IDEAS home Printed from https://ideas.repec.org/a/diw/diwvjh/76-1-10.html
   My bibliography  Save this article

Fragen der künftigen Entwicklung des europäischen Handelssystems für Emissionsrechte

Author

Listed:
  • Jürgen Hogrefe
  • Jörg Jasper
  • Uwe Knickrehm
  • Felix Würtenberger

Abstract

The paper gives a brief overview of probable further developments of the EU-ETS. At first, we discuss scenarios for the auspices of the Post-Kyoto-Regime providing a general framework of the EU-ETS in the period after 2012. We find that Europe is likely to still have an ambitious CO2-regime after 2012, provided that the global post-2012 process does not cease to exist and that there will be no "face-saving" regulation. CDM will become increasingly important. Auctioning of emission allowances is likely to be introduced after 2012. The fuel independent benchmark is likely to become subject of public discussion again. Public discussion on carbon market intervention by the government will continue, although one should be sceptical with respect to its results. In general, one must not ignore the fact that deficiencies in carbon market performance which could be observed during the first year after its installation in the beginning of 2005 were mostly due to mistakes in market design and to a lack of experience of market participants in using the instrument. Der Beitrag gibt einen bewertenden Überblick über die mögliche Weiterentwicklung des europäischen Handelssystems für Emissionsrechte. Dazu wird zunächst der allgemeine Rahmen dargestellt, in den das europäische System eingebettet ist, wobei denkbare Szenarien für das internationale Klimaschutzregime nach Auslaufen des Kyoto-Protokolls 2012 diskutiert werden. Im Anschluss werden Fragen zu wesentlichen Ausgestaltungsmerkmalen des europäischen Handelssystems nach 2012 analysiert. Es zeigt sich, dass Europa vermutlich weiterhin eines der anspruchsvollsten CO2-Regulierungsregimes weltweit haben wird. Der Clean Development Mechanism (CDM) wird in diesem Kontext eine stark wachsende Bedeutung erlangen. Das Thema Auktionierung wird nach 2012 zusätzliches Gewicht erhalten. Die Frage nach einem brennstoffunabhängigen Benchmark wird dann vermutlich erneut öffentlich diskutiert. Auch die Diskussion um ergänzende Markteingriffe des Staates (safety valves; carbon hedge) wird weitergehen, wenngleich diese oftmals mit Skepsis zu betrachten sind. Auch sollte die Diskussion nicht darüber hinwegtäuschen, dass die teilweise problematische Performance des CO2-Marktes vor allem auf Fehler im Marktdesign, aber auch auf fehlende Erfahrungen mit dem Instrument zurückzuführen ist.

Suggested Citation

  • Jürgen Hogrefe & Jörg Jasper & Uwe Knickrehm & Felix Würtenberger, 2007. "Fragen der künftigen Entwicklung des europäischen Handelssystems für Emissionsrechte," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 76(1), pages 126-139.
    • Handle: RePEc:diw:diwvjh:76-1-10
    DOI: 10.3790/vjh.76.1.126
    as

