Ecoprogresso

Calibration

A set of operations that , under specified conditions, establish the relationship between the values of quantities indicated by a measuring instrument or measuring system, or the values represented by a materialized measure or a reference material, and the corresponding standard values.

Call Option

An option that gives the holder or buyer the right but not the obligation to buy an underlying instrument at an agreed price within a specified time. The seller or writer has the obligation to sell the underlying instrument if the holder exercises the option.

Cap and Trade

A cap and trade system is an emissions trading system, where total emissions are limited or capped. The Kyoto Protocol is a cap and trade system in the sense that emissions from Annex B countries are capped and that excess allowances might be traded. However, normally cap and trade systems will not include mechanisms such as the CDM, which will allow for more aloowances to enter the system, i.e. beyond the cap.

Carbon Dioxide Capture and Storage (CCS)

Process consisting of the separation of CO₂ from industrial and energy-related sources, transport to a storage location and long-term isolation from the atmosphere.

Carbon Dioxide Equivalent (CO₂e)

This is a measurement unit used to indicate the global warming potential (GWP) of greenhouse gases. Carbon dioxide is the reference gas against which other greenhouse gases are measured.

CDM Registry

At its thirteenth meeting the Executive Board designated the UNFCCC Secretariat as the CDM registry administrator. In carrying out this task the secretariat has put into production a version of the CDM registry, which, wile capable of communicating with the ITL, is operating temporarily as a stand alone system. This version of the CDM registry is being used to issue CERs from registered CDM project activities.

Certified Emission Reductions (CERs)

Permits generated through the CDM. One CER is equivalent to one tonne of carbon dioxide.

Clean Development Mechanism (CDM)

A mechanism allowing the acquisition of Certified Emission Reduction (CERs) by means of investing and promoting projects that bring about the reduction of greenhouse gases in developing countries (non-Annex I countries).

The Clean Development Mechanism (CDM) is a mechanism enabling developed countries and economies in transition (Annex I countries) governments and private companies to implement emission reduction projects in developing countries (no-Annex I countries) and to receive Certified Emission Reduction (CERs) credits. The purpose of CDM is to ensure both developing countries achieve sustainable development, the greatest UNFCCC goal, and developed countries accomplish their emissions limits and reduction commitments.

Clean Development Mechanism (CDM) Executive Board (EB)

The CDM EB is accountable to the Conference of the Parties to the Kyoto Protocol (see below). It registers validated project activities as CDM projects, issues certified emission reductions to relevant projects participants, and manages series of technical panels and working groups meetings (see Methodologies Panel).

Combustion Emissions

GHG emissions generated by the exothermic reaction of a fuel with oxygen.

Commitment Period

The five-year Kyoto Protocol Commitment Period is scheduled to run from calendar year 2008 to calendar year-end 2012.

Commitment Period Reserve

To avoid "over-sell" and thus non-compliance with targets, Annex I Parties to hold a minimum level of AAUs, CERs, ERUs and/or RMUs in a commitment period reserve that cannot be traded.

Community Independent Transaction Log (CITL)

Central Administrator programme started at January 1, 2005 according to EU Directive 2003/87/EC, which underline the necessity to maintain an independent transaction log recording the issue, transfer and cancellation of allowances within European Union.

Competent Authority

Entity or set of entities designated by the Member State under the EU ETS. In Portugal this is the Portuguese Environment Agency.

Compliance

Achievement by a Party is quantified emission limitation and reduction commitments under the Kyoto Protocol.

Conferences of the Parties (COP)

The COP is the supreme body of the UNFCCC attributed responsibility for establishing rules for the Convention. The Sixth Conference of the Parties took place in The Hague, Netherlands, between 13 and 24 November 2000. Negotiations in The Hague did not result in decisions on rules for flexible mechanisms due to dispute between the EU and the USA on how to account for activities within the scope of the carbon sink concept. COP6 was therefore formally not ended before agreement was reached in the second part of the conference (COP-6bis) in Bonn, Germany, in July 2001. COP-7 was held between 29 October and 9 November, 2001, in Marrakech, Morocco withCOP-8 in New Delhi, India, in October and November 2002, while COP-9 took place in December 2003 in Milan, Italy. COP-10 was held in December 2004 in Buenos Aires, Argentina, and COP-11 in Montreal, Canada in November and December 2005, this also was the first Meeting of the Parties to the Kyoto Protocol (MOP-1). COP-12 took place in Nairobi, in November 2006. The last conference, (COP -13) was held in Bali, Indonesia, in December 2007. The next one is due in December 2008 in Poznan, Poland.

Crediting Period

The crediting period is the duration when a project generates carbon credits. The crediting period shall not extend beyond the operational lifetime of the project. For CDM projects crediting period continues either a 7-year period, which can be renewed twice to make a total of 21 years or a one-ff 10-year period; for JI projects crediting period overlaps with the first commitment period under the Kyoto Protocol (2008-2012). The JI projects starting as of 2000 may be eligible as JI projects if they meet the requirements of the IJ guidelines. The end of the crediting period can be after 2012 subject to the approval by the host Party.