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The fundamentals of the future international emissions trading system

  • Loreta Stankeviciute

    ()

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - Grenoble 2 UPMF - Université Pierre Mendès France - CNRS)

  • Alban Kitous

    (Enerdata - Enerdata, IPTS - European Joint Research Center - Commission Européenne)

  • Patrick Criqui

    ()

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - Grenoble 2 UPMF - Université Pierre Mendès France - CNRS)

The study aims to examine the efficiency aspects of the international carbon market, with a focus on economic impacts on the European energy system, by analyzing the sectoral Marginal Abatements Cost Curves (MACC) and the trading under different global carbon market configurations in 2010 and in 2020. To produce a consistent and realistic assessment we employ sources such as: second NAPs under ETS, GHG National Inventories, EIA data and POLES world energy model to constitute the sectoral base year and 2010, 2020 emission levels in different countries and regions. We then use the market analysis tool ASPEN, which enables to derive supply and demand from sectoral MACCs produced with POLES model, and to evaluate the economic impacts on the carbon market participants. The paper shows in particular that in compliance with 2020 emission reduction targets, the benefits of an extended carbon market gain importance since more than 50% of the reduction target is achieved by ETS sectors and especially electricity sector. Furthermore, the new flexibility margins provided by a longer time-period for the adjustment of investments in new generation capacities compensates for the increasing pressure towards stronger emission reductions

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Paper provided by HAL in its series Post-Print with number halshs-00172290.

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Date of creation: Nov 2008
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Publication status: Published in Energy Policy, Elsevier, 2008, 36 (11), pp.4272-7286
Handle: RePEc:hal:journl:halshs-00172290
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00172290
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  1. Michaelowa, Axel & Jotzo, Frank, 2005. "Transaction costs, institutional rigidities and the size of the clean development mechanism," Energy Policy, Elsevier, vol. 33(4), pages 511-523, March.
  2. Gernot Klepper & Sonja Peterson, 2005. "Emissions Trading, CDM, JI, and More ; The Climate Strategy of the EU," Kiel Working Papers 1238, Kiel Institute for the World Economy.
  3. Patrick Criqui & Laurent Viguier, 2000. "Kyoto and technology at world level: costs of CO 2 reduction under flexibility mechanisms and technical progress," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 14(1/2/3/4), pages 155-168.
  4. Springer, Urs & Varilek, Matthew, 2004. "Estimating the price of tradable permits for greenhouse gas emissions in 2008-12," Energy Policy, Elsevier, vol. 32(5), pages 611-621, March.
  5. Criqui, Patrick & Mima, Silvana & Viguier, Laurent, 1999. "Marginal abatement costs of CO2 emission reductions, geographical flexibility and concrete ceilings: an assessment using the POLES model," Energy Policy, Elsevier, vol. 27(10), pages 585-601, October.
  6. Steffen Kallbekken, 2007. "Why the CDM will reduce carbon leakage," Climate Policy, Taylor & Francis Journals, vol. 7(3), pages 197-211, May.
  7. Patrick Criqui & Nikolaos Kouvaritakis, 2000. "World energy projections to 2030," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 14(1/2/3/4), pages 116-136.
  8. Anger, Niels, 2006. "Emission trading beyond Europe: linking schemes in a post-Kyoto world," ZEW Discussion Papers 06-58, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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