To reduce the risk of overselling in the context of international greenhouse gas trading under the Kyoto Protocol, Parties have agreed to a commitment period reserve requirement. The commitment period reserve requires each Annex B Party to hold in its national registry quota equal to the <italic>lower</italic>...

To reduce the costs of mitigating greenhouse gas emissions in accordance with the Kyoto protocol, international trades of emissions quotas are allowed. The revenue from the sale of quotas may exceed the sanctions for non-compliance if these penalties are weak or poorly enforced. Under these...