Joint Implementation (JI) could well be the solution to limiting global greenhouse gas emissions, according to a new report from FT Energy Publishing, a Financial Times of London company. The report, Joint Implementation: Opportunities for Business Under the UN Framework Convention on Climate Change, gives a detailed analysis of the different forms JI projects may take, the countries already involved, schemes currently in operation or under development, the role of funding agencies and the options for financing JI schemes in developing countries. FT describes it as "a definitive study which explains the rationale behind JI and the mechanisms involved in its operation. It weighs the pros and cons of JI against other approaches such as taxes, subsidies, direct regulation and tradable permits and provides a balanced assessment of the many advantages of JI for both investors and host nations." The study is written by Deborah Adams, an environment writer specialising in climate change and formerly a technical writer for the International Energy Agency's IEA Coal Research and Greenhouse Issues newsletter. JI was introduced at the Earth Summit in Rio de Janeiro in 1992 on the principle that as greenhouse gases have a global rather than local effect, measures to limit emissions should be taken where it is cheapest to do so. Under JI, companies can invest in emission abatement programmes or projects in another country, receiving tradable C02 credits in return to help them meet pollution reduction criteria at home. Until the pilot phase of JI is complete in 2000, no credits will be issued.
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