It covers tuition and compulsory fees, maintenance allowances, clothing and book allowance, excess baggage allowance, health insurance, and a return airfare from Singapore.
But amid Europe's economic malaise, many companies have chopped back production, leaving them with excess allowances.
As California's market gears up, each business must decide whether it is more cost-efficient to reduce its emissions or buy excess allowances from other companies that do not need them.
Companies can sell excess allowances to others, and they'll benefit from buying early if future auctions raise the price of polluting.
Companies that emit too much would need to buy additional permits, and companies that are more efficient can sell their excess allowances.
The scholarship includes return airfare; a monthly maintenance allowance; tuition and other approved fees; and book, thesis, warm clothing, and excess baggage allowances.
Keith Taylor, the Green MEP for South East England added that "with big climate change talks coming up in Paris in December it's crucial to create effective mechanisms to ensure that excess carbon allowances cannot undermine emission reduction targets".
To encourage the utilities to reduce those greenhouse gas emissions, companies that cut their emissions below their designated caps are permitted to sell or trade their excess carbon allowances in online auctions held four times a year.
As an incentive for power plants to pollute less, the states allow the plants that cut their emissions below the cap to sell or trade their excess carbon allowances through online auctions four times a year.
U.S. companies, he warned, might even sell their excess carbon allowances and plow the proceeds into new polluting factories in China.
According to the Kyoto Protocol [Article 3(13)], Parties included in Annex I to the United Nations Framework Convention on Climate Change may save excess emissions allowances or credits from the first commitment period for use in subsequent commitment periods post-20122).