    Download full text from publisher

    File URL: https://doi.org/10.3790/vjh.76.1.126
    Download Restriction: no
    File URL: https://libkey.io/10.3790/vjh.76.1.126?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. ZhongXiang Zhang, 2003. "Open Trade with the U.S. without Compromising Canada’s Ability to Comply with its Kyoto Target," Working Papers 2003.68, Fondazione Eni Enrico Mattei.
    2. Cameron Hepburn & Michael Grubb & Karsten Neuhoff & Felix Matthes & Maximilien Tse, 2006. "Auctioning of EU ETS phase II allowances: how and why?," Climate Policy, Taylor & Francis Journals, vol. 6(1), pages 137-160, January.
    3. Georg M ller-F rstenberger & Gunter Stephan, 2005. "Intensity Targeting or Emission CAPS: Non-Cooperative Climate Change Policies and Technological Change," Diskussionsschriften dp0502, Universitaet Bern, Departement Volkswirtschaft.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sam Fankhauser & Cameron Hepburn, 2009. "Carbon markets in space and time," GRI Working Papers 3, Grantham Research Institute on Climate Change and the Environment.
    2. David M. Newbery & David M. Reiner & Robert A. Ritz, 2018. "When is a carbon price floor desirable?," Working Papers EPRG 1816, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    3. Zhang, ZhongXiang, 2009. "Encouraging developing country involvement in a post-2012 climate change regime: carrots, sticks or both?," MPRA Paper 13174, University Library of Munich, Germany.
    4. David M. Newbery & David M. Reiner & Robert A. Ritz, 2019. "The Political Economy of a Carbon Price Floor for Power Generation," The Energy Journal, , vol. 40(1), pages 1-24, January.
    5. Wood, Peter John & Jotzo, Frank, 2011. "Price floors for emissions trading," Energy Policy, Elsevier, vol. 39(3), pages 1746-1753, March.
    6. Beat Hintermann, 2011. "Market Power, Permit Allocation and Efficiency in Emission Permit Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(3), pages 327-349, July.
    7. Weber, Thomas A. & Neuhoff, Karsten, 2010. "Carbon markets and technological innovation," Journal of Environmental Economics and Management, Elsevier, vol. 60(2), pages 115-132, September.
    8. Sato, Misato & Dechezleprêtre, Antoine, 2015. "Asymmetric industrial energy prices and international trade," Energy Economics, Elsevier, vol. 52(S1), pages 130-141.
    9. Karpf, Andreas & Mandel, Antoine & Battiston, Stefano, 2018. "Price and network dynamics in the European carbon market," Journal of Economic Behavior & Organization, Elsevier, vol. 153(C), pages 103-122.
    10. Tim Laing & Misato Sato & Michael Grubb & Claudia Comberti, 2013. "Assessing the effectiveness of the EU Emissions Trading System," GRI Working Papers 106, Grantham Research Institute on Climate Change and the Environment.
    11. Gavard, Claire & Winchester, Niven & Paltsev, Sergey, 2016. "Limited trading of emissions permits as a climate cooperation mechanism? US–China and EU–China examples," Energy Economics, Elsevier, vol. 58(C), pages 95-104.
    12. ZhongXiang Zhang, 2013. "Trade in environmental goods, with focus on climate-friendly goods and technologies," Chapters, in: Geert Van Calster & Denise Prévost (ed.), Research Handbook on Environment, Health and the WTO, chapter 19, pages 673-699, Edward Elgar Publishing.
    13. Samuel Fankhauser & Cameron Hepburn & Jisung Park, 2010. "Combining Multiple Climate Policy Instruments: How Not To Do It," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 1(03), pages 209-225.
    14. Zhang, ZhongXiang, 2004. "Ways to improve the design of the EU emissions trading scheme: key issues and answers," MPRA Paper 14668, University Library of Munich, Germany.
    15. Sijm, Jos & Chen, Yihsu & Hobbs, Benjamin F., 2012. "The impact of power market structure on CO2 cost pass-through to electricity prices under quantity competition – A theoretical approach," Energy Economics, Elsevier, vol. 34(4), pages 1143-1152.
    16. Burtraw, Dallas & Palmer, Karen & Kahn, Danny, 2010. "A symmetric safety valve," Energy Policy, Elsevier, vol. 38(9), pages 4921-4932, September.
    17. Oberndorfer, Ulrich, 2009. "EU Emission Allowances and the stock market: Evidence from the electricity industry," Ecological Economics, Elsevier, vol. 68(4), pages 1116-1126, February.
    18. Alvarez, Francisco & André, Francisco J., 2013. "Auctioning vs. Grandfathering in Cap-and-Trade Systems with Market Power and Incomplete Information," Climate Change and Sustainable Development 162381, Fondazione Eni Enrico Mattei (FEEM).
    19. Huang, Hai & Roland-Holst, David & Springer, Cecilia & Lin, Jiang & Cai, Wenjia & Wang, Can, 2019. "Emissions trading systems and social equity: A CGE assessment for China," Applied Energy, Elsevier, vol. 235(C), pages 1254-1265.
    20. Hintermann, Beat, 2010. "Allowance price drivers in the first phase of the EU ETS," Journal of Environmental Economics and Management, Elsevier, vol. 59(1), pages 43-56, January.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:diw:diwvjh:76-1-10. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bibliothek (email available below). General contact details of provider: https://edirc.repec.org/data/diwbede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.