gap that will generate economic benefits, a financial projection on potential constants estimated quantities of Expected Reductions (ER) for the whole period of development of project activities was carried out, using a Euribor rate to discount their future values to the present. With these variables, the fair values of ER from 31 Brazilian CDM projects, 379 Chinese and 318 Indians were simulated on the value of equity of 15 Brazilian companies, 56 Chinese and 183 Indian components of the survey sample, with test support statistical non-parametric Wilcoxon. The survey results provided evidence that the fair value measurement of CER, and its recognition as an intangible asset, could have represented a positive impact on the group balance sheet accounts of the participating research companies. Thereby, the empirical applicability of the fair value measurement of CER grounded in existing theoretical discussions, made it possible to carry out assessments of this asset as a heritage item capable of generating positive economic effects on equity of entities located in developing countries, during the first stage of the Kyoto Protocol.

Though heavily criticized, the Kyoto Protocol has stood out as the key political tool in addressing climate change. However the only of its instruments (IET, JI, CDM) that allows industrialized and developing countries to cooperate towards mitigation of GHGs is CDM. The underlying assumption of forestry CDM is that forest plantations (afforestation/ reforestation) might help to remove carbon dioxide (the most representative GHG) emissions. This assumption takes for granted that forest plantations might compensate for the loss of natural forests. Therefore this alleged trade-off constitutes the very focus of this study. Due to high monetary price instability in brand new markets, like the carbon offset one, the analysis abstracts out money variables. Additionally, this engine helps overcome the trap set up by monetary prices as scarcity indicators. Thus, to go along with the bioeconomic analysis, a Gordon-Schaefer fishery-like model is applied to carbon forest sequestration in Rio Grande do Sul. This state is thought of bringing an interesting picture to the analysis of the claimed trade-off between natural and planted forests. This owes both to Rio Grande do Sul s unworthy deforestation rates and to its high natural-to-planted forest ratio. This land use assortment is thought of as if there were two countries or regions: a forest-rich one, where natural forests still remain, and a forest-poor one, where afforestation and/or reforestation takes place. Only physical units (MtC) are used to calculate exchange and interest rates as well as non-monetary prices. Next, a function that assigns the land use to natural and planted forests is arrived at. As such, it works as the emission removal demand. On the other hand, the emission supply function depends on the economic growth rates. The results show that, eventually, the sustainability of economic growth hinges on a region s or country s ecological situation namely, equilibrium, credit or debt. The economic and environmental advantages of each mitigation strategy CDM and natural forest conservation are crosschecked. A nearly 40-year long overshoot rate is, after all, estimated for the forest sector in Rio Grande do Sul. The estimates suggest that CDM might help relieve environmental stress only where ecological credit is reported. Where ecological debt is already on, CDM was found unable to compensate for conservation disregard. / Apesar das críticas que tem sofrido, o Protocolo de Kyoto tem-se constituído na principal ferramenta política para enfrentar a mudança climática. No entanto o único de seus instrumentos (comércio internacional de emissões, implementação conjunta e MDL) que prevê a cooperação entre países industrializados e em desenvolvimento para mitigar as emissões de GEE é o MDL. A modalidade florestal do MDL pressupõe que as plantações florestais (florestamento/reflorestamento) podem ajudar na remoção das emissões de dióxido de carbono (o GEE mais representativo). Esse pressuposto aceita que as plantações florestais podem compensar a perda de florestas naturais. Por isso esse proclamado trade-off constitui o foco principal deste estudo. Devido à grande instabilidade dos preços monetários em mercados incipientes como o do carbono, a análise abstém-se de utilizar variáveis monetárias. De resto, esse artifício ajuda a contornar certas dificuldades decorrentes da utilização dos preços monetários como indicadores de escassez. Assim, a análise bioeconômica prossegue com a aplicação, ao seqüestro florestal de carbono no Rio Grande do Sul, de um modelo similar ao de Gordon-Schaefer, tradicionalmente empregado na gestão da pesca. Por duas razões principais, o caso do Rio Grande do Sul contribui para a análise do suposto trade-off entre florestas naturais e plantadas. Em primeiro lugar, por não se registrarem taxas de desmatamento pronunciadas no estado. Em segundo lugar, pela elevada proporção de florestas naturais em relação às florestas plantadas em seu território. A repartição do uso do solo entre as florestas é utilizada para estudá-las como se representassem nações ou regiões diferentes: uma, rica em florestas, onde as formações florestais nativas permanecem em pé; outra, pobre em florestas, onde as plantações florestais se estabelecem através de florestamento e/ou reflorestamento. Apenas unidades físicas (MtC) são utilizadas para calcular taxas de câmbio, taxas de juro e preços não-monetários. A seguir, deduz-se uma função que reparte o uso da terra entre florestas naturais e plantadas. Essa função equivale à demanda por remoção de emissões. Sua contraparte é a função oferta de emissões, que depende das taxas de crescimento econômico. Os resultados mostram como, em última análise, a sustentação do crescimento econômico está condicionada à situação ecológica (dívida, crédito ou equilíbrio) de um país ou região. Em cada cenário, confrontam-se as vantagens econômicas e ambientais das estratégias do MDL e da conservação de florestas naturais. Além disso, estima-se uma taxa de overshoot para a atividade florestal no Rio Grande do Sul ao longo dos últimos 40 anos aproximadamente. As estimativas sugerem que o MDL pode aliviar pressões ambientais somente onde se registre crédito ecológico. Onde o endividamento ecológico já esteja em curso, o MDL não substitui a conservação.