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In the Market Deconstructing Emission Reduction Purchase Agreements: Three Jurisprudential Challenges

The purpose of this comment is to briefly consider the evolution, and possible future direction, of Emission Reduction Purchase Agreements (“ERPAs”), and to suggest three areas for future legal scholarship in relation to such agreements.

An ERPA is simply a contract that purports to transfer “the entire legal and beneficial right and/or title" in a relatively new form of property right, namely CERs or ERUs issued pursuant to the Kyoto Protocol. These units have been categorized as “regulatory property” and are distinguishable from the traditional categories of public, private or commons property. In essence, the ERPA is the practical manifestation of the paradigm shift that has occurred in environmental regulation: the use of market mechanisms to address environmental externalities. Central to the effective implementation of this policy tool is the functioning of contract law. It has been noted that: “contract law has many purposes, but the central one is to support and to control the millions of agreements that collectively make up the 'market economy'.” This general principle could be condensed in relation to ERPAs, i.e. their central purpose is to support and control the application of the price mechanism that is the basis of the “carbon economy”.

Copyright:	© Lexxion Verlagsgesellschaft mbH
Quelle:	Issue 1/2007 (September 2007)
Seiten:	3
Preis:	€ 16,00
Autor:	Karl Upston-Hooper
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