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1. Bali Action Plan

   The Bali Action Plan was adopted at a December 2007 conference in Bali, Indonesia by parties to the United Nations Framework Convention on Climate Change and the Kyoto Protocol. The plan "charts the course for a new negotiating process designed to tackle climate change", with the intention this be concluded at the COP15 meeting in Copenhagen.

2. Banking

   A maximum limit of 2.5% of a country's assigned amount (target) has been set for banking credits for future use in the next commitment period, for both Emission Reduction Units from Joint Implementation projects and Certified Emission Reductions from Clean Development Mechanism projects. Assigned Amount Units from emissions trading can be carried forward without restriction, whereas Removal Units assigned to removal of CO2 by sinks cannot be banked at all.

3. Baseline and Baseline Scenario

   The baseline is the emission of greenhouse gases that would occur without the intended project activity or policy intervention. It therefore represents the emissions associated with a business-as-usual scenario. The additional emission reductions that a project contributes can only be determined once the baseline has been assessed. Various approaches can be taken to determine the baseline, but the approach must be justified as part of the project validation process.

4. Benchmarking

   An allocation method in which allowances are distributed based on output (e.g. one allowance per MWh generated) or on intensity standards in the industry, based on best-performing companies.

5. Borrowing

   A mechanism under a cap and trade system that allows entities to use allowances designated for a future compliance period to meet current compliance period requirements.

6. Bubble

   A bubble is said to exist when emissions for different countries are grouped together, and the target applies to the group. E.g. The European Union.

7. Bundle

   Bundling signifies the bringing together of several CDM project activities, to form a single project to reduce CDM-related transaction costs.

8. Business As Usual Scenario (BAU)

   A business as usual scenario is a policy neutral reference case of future emissions, i.e. projections of future emission levels in the absence of changes in current policies, economics and technology.