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The effects of carbon prices and anti-leakage policies on selected industrial sectors in Spain – Cement, steel and oil refining

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  • Santamaría, Alberto
  • Linares, Pedro
  • Pintos, Pablo

Abstract

This paper assesses the impacts on the cement, steel and oil refining sectors in Spain of the carbon prices derived from the European Emissions Trading Scheme (EU ETS), and the potential effect on these sectors of the European Union anti-leakage policy measures. The assessment is carried out by means of three engineering models developed for this purpose. Our results show a high exposure to leakage of cement in coastal regions; a smaller risk in the steel sector, and non-negligible risk of leakage for the oil refining sector when carbon allowance prices reach high levels. We also find that the risk of leakage could be better handled with other anti-leakage policies than those currently in place in the EU.

Suggested Citation

  • Santamaría, Alberto & Linares, Pedro & Pintos, Pablo, 2014. "The effects of carbon prices and anti-leakage policies on selected industrial sectors in Spain – Cement, steel and oil refining," Energy Policy, Elsevier, vol. 65(C), pages 708-717.
  • Handle: RePEc:eee:enepol:v:65:y:2014:i:c:p:708-717
    DOI: 10.1016/j.enpol.2013.10.031
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    References listed on IDEAS

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    1. Szabo, Laszlo & Hidalgo, Ignacio & Ciscar, Juan Carlos & Soria, Antonio, 2006. "CO2 emission trading within the European Union and Annex B countries: the cement industry case," Energy Policy, Elsevier, vol. 34(1), pages 72-87, January.
    2. Arik Levinson & M. Scott Taylor, 2008. "Unmasking The Pollution Haven Effect," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(1), pages 223-254, February.
    3. Monjon, Stéphanie & Quirion, Philippe, 2011. "Addressing leakage in the EU ETS: Border adjustment or output-based allocation?," Ecological Economics, Elsevier, vol. 70(11), pages 1957-1971, September.
    4. Eskeland, Gunnar S. & Harrison, Ann E., 2003. "Moving to greener pastures? Multinationals and the pollution haven hypothesis," Journal of Development Economics, Elsevier, vol. 70(1), pages 1-23, February.
    5. Damien Demailly & Philippe Quirion, 2006. "CO 2 abatement, competitiveness and leakage in the European cement industry under the EU ETS: grandfathering versus output-based allocation," Climate Policy, Taylor & Francis Journals, vol. 6(1), pages 93-113, January.
    6. repec:dau:papers:123456789/7346 is not listed on IDEAS
    7. Damien Demailly & Philippe Quirion, 2008. "Concilier compétitivité industrielle et politique climatique. Faut-il distribuer les quotas de CO2 en fonction de la production ou bien les ajuster aux frontières ?," Revue économique, Presses de Sciences-Po, vol. 59(3), pages 497-504.
    8. Frederic Ghersi and Jean-Charles Hourcade, 2006. "Macroeconomic Consistency issues in E3 Modeling: The Continued Fable of the Elephant and the Rabbit," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 39-62.
    9. Morgenstern, Richard D. & Ho, Mun & Shih, J.-S.Jhih-Shyang & Zhang, Xuehua, 2004. "The near-term impacts of carbon mitigation policies on manufacturing industries," Energy Policy, Elsevier, vol. 32(16), pages 1825-1841, November.
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    Cited by:

    1. Pablo Pintos & Pedro Linares, 2016. "Assessing the EU ETS with an Integrated Model," Working Papers 01-2016, Economics for Energy.
    2. Elisabetta Allevi & Giorgia Oggioni & Rossana Riccardi & Marco Rocco, 2013. "A spatial competitive analysis: the carbon leakage effect on the cement industry under the European Emissions Trading Scheme," Temi di discussione (Economic working papers) 899, Bank of Italy, Economic Research and International Relations Area.

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    Keywords

    Carbon leakage; EU ETS; Cement; Steel; Oil refining;

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