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1 調査報告 ウィーン European Emissions Markets Platts 1 CDM CDM Ivan Albino E.ON Climate & Renewables 3.1 E.ON Climate & Renewables E.ON Climate & Renewables (1) EUA CER European Emissions Markets Ivan Albino E.ON Climate & Renewables

2 (2) RGGI Regional Greenhouse Gas Initiative AAU pcer scer EUA New Energy Finance CDM (1)CDM CDM CDM 2010 CDM 2011 CDM European Emissions Markets Ivan Albino E.ON Climate & Renewables 3-3 CDM

3 (2)CDM CDM 3-4 European Emissions Markets Ivan Albino E.ON Climate & Renewables 3-4 CDM (3) 3 CERs ERUs EU-ETS EU-ETS 3-5 CERs ERUs EU-ETS EUAs European Emissions Markets Ivan Albino E.ON Climate & Renewables EU-ETS (4)EU-ETS CERs

4 EU EU CERs HFC23 N20 50 CDM (5)PoAs CPAs PoA Programme of Activity CDM PoA CDM CPAs 3-6 CPA PoA CPA DOE CPA PoA 2012 CPAs PoA EU-ETS European Emissions Markets Ivan Albino E.ON Climate & Renewables 3-6 PoA CPAs

5 (6)PoAs PoA CPA PoA CPAs PoA CDM PoA (7) PoA CDM 2011 PoA 2011 PoAs PoAs CPAs 2020 CERs 530 PoA 3-7 UNEP Risoe, 09/ PoAs (8)CDM PoA PoA CDM 3-8 PoA CDM 3-9

6 UNEP Risoe, 09/ PoA CDM UNEP Risoe, 09/ PoA CDM PoA PoA CDM PoA CDM PoAs (9)E.ON Climate & Renewables EC&R EC&R makeec&r buyec&r sellec&r 3 EC&R

7 (10)E.ON-Masdar Integrated Carbon EMIC EMIC Masdar 50/ EMIC Ferghana UNFCCC CERs (11) Bionersis Bionersis 2 Kamphaeng Saen UNFCCC CERs19 Nam Son 350 3, UNFCCC CERs 37 (12)E.ON Russia JI OGK-4 CO2 ERUs 3-10 ERUs ERUs 3 JI Accredit Independent Entity Shaturskaya JI

8 European Emissions Markets Ivan Albino E.ON Climate & Renewables 3-10 E.ON Russia JI 3.4 JI CDM CO2 European Emissions Markets Ivan Albino E.ON Climate & Renewables

9 Michael Wilkins Standard & Poor s 4.1 MENA (1)MENA MENA Middle East and North Africa MENA S&P s Global Credit Portal, October, 3 rd 2011 (2) MENA 4-1 European Emissions Markets Michael Wilkins Standard & Poor s 4-1 MENA

10 MENA EMEA 4-2 European Emissions Markets Michael Wilkins Standard & Poor s 4-2 EMEA (3)

11 (1) GW 50GW 385GW (2) CO2 (3) 13GW 11

12 4.3 EU (1) Carbon Trust EU-ETS CO Standard & Poor s CO European Emissions Markets Michael Wilkins Standard & Poor s 4-3 CO European Emissions Markets Michael Wilkins Standard & Poor s (2)EU-ETS EU-ETS CO CO RepuTex EBITDA 6 12

13 EBITDA European Emissions Markets Michael Wilkins Standard & Poor s 4-4 EBITDA (3)EU-ETS EU-ETS CO EU-ETS EU-ETS EU-ETS Standard & Poor s EU EU EU EU-ETS 4.4 EU (1) EBITDA 3 Standard & Poor s 1MWh

14 (2) MWh MWh (3) EU-ETS EBITDA EU-ETS EBITDA European Emissions Markets Michael Wilkins Standard & Poor s (4) European Emissions Markets Michael Wilkins Standard & Poor s 14

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