An agreement made in Kyoto, Japan, in December 1997 under which industrialised countries agreed to adopt specific goals and timelines for nationwide reductions of greenhouse gas emissions between 2008 and 2012. The two major mechanisms for achieving this established under the protocol are emissions trading and the Clean Development Mechanism (CDM).
The EU and its member states ratified the Kyoto Protocol in May 2002. The EU has a target goal of 8% reduction in greenhouse gases and Japan’s goal is a 6% reduction. The Protocol came into effect for all signatory countries on February 16, 2005. As of May 2013, the US had not ratified the Kyoto Protocol.
The Energy Risk Glossary, now in its eighth edition, provides an at-a-glance explanation of the myriad specialised terms and acronyms used in energy trading and risk management.
This year, the guide has been updated by Aviv Handler of ETR Advisory. Energy Risk would like to thank him for his input into this edition, which benefits greatly from his valuable experience and insight into energy markets.
The fast-changing nature of these markets means much has changed since our last edition – almost 200 new entries and revisions have been made this year. Reflecting the increasing importance of regulation, definitions of the Markets in Financial Instruments Directive (MiFid) and the Ljubljana-based Agency for the Cooperation of Energy Regulators (Acer) make it into the glossary for the first time. A focus on improving back-office infrastructure and mitigating counterparty risk is also apparent from the inclusion of terms such as ‘portfolio reconciliation’ and ‘portfolio compression’.
The glossary is extensively cross-referenced, making for easy and thorough searches. We hope you find it useful.
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