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38 The Carbon Market: A Primer for Airports At this time the aviation sector is not directly covered under the NZ ETS. However, impacts are expected from indirect cost pass through from the transportation fuels sector. 4.1.3 Other Developed Economies Other developed nations, such as Australia, Canada, and Japan, that have committed to the Kyoto Protocol have yet to finalize national plans for compliance. Iceland has chosen to partic- ipate in the EU ETS to meet its national Kyoto commitments. Much discussion has occurred at the national level in these countries to implement national trading schemes linked to the global carbon market but have yet to be finalized and implemented. A major argument preventing greater participation in the global carbon market is the lack of participation to date of the world's leading emitters, the United States, China, and India. 4.1.4 Developing and Emerging Economies No other countries at this time have fully implemented national carbon regimes. Developing and emerging economies have resisted setting a hard cap on carbon due to fears that this cap will inhibit their economic growth. A common means for these countries to address their con- tributions to global emissions is through the adoption of intensity-based GHG emission tar- gets. Intensity-based targets can use any number of established baselines--including emission reductions over a "business as usual" emission trajectory or reducing emissions per unit GDP-- ensuring continued economic growth. Coming out of the UNFCCC conference of 2009 in Copen- hagen, Denmark, several emerging economies with intentions to address their emissions, includ- ing China, Brazil, India, Indonesia, South Korea, and South Africa, agreed to develop plans around intensity-based targets. Many of these countries are still developing national plans to meet these intensity-based targets. At this time, there is no definitive impact to the aviation industry from these commitments. For the next few years, at least until the end of the first Kyoto commit- ment period in 2012, these nations will continue to be eligible host countries for CDM projects until a succeeding program is designed and implemented for the post Kyoto period.