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Is European climate policy the new CAP?

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  • Georg Zachmann

Abstract

In its third phase (2013-20) the European Union's emissions trading system (ETS) will issue allowances for around two billion tonnes of CO2 equivalent each year. The emission rights are valued at around ?30-35 billion at current prices, between one-half and two-thirds of the amount the EU spends on the Common Agricultural Policy. The redistributive effects of the allocation of emission allowances are therefore potentially significant. Quantitative indicators for the relative degree to which individual countries will be affected by the ETS suggest that economic consequences for the member states will be quite different. In this policy brief, Georg Zachmann finds that countries with less favourable initial conditions are eventually largely compensated. Click here to download the ETS indicators by country

Suggested Citation

  • Georg Zachmann, 2011. "Is European climate policy the new CAP?," Policy Briefs 489, Bruegel.
    • Handle: RePEc:bre:polbrf:489
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