This article summarizes and discusses the status of development work on a proposed IEEE standard (project P1595) for the quantification of CO2 emission credits in the electricity sector, and related topics.First, an overview summary of the proposed standard is provided. This includes structure, scope, purpose, background (the climate change debate, emissions trading), definitions, quantifying and verification of CO2 emission credits (basic principles of credits, basic principles of methodology, key steps in the methodology, measurement verification), and key features of the audit and verification process. Then, a performance based estimation and measurement approach to justify CO2 credits is examined including the treatment of accuracy and uncertainties.The central part of the article focuses on deriving emission credits from energy efficiency projects and the benefits of an emission trading scheme, energy efficiency and emission reduction credits (ERCs), process for creating ERCs, ERCs created from Ontario Power Generation's Energy at Work program; and findings. Then, an overview is presented of greenhouse gas (GHG) reporting for Canada's Climate Change-Technology Early Action Measures (TEAM) initiatives and how TEAM works. The final part of the article gives a brief description of the UK Emissions Trading Scheme. This scheme is a new policy initiative that forms part of the UK Climate Change Program.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.