Thesis (MSc)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The research was conducted in the Kwa-Zulu Natal midlands, South Africa. The vertical distribution of soil organic carbon (SOC) stocks were successfully predicted by stochastic exponential models developed for the three main land uses in the area, which are farmlands, forestry plantations and grasslands. These models, in combination with regular surface sampling, may be used for monitoring SOC dynamics in the area and mapping SOC stocks. Bulk density measurements are needed in combination with SOC content (%wt) to calculate such SOC stocks. Considering the disadvantages of bulk density sampling and measurement, an effort was made to determine if one of the commonly-used existing stochastic models could be used to successfully predict bulk densities for soils with known texture and SOC content to replace direct measurements, taking into account that different managements might affect final results. Statistica software was used to correlate the Saxton & Rawls model predictions and associated regressions with measured values for the study area. A clear distribution trend was achieved using Statistica and the correlations were fair with r2 values close to 0.5 for individual regressions and substantially higher for area averages. However, considering the depth-stratified averages and correcting for the effects of particle density changes for soils with high soil organic matter, high correlations for 2 of the 3 studied land uses were achieved (r2 values of 0.99 and 0.81 in forests and grasslands respectively). Therefore, although Saxton and Rawls (2006) predictions of bulk density may be used, it is preferable to conduct direct bulk density determinations. The proposed models to calculate the vertical distribution of SOC would substantially reduce the cost of soil carbon inventories to 1m soil depth in the study area by limiting observations to the soil surface. Triplicate 5cm-deep soil core samples would be collected at the soil surface per observation point for determination of ρb (bulk density) and Corg (organic carbon). On average, the accuracy of the normalized depth-distribution model is rather high for grasslands and forests/forest plantations (R2 = 0.98), but somewhat lower for cultivated lands (R2 = 0.96) due to mixing of the plough layer to cultivation depth. Carbon stocks to 1m depth were calculated as an integral of the normalized exponential distribution, multiplied by the value of Corg observed at the soil surface and expressed on volume basis as carbon density (Cv, kg∙m-3). The resulting stock assessment was compared to the observed values using piece-integration for sampled depth increments to give SOC stocks on an area basis (kg∙m-2). The estimated prediction error on average was 1.2 (9%) and 3.7 kg∙m-2 (21.6%) in grasslands and forests respectively, while for cultivated lands the error was 1.3 kg.m-2 (9.5%). Further improvement to reduce these errors may be achieved by introducing the soil type as variable and grouping the functions by soil type rather than land uses. The results of this work were presented at the seminar of the department of Soil Science, Stellenbosch University (Ros et al., 2014), the combined congress of the South African Soil Science, Horticulture and Agronomy societies (Rozanov et al., 2015), the First Global Soil Map conference, France (Wiese et al., 2013), the 20th International Congress of Soil Science, Korea (Wiese et al. 2014) and were submitted for publication in Geoderma special issue dedicated to digital soil mapping of soil organic carbon following the presentation at the 20th ICSS, Korea (Wiese et al., 2014). / AFRIKAANSE OPSOMMING: Hierdie navorsing is in die Kwa-Zulu Natalse middellande van Suid-Afrika gedoen. Die vertikale verspreiding van grondorganiese koolstof (GOK) is suksesvol voorspel deur middel van stogastiese eksponensiële modelle wat vir die drie hoof landsgebruike ontwikkel is. In kombinasie met roetine monsterneming by die grondoppervlak kan hierdie modelle suksesvol aangewend word vir die monitering van GOK dinamika in die studiegebied, sowel as kartering van GOK voorraad. Bulkdigtheidsmetings word tesame met GOK inhoud (%massa) benodig om die GOK voorraad te bereken. Weens die nadele van monsterneming vir bulkdigtheidsbepalings is ‘n poging aangewend om te bepaal of een van die mees algemeen gebruikte bestaande stogastiese modelle (Saxton & Rawls 2006) gebruik kan word om die bulkdigtheid van gronde suksesvol vanaf tekstuur en GOK inhoud te voorspel en sodoende direkte metings te vervang. Statistica sagteware is gebruik om die voorspellings met behulp van die Saxton & Rawls modelle en gevolglike regressies met gemete waardes vanuit die studiegebied te korreleer en ‘n duidelike verspreidingstendens is hierdeur opgelewer. Die korrelasies vir individuele regressies was redelik met r2 waardes naby 0.5 en merkwaardig hoër waardes vir area