Joint implementation 

(JI) is one of three flexibility mechanisms set forth in the Kyoto Protocol to help

countries with binding greenhouse gas emissions targets (so-called Annex I countries) meet their
obligations. JI is set forth in Article 6 of the Kyoto Protocol.[1] Under Article 6, any Annex I country can
invest in emission reduction projects (referred to as "Joint Implementation Projects") in any other
Annex I country as an alternative to reducing emissions domestically. In this way countries can lower
the costs of complying with their Kyoto targets by investing in greenhouse gas reductions in an Annex
I country where reductions are cheaper, and then applying the credit for those reductions towards
their commitment goal.

A JI project might involve, for example, replacing a coal-fired power plant with a more
efficient combined heat and power plant. Most JI projects are expected to take place in so-called
"economies in transition," noted in Annex B of the Kyoto Protocol.[2] Currently Russia and Ukraine are
slated to host the greatest number of JI projects.[3]

Unlike the case of the Clean Development Mechanism, the JI has caused less concern of spurious
emission reductions, as the JI, unlike the CDM, takes place in countries which have an emission
reduction requirement.

CARBON TRADING
Cap-and-trade schemes are the most popular way to regulate carbon dioxide (CO2) and other
emissions. The scheme's governing body begins by setting a cap on allowable emissions. It then
distributes or auctions off emissions allowances that total the cap. Member firms that do not have
enough allowances to cover their emissions must either make reductions or buy another firm's spare
credits. Members with extra allowances can sell them or bank them for future use. Cap-and-trade
schemes can be either mandatory or voluntary.

A successful cap-and-trade scheme relies on a strict but feasible cap that decreases emissions over
time. If the cap is set too high, an excess of emissions will enter the atmosphere and the scheme will
have no effect on the environment. A high cap can also drive down the value of allowances, causing
losses in firms that have reduced their emissions and banked credits. If the cap is set too low,
allowances are scarce and overpriced. Some cap and trade schemes have safety valves to keep the
value of allowances within a certain range. If the price of allowances gets too high, the scheme's
governing body will release additional credits to stabilize the price. The price of allowances is usually
a function of supply and demand.

Environmental management system (EMS) refers to the management of an organization's

environmental programs in a comprehensive, systematic, planned and documented manner. It
includes the organisational structure, planning and resources for developing, implementing and
maintaining policy for environmental protection.

An Environmental Management System (EMS):

 Serves as a tool to improve environmental performance
 Provides a systematic way of managing an organization’s environmental affairs
 Is the aspect of the organization’s overall management structure that addresses immediate
and long-term impacts of its products, services and processes on the environment
 Gives order and consistency for organizations to address environmental concerns through the
allocation of resources, assignment of responsibility and ongoing evaluation of practices,
procedures and processes
 Focuses on continual improvement of the system

 ISO stands for the International Organization for Standardization, located in Geneva,

Switzerland. ISO is a non-governmental organization established in 1947. The organization
mainly functions to develop voluntary technical standards that aim at making the
development, manufacture and supply of goods and services more efficient, safe and
clean.

 ISO 14000 refers to a family of voluntary standards and guidance documents to help
organizations address environmental issues. Included in the family are standards for
Environmental Management Systems, environmental and EMS auditing, environmental
labeling, performance evaluation and life-cycle assessment.

 In September 1996, the International Organization for Standardization published the first
edition of ISO 14001, the Environmental Management Systems standard. This is an
international voluntary standard describing specific requirements for an EMS. ISO 14001 is a
specification standard to which an organization may receive certification or registration. ISO
14001 is considered the foundation document of the entire series. A second edition of ISO
14001 was published in 2004, updating the standard.

 Questions may arise when implementing an EMS following the ISO 14001 standard. The U.S.
body that provides input into the standard's development is the U.S. TAG (Technical Advisory
Group) to TC 207 (Technical Committee). This same body has established a formal process
to respond to questions that may arise regarding clarification of the ISO 14001 ("the
standard"). Responses will reflect the interpretation of the Standard as intended during the
drafting of the Standard and may be found in the "Clarification of Intent of ISO 14001."

