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The European Union’s Emissions Trading System

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  • Andriana Vlachou

Abstract

This paper investigates the European Union’s Emissions Trading System (EU ETS), which is often presented as the cornerstone of the EU’s strategy for fighting climate change. The paper analyses the basic design of the scheme, its workings during the first trading period (2005–07), the adjustments made for the second trading period (2008–12) and its performance during the years 2008 and 2009. It also discusses the European Commission’s (EC) proposal to revise the EU ETS for the period 2013–20 and the agreement reached. The paper offers a critical assessment of the EU ETS from a value-theoretic and class-based standpoint, challenging mainstream accounts. Following the consultation and co-decision processes that preceded the adoption of the EU ETS Directive and its amendment, one reaches the conclusion that the EU ETS has become the flagship of the European climate change programme because it is more conducive to the dominant EU industrial capitals that compete with non-EU capitals under strenuous international market conditions. The limited environmental effectiveness, the windfall profits and distributional injustice that characterise the scheme from its start are pitfalls generated from the embeddedness of the scheme in the EU capitalist economies.

Suggested Citation

  • Andriana Vlachou, 2014. "The European Union’s Emissions Trading System," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(1), pages 127-152.
    • Handle: RePEc:oup:cambje:v:38:y:2014:i:1:p:127-152.
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    File URL: http://hdl.handle.net/10.1093/cje/bet028
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    Cited by:

    1. De Cara, Stéphane & Henry, Loïc & Jayet, Pierre-Alain, 2018. "Optimal coverage of an emission tax in the presence of monitoring, reporting, and verification costs," Journal of Environmental Economics and Management, Elsevier, vol. 89(C), pages 71-93.
    2. Razmig Keucheyan, 2018. "Insuring Climate Change: New Risks and the Financialization of Nature," Development and Change, International Institute of Social Studies, vol. 49(2), pages 484-501, March.
    3. Francesco Crespi & Claudia Ghisetti & Francesco Quatraro, 2015. "Taxonomy of Implemented Policy Instruments to Foster the Production of Green Technologies and Improve Environmental and Economic Performance. WWWforEurope Working Paper No. 90," WIFO Studies, WIFO, number 58131, February.
    4. Rocchi, Paola & Serrano, Mònica & Roca, Jordi, 2014. "The reform of the European energy tax directive: Exploring potential economic impacts in the EU27," Energy Policy, Elsevier, vol. 75(C), pages 341-353.
    5. Francesco Crespi & Claudia Ghisetti & Francesco Quatraro, 2015. "Environmental and innovation policies for the evolution of green technologies: a survey and a test," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 5(2), pages 343-370, December.

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