gemiddeldes. Hoë korrelasies is egter behaal vir 2 van die 3 bestudeerde landsgebruike (r2 waardes van 0.99 en 0.81 in bosbou en grasveld onderskeidelik) wanneer die gemiddelde dieptestratifikasies gebruik en gekorrigeer word vir die verandering in deeltjiedigtheid vir gronde met hoë grondorganiese material. Alhoewel die Saxton and Rawls (2006) voorspellings van bulkdigtheid gebruik kan word, behoort bulkdigtheidsbepalings egter verkieslik direk gedoen te word. Die voorgestelde modelle vir die bepaling van vertikale GOK verspreiding tot 1m gronddiepte sou die koste van grondkoolstof opnames in die studiegebied dramaties verlaag deur grondmetings tot die grondoppervlak te beperk. Grondmonsters sal in triplikaat per waarnemingspunt met 5cm diep silinders op die grondoppervlak geneem word vir ρb (bulkdigtheid) and Corg (organiese koolstof) bepalings. Die gemiddelde akkuraatheid van die genormaliseerde diepteverspreidingsmodel is hoog vir grasveld en woude/bosbou plantasies (R2 = 0.98), maar ietwat laer vir bewerkte landerye (R2 = 0.96) as gevolg van die vermenging van die ploeglaag tot op die diepte van bewerking. Koolstof voorraad tot 1m gronddiepte is bepaal deur middel van die integraal van die genormaliseerde eksponensiele verspreiding, vermenigvuldig met die waarde van Corg op die grondoppervlak en op ‘n volume basis uitgedruk as koolstofdigtheid (Cv, kg∙m-3). Die gevolglike voorraadopname is met gemete waardes vergelyk deur middel van ‘n stuksgewyse integrasie van die gemonsterde diepteinkremente om GOK voorraad per area (kg∙m-2) te lewer. Die gemiddelde geskatte fout van voorspelling was 1.2 (9%) en 3.7 kg∙m-2 (21.6%) in grasveld and plantasies onderskeidelik en 1.3 kg.m-2 (9.5%) in bewerkte landerye. Verdere verbetering van die modelle en ‘n verlaging in hierdie foute kan verkry word deur die grondtipe inligting as veranderlike in te bring en die funksies volgens grondtipe eerder as landsgebruik te groepeer. Resultate van hierdie werk is reeds aangebied tydens ‘n seminar by die department Grondkunde, Stellenbosch Universiteit (Ros Mesa et al., 2014), die gesamentlike kongres vir die Suid-Afrikaanse Verenigings vir Grondkunde, Hortologie, Onkruidwetenskap en Gewasproduksie (Rozanov et al. 2015), die Eerste Global Soil Map konferensie, Frankryk (Wiese et al, 2013), die 20ste Internasionale Grondkunde Kongres, Korea (Wiese et al. 2014) en is ingehandig vir publikasie in ‘n spesiale uitgawe van Geoderma wat, na aanleiding van die aanbieding by die 20ste Internasionale Grondkunde Kongres, Korea (Wiese et al., 2014), fokus op digitale grondkartering van grondorganiese koolstof.

Society’s efforts to ‘manage’ the problem of human-induced climate change – for example through setting targets, tracking progress, imposing sanctions and incentives, and creating markets in emission rights and offsets – have given rise to numerous calculation, measurement, attribution, monitoring, reporting and verification challenges, which are being addressed by many different communities (including scientists, governments, businesses and accountants) in many different ways. Carbon accounting – this diverse and ever-expanding assemblage of calculative practices – is a rapidly evolving phenomenon, which has only recently become a subject of academic accountancy-related research. This thesis explores what carbon accounting means, who it involves, and how different communities define and lay claim to competence in the field. It also examines, through case studies on the emergence of the Climate Disclosure Standards Board and the controversies around generating tradable carbon offsets from forestry projects in the UK, the immense technical, cognitive, social and political work required to make carbon measurable, commensurable and thereby amenable to various forms of management. The thesis contributes to both conceptual and practical understanding of carbon accounting as an emerging field of study. Bringing together a wide range of empirical examples of different types of carbon accounting practices, it proposes a unique definition of carbon accounting which expands the horizons of the field. It provides a conceptual basis for making sense of carbon accounting by considering it not as a unitary phenomenon but rather as a set of overlapping frames, each associated with different communities of practice. It shows that competence in carbon accounting is contested, particularly where these frames overlap, and that boundary organisations are emerging that offer the opportunity to negotiate such tensions and lead to more productive policy-making. Finally, it makes the case that engagement with the detail of the ‘nuts and bolts’ of carbon accounting is essential, as these apparently technical details can have major implications for the effectiveness of society’s response to climate change, and it is only by opening them up to rigorous scrutiny that we can make progress, both conceptually and practically.

