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The EU's emissions trading scheme : a proto-type global system?
The European Union's Emission Trading Scheme (EU ETS) is the world's first multinational cap-and-trade system for greenhouse gases. As an agreement between sovereign nations with diverse historical, institutional, and economic circumstances, it can be seen as a prototype for an eventual global climate regime. Interestingly, the problems that are often seen as dooming a global trading system - international financial flows and institutional readiness - haven't appeared in the EU ETS, at least not yet. The more serious problems that emerge from the brief experience of the EU ETS are those of (1) developing a central coordinating organization, (2) devising side benefits to encourage participation, and (3) dealing with the interrelated issues of harmonization, differentiation, and stringency. The pre-existing organizational structure and membership benefits of the European Union provided convenient and almost accidental solutions to the need for a central institution and side benefits, but these solutions will not work on a global scale and there are no obvious substitutes. Furthermore, the EU ETS is only beginning to test the practicality of harmonizing allocations within the trading system, differentiating responsibilities among participants, and increasing the stringency of emissions caps. The trial period of the EU ETS punted on these problems, as was appropriate for a trial period, but they are now being addressed seriously. From a global perspective, the answers that are being worked out in Europe will say a great deal about what will be feasible on a broader, global scale.
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The EU's Emissions Trading Scheme: A Proto-Type Global System?
In: Harvard Project on International Climate Agreements
SSRN
Working paper
Are Cap‐and‐Trade Programs More Environmentally Effective than Conventional Regulation?
In: Moving to Markets in Environmental Regulation, S. 48-62
A Note on Tradeable Permits
In: Environmental and resource economics, Band 31, Heft 2, S. 123-131
ISSN: 1573-1502
US experience with emissions trading: lessons for CO2 emissions trading
In: Emissions Trading for Climate Policy, S. 78-95
The Implicit Carbon Price of Renewable Energy Incentives in Germany
In: Robert Schuman Centre for Advanced Studies Research Paper No. RSCAS 2014/28
SSRN
Working paper
The implicit carbon price of renewable energy incentives in Germany
Incentives for the development of renewable energy have increasingly become an instrument of climate policy, that is, as a means to reduce GHG emissions. This research analyzes the German experience in promoting renewable energy over the past decade to identify the ex-post cost of reducing CO2 emissions in the power sector through the promotion of renewable energy, specifically, wind and solar. A carbon surcharge and an implicit carbon price due to the renewable energy incentives for the years 2006-2010 are calculated. The carbon surcharge is the ratio of the net cost of the renewable energy over the CO2 emission reductions resulting from actual renewable energy injections. The net cost is the sum of the costs and cost savings due to these injections into the electric power system. The implicit carbon price is the sum of the carbon surcharge and the EUA price and it can be seen as a measure of the CO2 abatement efficiency of the renewable energy incentives. Results show that both the carbon surcharge and he implicit carbon price of wind are relatively low, on the order of tens of euro per tonne of O2, while the same measures for solar are very high, on the order of hundreds of euro per tonne of CO2.
BASE
The cost of abating CO2 emissions by renewable energy incentives in Germany
Incentives for the development of renewable energy have increasingly become an instrument of climate policy, that is, as a means to reduce GHG emissions. This research analyzes the German experience in promoting renewable energy over the past decade to identify the ex post cost of reducing CO2 emissions through the promotion of renewable energy, specifically, wind and solar. To this propose, we calculated the annual CO2 abatement cost for the years 2006- 2010 as the ratio of the net cost over the CO2 emission reductions resulting from the use of renewable energy. The net cost is the sum of the costs and cost savings due to the injection of renewable energy into the electric power system. Results show that CO2 abatement cost of wind are relatively low, of the order of tens of Euro per tonne of CO2, while CO2 abatement cost of solar are very high, of the order of hundreds of Euro per tonne of CO2. CO2 abatement cost has changed considerably over the years due to variations of fossil fuels prices, carbon price and the amount of generated renewable energy.
BASE
Over-Allocation or Abatement? A Preliminary Analysis of the EU ETS Based on the 2005–06 Emissions Data
In: Environmental and resource economics, Band 41, Heft 2, S. 267-287
ISSN: 1573-1502
Over-Allocation or Abatement? A Preliminary Analysis of the EU Ets Based on the 2005 Emissions Data
In: FEEM Working Paper No. 139.06
SSRN
Working paper
The Temporal Efficiency of So2 Emissions Trading
SSRN
Working paper
Who really wants a climate agreement anyway?
In: The world today, Band 57, Heft 7, S. 23-24
ISSN: 0043-9134
World Affairs Online
An Analysis of Allowance Banking in the EU ETS
In: Robert Schuman Centre for Advanced Studies Research Paper No. RSCAS 2015/29
SSRN
Working paper