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Assessing the effectiveness of the EU Emissions Trading System

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  • Tim Laing
  • Misato Sato
  • Michael Grubb
  • Claudia Comberti

Abstract

As an increasing number of countries, regions, cities and states implement emission trading policies to limit cap CO2 emission, many turn to the experience of the European Union’s Emissions Trading System, as the largest greenhouse gas emissions trading system currently operating. The aim of this paper is to survey the literature conducted over the past eight years of the scheme’s existence, particularly those focusing on three key challenging areas of evaluation: emissions impacts in relation to the balance with economic objectives; investment and innovation impacts; and finally profits and price impacts. Among the key conclusions is that the lack of flexibility in the structure of the EU ETS cap, and its inability to adjust to radically shifted wider economic conditions, in the shape of the financial crisis, threatens to undermine its efficacy in providing incentives for abatement.

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Bibliographic Info

Paper provided by Grantham Research Institute on Climate Change and the Environment in its series Grantham Research Institute on Climate Change and the Environment Working Papers with number 106.

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Date of creation: Jan 2013
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Handle: RePEc:lsg:lsgwps:wp106

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  1. Kerstin Stahn, 2007. "Has the Export Pricing Behaviour of German Enterprises Changed? Empirical Evidence from German Sectoral Export Prices," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 227(3), pages 295-329, June.
  2. Juha Honkatukia & Ville Mälkönen & Adriaan Perrels, 2006. "Impacts of the European Emission Trade System on Finnish Wholesale Electricity Prices," Discussion Papers 405, Government Institute for Economic Research Finland (VATT).
  3. repec:reg:briefs:594 is not listed on IDEAS
  4. Zachmann, Georg & von Hirschhausen, Christian, 2008. "First evidence of asymmetric cost pass-through of EU emissions allowances: Examining wholesale electricity prices in Germany," Economics Letters, Elsevier, vol. 99(3), pages 465-469, June.
  5. Weber, T.A. & Neuhoff, K., 2009. "Carbon Markets and Technological Innovation," Cambridge Working Papers in Economics 0932, Faculty of Economics, University of Cambridge.
  6. Barry Anderson & Corrado Di Maria, 2011. "Abatement and Allocation in the Pilot Phase of the EU ETS," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 48(1), pages 83-103, January.
  7. Jouvet, Pierre-André & Solier, Boris, 2013. "An overview of CO2 cost pass-through to electricity prices in Europe," Energy Policy, Elsevier, vol. 61(C), pages 1370-1376.
  8. De Perthuis, Christian & Convery, Frank J. & Ellerman, Denny, 2010. "Pricing carbon : the European Union Emissions Trading Scheme," Economics Papers from University Paris Dauphine 123456789/10174, Paris Dauphine University.
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Cited by:
  1. repec:hal:wpaper:hal-00866408 is not listed on IDEAS
  2. Valeria Costantini & Alessio D'Amato & Chiara Martini & Maria Cristina Tommasino & Edilio Valentini & Mariangela Zoli, 2011. "Taxing international emissions trading," Departmental Working Papers of Economics - University 'Roma Tre' 0143, Department of Economics - University Roma Tre.
  3. repec:hal:ciredw:hal-00866408 is not listed on IDEAS

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