Climate change is one of the most important challenges society is facing. Climate change is mainly due to the release of greenhouse gases (GHG) by humans. The transportation sector plays a major role in the release of GHG. However, little effort has been made worldwide for decreasing transportation emissions. Accounting for transportation emissions has become a great concern. SETEC International is one of the leading engineering groups for the design of transportation infrastructure in France. Through this Master’s Thesis, SETEC wanted to develop a carbon accounting tool for calculating GHG emissions from three types of infrastructures: road, railway and airport. This Thesis explains how the carbon accounting tool was designed in order to take into consideration most of the GHG emissions caused by transportation infrastructures. Carbon accounting of an infrastructure aims to determine the elements that emit the most GHG so that design recommendations can be made and the carbon footprint of the infrastructure reduced.

Avec l’essor du développement durable, des instruments de gestion ont été déployés dans les entreprises afin d’aborder cette problématique. Sur le climat en particulier, où le but est de réduire les émissions de gaz à effet de serre, les marchés du carbone, la fiscalité carbone et les normes d’interdiction constituent les instruments classiques de politique publique. A leurs côtés, la comptabilité carbone, plus confidentielle, a été développée pour rendre visible et estimer ces émissions afin de permettre d’enclencher des actions de réduction. Toutefois ses effets sont actuellement largement méconnus : comment les acteurs en entreprise se sont-ils saisis de cet instrument ? Nous adoptons dans cette thèse une perspective gestionnaire pour nous intéresser aux enjeux d’action collective qui entourent cet objet. Nous questionnons alors la performativité de la comptabilité carbone en proposant d’une part d’analyser le modèle implicite qu’elle véhicule et en étudiant d’autre part ses implications managériales. Pour cela, notre méthodologie repose sur une démarche qualitative et propose notamment des études de cas. En déconstruisant l’objet comptabilité carbone, nous montrons que les différents outils développés sous ce terme générique présentent en réalité des identités différentes, relevant ainsi soit d’une logique ingénierique, soit financière. Les implications managériales qui en découlent sont diverses : si la comptabilité carbone s’inscrit parfois dans une stratégie orientée vers la réduction d’émissions (sous certaines conditions dont nous proposons un modèle explicatif), d’autres effets induits existent (développement d’une bureaucratie, exhortation à la transparence, etc.). Cette thèse présente finalement des contributions théoriques (performativité), empiriques (réflexivité pour les entreprises et l’ADEME), et méthodologiques (analyse de la performativité par les instruments de gestion). / Since sustainable development has spread, management tools have been developed in companies in order to tackle this problem. For climate change, the goal is to reduce greenhouse gas emissions. To do that, carbon markets, carbon taxation and limits of emissions are traditional policy tools. Less known, carbon accounting has been developed in order to assess greenhouse gas emissions, make it visible and therefore to make it possible to reduce them. However carbon accounting’s effects remain mostly unknown. In this thesis, I address collective action problem around this tool in a managerial perspective. Therefore I tackle carbon accounting's performativity by analyzing hidden model which is embedded in it and by studying its managerial effects. My methodology rests upon a qualitative research by using case studies specifically. I explain first that there are different logics behind the common term “carbon accounting”: an engineering and a financial one. Managerial effects are also varied: a strategy oriented toward the emission reduction is sometimes settled but mostly other effects are created (claim for more and more transparency, etc.). Finally I propose theoretical contributions (performativity), empirical ones (ADEME and companies’ reflections) and methodological ones (performativity analysis through managerial tools).

