Suchergebnisse

AbstractThe present article describes the main insights deriving from the papers collected in this special issue which jointly provide a 'room with a view' on some of the most relevant issues in climate policy such as: the role of uncertainty, the distributional implications of climate change, the drivers and applications of decarbonizing innovation, the role of emissions trading and its interactions with companion policies. While looking at different issues and from different angles, all papers share a similar attention to policy aspects and implications, especially in developing countries. This is particularly important to evaluate whether and to what extent the climate policies adopted thus far in developed countries can be replicated in emerging economies.

This paper discusses the merits and limits of the recent European energy policy aimed at reducing carbon emissions, devoting particular attention to the European Trading System of carbon permits and to the measures that the European Union has adopted to promote renewable energy sources. From the comparison of past goals and present results, it is argued that more credible targets for carbon emission reductions and renewable shares would probably help the transition towards an alternative energy system and the necessary reduction of greenhouse gases.

The European Emission Trading System (EU ETS) is commonly regarded as the key pillar of the European climate policy and as the main unifying tool to create a unique carbon price all over Europe. The UK has always played a crucial role in the EU ETS, being one of the most active national registry and a crucial hub for the exchange of allowances in the market. Brexit, therefore, could deeply modify the number and directions of such exchanges as well as the centrality of the other countries in this system. To investigate these issues, the present paper exploits network analysis tools to compare the structure of the EU ETS market in its first two phases with and without the UK, investigating a few different scenarios that might emerge from a possible reallocation of the transactions that have involved UK partners. We find that without the UK the EU ETS network would become in general much more homogeneous, though results may change focusing on the type of accounts involved in the transactions. ; Simone Borghesi received funding from the University of Siena (2017-2019 Research Grant) and by the Italian Ministry of Education (PRIN). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. ; Data Availability: The data underlying the results presented in the study are available from the European Transaction Log, URL: http://ec.europa.eu/environment/ets/transaction.do;EUROPA_JSESSIONID=2ftK1xBz5n1BQ3AYKj_nZtcOdTm8NlFWJPCFpAN92yYt61TtXe1t!1363888161.

Published online in September 2018 ; In this work, we investigate which countries have been more central during Phases I and II of the European Emission Trading Scheme (EU ETS) with respect to the different types of accounts operating in the system. We borrow a set of centrality measures from Network Theory's tools to describe how the structure of the system has evolved over time and to identify which countries have been in the core or in the periphery of the network. Performing partitions on the different types of accounts and transactions characterizing the EU ETS, we investigate whether intermediaries have affected the overall structure of the system. From the analysis of the European Union Transaction Log data over the period 2005–2012, we find that some national registries (France, Denmark, Germany, United Kingdom, The Netherlands) were much more central than others in the network. Empirical evidence, moreover, shows that some account holders strategically opened additional accounts in the more central registries, thus reinforcing their centrality in the network. Finally, it turns out that Person Holding Accounts (PHAs) have played a prominent role in the transaction of permits, heavily influencing the configuration of the system. This motivates further research on the impact of non-regulated entities in the EU ETS design.

In this work, we investigate which countries have been more central during Phases I and II of the European Emission Trading Scheme (EU ETS) with respect to the different types of accounts operating in the system. We borrow a set of centrality measures from Network Theory's tools to describe how the structure of the system has evolved over time and to identify which countries have been in the core or in the periphery of the network. In doing this, we investigate by means of extensive partitions on the different types of accounts and transactions characterizing the EU ETS whether the role of intermediaries (approximated by Person Holding Accounts - PHAs) has affected the overall structure of the system. Preliminary findings over the period 2005-2012 suggest that PHAs have played a prominent role in the transaction of permits, heavily influencing the configuration of the system. This motivates further research on the impact of non-regulated entities in the EU ETS design.

Abstract We analyse the international dimension of the EU Emissions Trading System (EU ETS) over the past two decades and in the foreseeable future by reviewing facts and economic theory. The facts mainly concern the international climate change regime and the EU's relevant experience in international cooperation. Club theory shows how incentives can be created for cooperation on climate mitigation. The linkage of the EU ETS to the Kyoto flexible mechanisms had mixed results: it promoted emissions trading abroad, but the inflow of credits into the EU ETS added to a large market surplus and the environmental integrity of certain credits was problematic. Looking ahead, the ability of the EU ETS to reduce foreign emissions may grow. Key will be whether competitiveness and distributional effects are successfully addressed. The Carbon Border Adjustment Mechanism might help the EU reduce the risk of carbon leakage while incentivising emission reductions in countries exporting to the EU. The EU's focus on reducing domestic emissions only, suggests we will probably not see new international linkages this decade. However, it cannot be excluded that the EU will revisit its decision and relax the domestic constraint.

Intro -- Preface -- Contents -- Abbreviations and Acronyms -- 1 The EU ETS: The Pioneer-Main Purpose, Structure and Features -- 1.1 Introduction -- 1.2 The Current EU ETS Legislative Framework -- 1.3 EU ETS Purpose and Scope -- 1.4 The Actors of the EU ETS: The Duties of the Operators and of the Participating States and the Sanctions Against Non-compliant Operators -- 1.5 Allocation Regime and Validity of the European Union Allowances -- 1.5.1 General Rules for Allocation of EUAs -- 1.5.2 The EU-Wide Cap for Stationary Installations and for Aircraft Operators -- 1.5.3 The Allocation Rules for EUAs to Stationary Installations -- 1.5.4 The Benchmarks and the Special Regime for Manufacturing and Risk of Carbon Leakage -- 1.6 The New Entrants Reserve (NER) and the NER300 Programme -- 1.7 Article 27 of the EU ETS Directive: The Exclusion of Small Installations -- 1.8 The Auctioning Regime -- 1.8.1 The Rules on Timing, Administration and Other Aspects of the Auctioning of GHG Emission Allowances According to EC Directive 2003/87 and EC Regulation 1031/2010 -- 1.8.2 The Auction Revenues -- 1.9 The Union Registry -- 1.10 Carbon Pricing -- 1.11 Incentives to Eco-Innovation and Technological Effectiveness -- 1.12 Back-Loading and Proposals for Other Structural Reforms of the EU ETS -- References -- 2 California, RGGI, Quebec: The Followers -- 2.1 The California Cap and Trade Scheme -- 2.1.1 Introduction -- 2.1.2 The California ETS: Main Scope, Purpose, Structure and Features -- 2.1.3 Duties of the Covered Entities and Competences of the California Air Resource Board (CARB) Executive Officer -- 2.1.4 Sanctions Against Non-compliant Entities -- 2.1.5 The Allocation Regime of the California Allowances -- 2.1.5.1 Nature and Validity of the Compliance Instruments -- 2.1.5.2 The Regime for Offset Credits Under the California ETS.

This book provides an interdisciplinary analysis of the EU ETS, comparing the rapid spreading of ETSs in an increasing number of countries and the important role they are likely to play for the success or failure of the environmental policy in the years to come, with the other main ETSs existing worldwide from both the legal and economic perspectives, in order to assess whether the EU ETS has truly represented a prototype for the other ETSs established around the world and to investigate the current perspectives for linking them in the future. Through the years, the EU ETS has progressively gained a paramount position within the EU environmental policy and climate change legislation and currently represents the most striking flagship in this sector, with more than 11.000 installations covered by the scheme. In parallel, the EU ETS has paved the way for the establishment of many other ETSs in several other jurisdictions. Such schemes are now recognized worldwide as the?cornerstones? of the climate change policy.