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Efficient Abatement in Separated Carbon Markets: A Theoretical and Quantitative Analysis of the EU Emissions Trading Scheme

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  • Sonja Peterson

Abstract

The European Emissions Trading Scheme for CO2 established in 2005 is the world's largest emissions trading scheme. Since it covers only some sectors of the European economies it can nevertheless not ensure that the Kyoto targets are reached at minimal cost. This paper first analyzes the conditions for cost efficiency in the current separated carbon markets accounting also for the possibilities of purchasing international carbon credits from outside the EU. A computable general equilibrium model is then used to assess the cost efficiency of current EU climate strategies. Finally, based both on the theoretical as well as the quantitative analysis, recommendations are derived for a better allocation of the reduction burden between the sectors participating in emissions trading, those that do not participate and international carbon purchases.

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1271.

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Length: 24 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:kie:kieliw:1271

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Keywords: emissions trading; allocation; efficiency; separated markets;

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References

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  1. Gernot Klepper & Sonja Peterson, 2006. "Emissions Trading, CDM, JI, and More: The Climate Strategy of the EU," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 2), pages 1-26.
  2. Bohringer, Christoph & Hoffmann, Tim & Manrique-de-Lara-Penate, Casiano, 2006. "The efficiency costs of separating carbon markets under the EU emissions trading scheme: A quantitative assessment for Germany," Energy Economics, Elsevier, Elsevier, vol. 28(1), pages 44-61, January.
  3. Gernot Klepper & Sonja Peterson & Katrin Springer, 2003. "DART97: A Description of the Multi-regional, Multi-sectoral Trade Model for the Analysis of Climate Policies," Kiel Working Papers 1149, Kiel Institute for the World Economy.
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Cited by:
  1. Ingrid Ott & Susanne Soretz, 2006. "Governmental activity, integration, and agglomeration," Working Paper Series in Economics, University of Lüneburg, Institute of Economics 57, University of Lüneburg, Institute of Economics.
  2. Anger, Niels, 2006. "Emission trading beyond Europe: linking schemes in a post-Kyoto world," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 06-58, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Anger, Niels & Böhringer, Christoph & Oberndorfer, Ulrich, 2008. "Public Interest vs. Interest Groups: Allowance Allocation in the EU Emissions Trading Scheme," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 08-023, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. Dannenberg, Astrid & Mennel, Tim & Moslener, Ulf, 2007. "What Does Europe Pay for Clean Energy? Review of Macroeconomic Simulation Studies," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 07-019, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  5. Anger, Niels, 2008. "Emissions trading beyond Europe: Linking schemes in a post-Kyoto world," Energy Economics, Elsevier, Elsevier, vol. 30(4), pages 2028-2049, July.
  6. Sonja Peterson & Gernot Klepper, 2008. "The competitiveness effects of the EU climate policy," Kiel Working Papers 1464, Kiel Institute for the World Economy.
  7. Rogge, Karoline S. & Schleich, Joachim & Betz, Regina, 2006. "An early assessment of national allocation plans for phase 2 of EU emission trading," Working Papers "Sustainability and Innovation" S1/2006, Fraunhofer Institute for Systems and Innovation Research (ISI).

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