Tropical forests play a major role in global carbon (C) dynamics and maintain some of the highest biological complexity on Earth; however, little is known about how variation in wood chemical traits contributes to tropical forest structure and function. This research examines inter- and intraspecific patterns in wood chemical traits in order to understand 1) the role wood chemical traits play in tropical forest C dynamics, and 2) the adaptive significance of wood chemical traits in tropical trees. I found wood C concentration varies widely among co-occurring tropical tree species, with average C concentration (47.4 ± 0.33% w/w (S.E.)) being significantly lower than values assumed in prominent forest C accounting protocols. Failing to account for this variation leads to overestimates of ~3.3 – 5.3% in tropical forest C accounting, an error that compounds significantly at larger spatial scales. I also show that oven drying samples prior to elemental analysis underestimates wood C concentration by 2.5 ± 0.17%, due to the loss of the “volatile C fraction”. Counter to expectations, I found wood C concentration is not ii phylogenetically conserved nor correlated to species demography or life history traits. Wood chemical traits showed consistent size-dependent patterns: wood C (in 16 of 24 species) and lignin (in 15 of 16 species) was higher in saplings vs. conspecific canopy trees. These patterns, complimented by phylogenetic analyses, suggest saplings require wood chemical traits that confer greater pathogen defense. When analyzed across a continuous size spectrum, I found wood C concentration (and leaf structural traits) increases linearly, while wood starch concentration (and leaf traits associated with C gain) shows “hump-shaped” patterns with peak values closely preceding reproductive onset; the latter result suggests C may limit growth in larger trees. Overall, my dissertation provides one of the first comprehensive examinations of wood chemical trait variation in tropical trees. In doing so it provides novel, timely, and critical insights into how wood chemical traits contribute to tropical forest structure and function.

Tropical forests play a major role in global carbon (C) dynamics and maintain some of the highest biological complexity on Earth; however, little is known about how variation in wood chemical traits contributes to tropical forest structure and function. This research examines inter- and intraspecific patterns in wood chemical traits in order to understand 1) the role wood chemical traits play in tropical forest C dynamics, and 2) the adaptive significance of wood chemical traits in tropical trees. I found wood C concentration varies widely among co-occurring tropical tree species, with average C concentration (47.4 ± 0.33% w/w (S.E.)) being significantly lower than values assumed in prominent forest C accounting protocols. Failing to account for this variation leads to overestimates of ~3.3 – 5.3% in tropical forest C accounting, an error that compounds significantly at larger spatial scales. I also show that oven drying samples prior to elemental analysis underestimates wood C concentration by 2.5 ± 0.17%, due to the loss of the “volatile C fraction”. Counter to expectations, I found wood C concentration is not ii phylogenetically conserved nor correlated to species demography or life history traits. Wood chemical traits showed consistent size-dependent patterns: wood C (in 16 of 24 species) and lignin (in 15 of 16 species) was higher in saplings vs. conspecific canopy trees. These patterns, complimented by phylogenetic analyses, suggest saplings require wood chemical traits that confer greater pathogen defense. When analyzed across a continuous size spectrum, I found wood C concentration (and leaf structural traits) increases linearly, while wood starch concentration (and leaf traits associated with C gain) shows “hump-shaped” patterns with peak values closely preceding reproductive onset; the latter result suggests C may limit growth in larger trees. Overall, my dissertation provides one of the first comprehensive examinations of wood chemical trait variation in tropical trees. In doing so it provides novel, timely, and critical insights into how wood chemical traits contribute to tropical forest structure and function.

After timber harvesting, carbon in wood is transferred to products pool and remains entrapped for a considerable time. It is necessary to estimate this carbon flux in the harvested wood products (HWP); otherwise, carbon emission estimates of a country will be overestimated at the time of harvest. Furthermore, carbon estimates of the HWP must be assessed for uncertainties which need to be reduced as far as possible. Environmental implications might be associated with the HWP traded in the national and international markets. In the current context, there is a lack of economic-environmental studies that relate to the trade of HWP. The first part of this dissertation estimated the U.S. HWP contribution to carbon removals or emissions from 1990 to 2014 using the stock-change, production, atmospheric flow, and simple decay approaches. It concluded that the U.S. HWP stored carbon under all accounting approaches. Net annual carbon stored in the HWP, however, declined under all approaches from 1990 to 2014. The second part of the dissertation investigated uncertainty in the estimates of carbon stock in HWP using Monte Carlo simulation. A sensitivity analysis was also performed. Results showed that the net annual carbon accumulation in HWP was affected by uncertainty associated with input parameters. Carbon estimates in the HWP were most sensitive to uncertainty in the parameter for the carbon conversion factor for roundwood. The third part of the dissertation used a multi-regional input-output model to analyze embodied carbon emissions in the U.S. trade of HWP with its major trading partners – Brazil, Canada, China, Germany, Japan, Mexico, and Russia. Results demonstrated that the U.S. was a net importer of carbon emissions involving HWP. China was the major contributor of imported emissions, and Canada was the biggest recipient of the U.S. exported emissions. The consumption-based method had a higher emissions inventory in the HWP than the production-based method. Per-capita emissions in the HWP increased with an increase in per-capita GDP. These studies can be informative for policy makers in incorporating HWP in climate change mitigation and adaptation strategies, and in understanding the economic-environmental relationships of international trade of HWP.