The ISO 14000 family addresses various aspects of environmental management. The very first two
standards, ISO 14001:2004 and ISO 14004:2004 deal with environmental management systems (EMS). ISO
14001:2004 provides the requirements for an EMS and ISO 14004:2004 gives general EMS guidelines.

The other standards and guidelines in the family address specific environmental aspects, including: labeling,
performance evaluation, life cycle analysis, communication and auditing.
An ISO 14001:2004-based EMS

An EMS meeting the requirements of ISO 14001:2004 is a management tool enabling an organization
of any size or type to:

 identify and control the environmental impact of its activities, products or services, and to
 improve its environmental performance continually, and to
 implement a systematic approach to setting environmental objectives and targets, to achieving these and
to demonstrating that they have been achieved.

How it works

ISO 14001:2004 does not specify levels of environmental performance. If it specified levels of environmental
performance, they would have to be specific to each business activity and this would require a specific EMS
standard for each business. That is not the intention.

ISO has many other standards dealing with specific environmental issues. The intention of ISO 14001:2004 is
to provide a framework for a holistic, strategic approach to the organization's environmental policy, plans
and actions.

ISO 14001:2004 gives the generic requirements for an environmental management system. The underlying
philosophy is that whatever the organization's activity, the requirements of an effective EMS are the same.

This has the effect of establishing a common reference for communicating about environmental management
issues between organizations and their customers, regulators, the public and other stakeholders.

Because ISO 14001:2004 does not lay down levels of environmental performance, the standard can to be
implemented by a wide variety of organizations, whatever their current level of environmental maturity.
However, a commitment to compliance with applicable environmental legislation and regulations is required,
along with a commitment to continual improvement – for which the EMS provides the framework.

The EMS standards

ISO 14004:2004 provides guidelines on the elements of an environmental management system and its

implementation, and discusses principal issues involved.

ISO 14001:2004 specifies the requirements for such an environmental management system. Fulfilling

these requirements demands objective evidence which can be audited to demonstrate that the environmental
management system is operating effectively in conformity to the standard.

What can be achieved

ISO 14001:2004 is a tool that can be used to meet internal objectives:

 provide assurance to management that it is in control of the organizational processes and activities

having an impact on the environment
 assure employees that they are working for an environmentally responsible organization.
 ISO 14001:2004 can also be used to meet external objectives:

 provide assurance on environmental issues to external stakeholders – such as customers, the community
and regulatory agencies
 comply with environmental regulations
 support the organization's claims and communication about its own environmental policies, plans and
actions
 provides a framework for demonstrating conformity via suppliers' declarations of conformity, assessment
of conformity by an external stakeholder - such as a business client - and for certification of conformity by an
independent certification body.

Cleaner production is a preventive, company-specific environmental protection initiative. It is

intendend to minimize waste and emissions and maximize product output.[1] By analysing the flow of
materials and energy in a company, one tries to identify options to minimize waste and emissions out
of industrial processes through source reduction strategies. Improvements of organisation and
technology help to reduce or suggest better choices in use of materials and energy, and to avoid
waste, waste water generation, and gaseous emissions, and also waste heat and noise.

Environmental auditing originated in the United States in the 1970s as a way of checking
whether a company was complying with a multitude of new environmental laws and
regulations. More recently, it is used as an extremely valuable tool for assessing a company's
environmental management systems, policy, and equipment. It provides the company with
recommendations on how it can improve its environmental management practices, and reduce
the impact that a company is having on the environment. In addition, improved
environmental practices often save money in the long run.

Environmental audits can be conducted internally by staff of the business concerned, or

independently by experts. Unlike financial audits, there is currently no legal requirement for
an external audit.