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1. UK Emissions Trading Scheme

   Voluntary domestic emissions trading scheme running from March 2002 to the end of 2007.

2. Umbrella group

   An informal group of industrialised countries that do not belong to the EU but occasionally acts as an negotiating bloc on specific issues. The group was formed after the adoption of the Kyoto Protocol, and consists of Japan, USA, Canada, Australia, Norway, New Zealand, Iceland, the Russian Federation and Ukraine.

3. Unilateral CDM project

   CDM project that does not include an Annex 1 project participant.

4. United Nations Framework Convention on Climate Change (UNFCCC)

   The UNFCCC is an international environmental treaty produced at the United Nations Conference on Environment and Development (UNCED), in Rio de Janeiro in 1992. The treaty is aimed at stabilizing greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.

5. Upstream Cap

   An "upstream" cap and trade system is one in which the entities supplying or importing carbon-rich fuels into the market would be required to surrender allowances (see also: downstream Cap). The proposed Australian Carbon Pollution Reduction Scheme uses an upstream approach for transportation and some other emission categories.