To reach the Paris Agreement targets, the remaining carbon budget is about 2.3 tons of CO2e per person per year. However, current per capita emissions exceed the target, with a global average carbon footprint of 4.81 tons. PCAs provide a cap-and-trade system to limit emissions of private individuals. The thesis explores the compatibility of PCAs with existing legal regulations, the legal challenges of implementing and governing PCAs, and the potential human rights and equity implications of such schemes from a de lege lata and a de lege ferenda perspective. The findings highlight various regulatory and design deficiencies in current PCA proposals and emphasize the need to address data protection, privacy concerns, and the protection of individual rights. Additionally, the governance dimension of PCAs, including participation rights, transparency, and enforcement mechanisms, needs further development. The thesis concludes that while PCAs can be effective in achieving climate goals, careful consideration of legal requirements and individual rights is essential for their successful implementation. It emphasizes the necessity of comprehensive designs that go beyond technical and economic aspects and take into account legal requirements, individual rights, and equitable distribution.

Växthuseffekten är idag ett välkänt fenomen. För inte så länge sedan skrev 195 länder på klimatavtalet i Paris, ett avtal som slår fast att länderna tillsammans ska arbeta mot målet att hålla den globala uppvärmningen under 2 grader Celsius. Redan före ingåendet av detta avtal fanns åtgärder som syftade till att minska den globala uppvärmningen. Införandet av utsläppsmarknaden är en sådan åtgärd. Denna marknad bygger på att man med hjälp av ekonomiska incitament påverkar företag att minska sina utsläpp. Om företag inte kan minska sina utsläpp står de inför stora kostnader. Hela idén med utsläppsmarknader hotas dock av det faktum att det inte finns någon vägledning kring hur företag ska redovisa utsläppsrätter i de finansiella rapporterna. Som ett resultat av avsaknaden av vägledning på området är det upp till företag själva att avgöra hur och om de ska redovisa utsläppsrätter. En ytterligare konsekvens av detta är det väldigt många företag som inte redovisar utsläppsrätter överhuvudtaget. Även bland de företag som valt att redovisa utsläppsrätter finns det en stor variation.I denna studie undersöks variationen ur ett annat perspektiv. Syftet med denna studie är att söka förklara varför företag tillämpar olika redovisningsmetoder gällande redovisning av utsläppsrätter utifrån ett anglosaxiskt och kontinentalt perspektiv. Den genomförda metoden i studien är en kvantitativ innehållsanalys med kvalitativa inslag som behandlade 32 anglosaxiska respektive 32 kontinentala börsnoterade företags årsredovisningar. Samtliga företag är deltagare på en utsläppsmarknad och följer IFRS.Studien visar att det finns skillnader mellan anglosaxiska och kontinentala företags redovisning av utsläppsrätter. Studien visar även att dessa kan förklaras utifrån de egenskaper som är typiska för respektive redovisningstradition. Anglosaxiska företag redovisar överlag mycket mindre om utsläppsrätter än vad kontinentala företag gör. Detta faktum kan troligen förklaras genom den starka position som revisionsprofessionen har i den anglosaxiska redovisningstraditionen. Bland de anglosaxiska företag som väl valt att upplysa visar studien att deras redovisningsval styrs av syftet med deras finansiella rapporter. Vidare visar studien att kontinentala företag använder varierande värderingsmetoder vilket kan kopplas till skattelagstiftningens påverkan på redovisningspraxis i dessa länder. En annan skillnad är att kontinentala företag i högre grad erkänner hela förpliktelsen i balansräkningen vilket har sin förklaring i att de anses redovisa mer försiktigt.Studien belyser hur företags redovisningsval påverkas av redovisningstraditionerna i ett land och bekräftar att de fortfarande existerar. Dessa slutsatser kan bidra med ett nytt perspektiv i det pågående arbetet att ta fram vägledning gällande redovisning av utsläppsrätter. Vi anser att vägledning är nödvändig för att utsläppsmarknaden ska leva upp till sitt syfte, vilket den inte gör idag. / Today, the effect of greenhouse gases is a well-known phenomenon. Not so long ago 195 countries signed the Paris agreement, a document which states that the countries will work together to achieve the goal of keeping the global warming below 2 degrees Celsius. Even before the entrance of this agreement measures were taken to reduce global warming. The introduction of an emission trading scheme is one such measure. The scheme tries to create economic incentives for companies to reduce their emissions of greenhouse gases. If no efforts are made in order to reduce their emissions, the companies will face extensive costs. However, the whole idea