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EU Climate Change Policy 2013-2020: Thoughts on Property Rights and Market Choices

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Author Info
Gorecki, Paul (ESRI)
Lyons, Sean (ESRI)
Tol, Richard S. J. (ESRI)

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Abstract

Under 2013 to 2020 European Union proposals for CO2 emission reduction, a Member State can transfer to another Member State ?part? of their allowed emission allocation in the non-Emission Trading Sector ("ETS"). The paper addresses three questions in relation to these Transfer Emission Units or TEUs. First, what mechanism should be used to facilitate the exchange of TEUs? The preferred mechanism is a uniform price auction, preferably EU-wide. Second, what ?part? of the non-ETS emission limit of a Member State should be classed as TEUs ? 10%, 20% or no limit? The proportion of the non-ETS emission limit that should be traded should be maximised. Third, who should realise the value of TEUs ? the State, existing polluters? The value of TEUs should accrue to the State.

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Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP292.

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Date of creation: Apr 2009
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Handle: RePEc:esr:wpaper:wp292

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  1. Richard S. J. Tol & Tim Callan & Thomas Conefrey & John Fitz Gerald & Seán Lyons & Laura Malaguzzi Valeri & Susan Scott, 2008. "A Carbon Tax for Ireland," Papers WP246, Economic and Social Research Institute (ESRI). [Downloadable!]
  2. Tol, Richard S.J., 2009. "Intra-union flexibility of non-ETS emission reduction obligations in the European Union," Energy Policy, Elsevier, vol. 37(5), pages 1745-1752, May. [Downloadable!] (restricted)
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  3. Hepburn, C. & Grubb, M. & Neuhoff, K. & Matthes , F. & Tse, M., 2006. "Auctioning of EU ETS Phase II allowances: how and why?," Cambridge Working Papers in Economics 0644, Faculty of Economics, University of Cambridge. [Downloadable!]
  4. Ellis, Jane & Winkler, Harald & Corfee-Morlot, Jan & Gagnon-Lebrun, Frederic, 2007. "CDM: Taking stock and looking forward," Energy Policy, Elsevier, vol. 35(1), pages 15-28, January. [Downloadable!] (restricted)
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