Institution buikling for the clean development mechanism diming for global consensus and low transaction cost.

大多数核证的排减量的最终目的地可能是日本，而套利可能发生在欧盟内部。一些发展中国家仍然对清洁发展机制持怀疑态度，尽管另一方面，对清洁发展机制持谨慎态度的亚洲国家似乎对清洁发展机制越来越积极。第一个承诺期碳信用额的供求以及京都目标的遵约潜力，在很大程度上取决于第二个承诺期参与方减排的严格程度和范围。此外，俄罗斯的廉价信贷流入欧盟市场的数量，对国际市场价格和欧盟整体环境政策的完整性也有很大的影响。日本为了确保经济效率，将成本控制在可接受的水平，有必要尽快建立四种信贷机制的透明制度：清洁发展机制、联合执行、国际排放贸易（与俄罗斯联邦）和国内温室气体减排。对于清洁发展机制和联合执行，一个可能的选择是建立一个类似于荷兰（C）ERUPT方案的招标制度。对于分配数量单位交易，日本可以利用俄罗斯联邦的绿色投资计划，该计划将分配数量销售的收入投资于国内气候政策措施。笔者认为，日本应采取更为积极的策略，通过设定信贷价格和信贷量的“有上限和下限的目标区”来激励发展中国家，同时避免日本的过度负担和全球环境风险。

The final destination of most CERs is likely to be Japan whereas arbitrage may take place within the EU. Some developing countries are still skeptical on the CDM, although on the other hand CDM-cautious Asian countries appear to be getting more positive on the CDM. Supply and demand of carbon credits in the first commitment period, as well as the compliance potential of the Kyoto targets, largely depends on stringency and scope of the participants in the second commitment period's reduction. How much Russian cheap credits are allowed to flow into EU-wide market also have a considerable impacts on the international market prices and the integrity of environmental policy in EU as a whole.For Japan to secure economic efficiency and keep costs at acceptable levels, it is essential to quickly establish a transparent system for the four credit mechanisms : CDM, JI, IET (with the Russian Federation), and domestic GHG emission reduction. For CDM and JI, a possible option is the establishment of a tender system similar to the Netherlands' (C)ERUPT program. For assigned amount units trading Japan could use the Russian Federation's Green Investment Scheme (GIS), which invests revenues from assigned amount sales in domestic climate policy measures. The author prefers more aggressive strategy for Japan, such as to offer incentives for developing countries by setting "target zone with upper limit and lower limit" for credit prices and volume, while avoiding Japan's overburdens and global environmental risks.