of an emission trading scheme is threatened by the fact that there is no guidance on how companies should report emission allowances in their financial reports. As a result of the lack of guidance companies will have to decide on their own if and how they should account for emission allowances. A further consequence of this is that many companies do not account for emission allowances at all. It is also a big variation among the companies that have chosen to account for emission allowances.In this study we investigate the variety through a different perspective. The purpose of this study is to explain why companies use different accounting methods when they account for emission allowances from an Anglo-Saxon and Continental view. The applied method of this study is a quantitative content analysis with qualitative elements on 32 Anglo-Saxon and 32 Continental companies´ annual reports. All of the companies are participants on an emission trading scheme and comply with IFRS.The study shows that there is a difference between Anglo-Saxon and Continental accounting for emission allowances. The study also shows that this difference can be explained by the characteristics that are typical for each accounting tradition. In general, Anglo-Saxon companies disclose less about their emission allowances than the Continental companies do. This fact can probably be explained by the audit profession’s strong position in the Anglo-Saxon accounting tradition. The study also shows that the Anglo-Saxon companies that have chosen to disclose are guided by the objective of their financial statements. Furthermore, the study shows that Continental companies use several different valuation methods, which can be explained by the strong connection between tax and accounting practice in the Continental countries. Another difference is that Continental companies more frequently gross the liability in the balance sheet, which is explained by the fact that Continental companies are considered more prudent. This study highlights how corporate accounting choices are influenced by the countries’ accounting traditions and confirm that these traditions still exist. These conclusions can provide a new perspective in the current effort to develop guidance regarding the accounting of emission allowances. We believe that guidance is necessary if the emission trading scheme shall fulfil its purpose, which it currently does not.

Handelssystem för utsläppsrätter används av flertalet länder och områden i ett försök att minska klimatförändringarna. Syftet med dessa handelssystem är att ge företag ekonomiska incitament att minska sina utsläpp av växthusgaser och på så vis gemensamt minska utsläppen på ett kostnadseffektivt sätt. Många av dessa system bygger på en ”cap and trade” princip, d.v.s. ett tak sätts för hur stora utsläppen får vara. För att säkerställa att de sammanlagda utsläppen inte överstiger taket kan företag förvärva utsläppsrätter genom gratis tilldelning eller köp. En utsläppsrätt innebär att företaget kan släppa ut en viss mängd växthusgaser. Företaget måste ha tillräckligt med utsläppsrätter för att täcka sina utsläpp, annars måste de köpa ytterligare utsläppsrätter av andra företag. Tanken är att man genom detta handelssystem gör det möjligt att minska utsläppen till minsta möjliga kostnad. I dagsläget finns det väldigt lite vägledning kring hur företag ska redovisa utsläppsrätter, vilket främst grundar sig i att åsikterna kring vad utsläppsrätter verkligen är går isär. En del hävdar exempelvis att utsläppsrätter ska ses som lager, medan andra hävdar att de är immateriella tillgångar. En argumentation har även först om att utsläppsrätter i grund och botten är rättigheter och därför ska behandlas som sådana i de finansiella rapporterna. I Nordamerika har organisationen FERC gett ut rekommendationer inom området, sedan tillbakadragandet av IFRIC 3 finns dock ingen vägledning i Europa. Syftet med studien är att undersöka hur 104 företag med säte i Nordamerika och Europa redovisar utsläppsrätter i sina finansiella rapporter. Vidare är syftet att fastställa om det finns några skillnader mellan kontinenter samt mellan sektorerna olja och gas, el samt naturgas. Dessutom förs en diskussion om reglering, särskilt i form av ytterligare standarder, kommer att förbättra kvaliteten på den information som delas i de finansiella rapporterna. Enligt tidigare forskning delger företag vanligtvis väldigt lite information gällande utsläppsrätter. Denna slutsats styrks även av vårt resultat då vår studie visar att en stor andel av företagen inte ens nämner utsläppsrätter i sina finansiella rapporter. Vidare har tidigare forskning visat att redovisningen av utsläppsrätter skiljer sig åt när det gäller klassificering såväl som värdering, något som även styrks av vårt resultat. Vårt resultat indikerar även att de skillnader som finns gällande klassificering och värdering delvis kan förklaras av sätes- och sektorstillhörighet men även av en viss påverkan från FERC och IFRIC 3 på respektive kontinent. Utsläppsrätter klassificeras vanligen som lager i Nordamerika och som immateriell tillgång i Europa, detta beror antagligen på att kontinenterna påverkas av FERCs rekommendation respektive IFRIC 3. Den vanligaste värderingsmetoden, på båda kontinenterna, är anskaffningsvärde. Bland de företag som inte använder sig av denna metod är skillnaderna mellan kontinenterna desto större. Resultatet tyder på att företagen vidtar försiktighet på grund av den osäkerhet utsläppsrätterna innebär. Utifrån detta drar vi slutsatsen att det finns stora skillnader i hur nordamerikanska och europeiska företag klassificerar och värderar utsläppsrätter i de finansiella rapporterna. Studien belyser hur val av redovisningsmetoder, gällande utsläppsrätter, skiljer sig åt mellan nordamerikanska och europeiska företag såväl som mellan olika sektorer. Vidare belyser studien hur den bristande regleringen påverkat kvaliteten i de finansiella rapporterna. Användbarheten i de finansiella rapporterna diskuteras även utifrån legitimitets-, intressent- såväl som institutionell teori. / Emission trading schemes are used by several countries and areas with the hope of mitigating climate change. The aim of these schemes is to create economic incentives for companies to reduce greenhouse gas emission and thereby cut the overall emissions cost-effectively. Many of these systems are based on a ”cap and trade” principle where a cap is set on the total amount of emission that can be emitted. To ensure that the overall emissions do not exceed the cap, companies receive, buy or trade emission allowances. These allowances give companies the right to emit a certain amount of greenhouse gases. The company must have a sufficient amount of allowances to cover the emissions, otherwise they must buy additional allowances from other companies. The idea behind this system is that it will make it possible to reduce emission where it costs less. Currently, there is very little guidance in terms of how companies should account for emission allowances. The main issue is that there are different views of what kind of an asset these allowances are. Some argue, for example, that emission allowances should be viewed as inventory while others argue that they should be seen as intangible assets. Arguments have also been made that these allowances are rights and therefore should be treated as such in the financial reports. In America, the organization FERC has given out some recommendations on the area and since the withdrawal of IFRIC 3, there is no guidance in Europe. The aim of this study is to investigate how 104 companies located in North America (USA and Canada) and Europe account for emission allowances in their financial reports. In addition to this, the study aims to determine whether any differences exist between the continents as well as between the sectors oil and gas, electric utility and natural gas. Furthermore, a discussion will be made whether guidance on the matter, especially in the form of additional standards, will improve the quality of the information in the financial reports. Previous research has concluded that companies usually disclose very little information regarding emission allowances. This conclusion is supported by our findings. Our study shows that many companies do not even mention emission allowances in their financial reports. Furthermore, previous research has concluded that the reporting of emission allowances differs among companies in terms of classification as well as valuation, which is consistent with our findings. Our results indicate that the differences in classification and valuation partly can be explained by location and industry affiliation but also by the influence of FERC and IFRIC 3 on the respective continent. Emission allowances are often classified as inventory in Northern America and as intangibles in Europe, which is probably due to the influence of FERCs recommendation and IFRIC 3. The most common valuation method on both continents are historical cost. Among companies that does not use this method the continental variations are major. These findings suggest that prudence plays a key part due to the uncertainty related to emission allowances. Based on this we conclude that there are major differences between how emission allowances are classified and valued in the financial report of North American and European companies. This study highlights how accounting choices differs among Northern American and European companies as well as among different sectors. Furthermore, this study highlights the lack of regulation and how this affects the quality of the financial reports. The usefulness of the financial reports is also discussed from a legitimacy-, stakeholder- and an institutional perspective.