emissions trading Articles
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EU Emissions Trading
Untitled Document The European Union is committed to global efforts to reduce the greenhouse gas emissions from human activities that threaten to cause serious disruption to the world’s climate. Building on the innovative mechanisms set up under the Kyoto Protocol to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) — joint ...
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CO2 prices and portfolio management
Since the launch of the European Union Emission Trading Scheme (EU ETS), the interest in the trade of EUAs is constantly increasing among academics and market participants. The objective of this paper is twofold: (a) a detailed description of this new market is provided for portfolio managers and (b) a comprehensive study of the implications of including Phase II EUAs in diversified portfolios is ...
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Giving wings to emission trading - Inclusion of aviation under the European emission trading system (ETS): design and impacts
Air transport performs many important functions in modern societies. Aviation facilitates economic growth and cultural exchanges and the industry directly provides employment in many regions. However, aviation also contributes to global climate change, and its contribution is increasing. While the EU's total greenhouse gas emissions fell by 3% from 1990 to 2002, carbon dioxide emissions ...
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Estimation of CO2 shadow price in Chinese provinces: an output distance function approach
As the low–carbon issue become increasingly critical in the world. The marginal abatement cost (shadow price) of CO2 emission is a determinant in the carbon emissions trading market. This paper estimates the CO2 shadow price of different Chinese provinces based on the parametric approach: the output distance function. The results show that the average CO2 marginal abatement cost is 1.8 Y/T (0.28 ...
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Greenhouse Gas Emissions trading and duties of the state: A preliminary review of Alberta’s specified Gas Emitters Regulation
In July 2007 the oil endowed Canadian province of Alberta launched the first compliance emissions trading scheme for greenhouse gases in North America under its Specified Gas Emitters Regulation. This paper reviews key aspects of the programme including scope, performance credit trading and project offsetting with comparative reference to other carbon emissions trading schemes. The paper ...
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Estimating the 'value at risk' of EUA futures prices based on the extreme value theory
This paper employs the Extreme Value Theory (EVT) to measure the 'Value at Risk' (VaR) of EUA futures prices. The results show that during the sample period: first, the EVT approach can be used to reliably measure the extreme risk of carbon futures markets of the European Union Emissions Trading Scheme, both for Phase I and Phase II. Second, the downside extreme risk of carbon futures market ...
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Carbon emission trading in India and Sri Lanka
Kyoto Protocol has established three trading mechanisms, namely International Emission Trading (IET), Joint Implementation (JI) and Clean Development Mechanism (CDM) which enable industrialised countries to achieve carbon emission reduction targets as economically as possible. Out of these three mechanisms, CDM is the most important mechanism for the developing countries. CDM allows the carbon ...
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Kyoto and technology at world level: costs of CO2 reduction under flexibility mechanisms and technical progress
This paper is dedicated to the analysis of the consequences of CO2 emission reduction policies, as deriving, in a world perspective, from the Kyoto Protocol for the 2010 horizon. The basic methodological principles for the assessment of the Marginal Abatement Costs and for the quantification of the economic "gains from trade" in flexibility mechanisms are first presented in Section 2. Section 3 ...
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Economic Analysis of EU-Wide Emissions Trading in CO2
In preparation of the Green Paper on greenhouse gas emissions trading within the European Union, the cost implications of EU-wide emissions trading carbon dioxide were estimated by E3-Lab with their PRIMES energy systems model. The results are available in The Economic Effects of EU-wide Industry-Level Emission Trading to Reduce Greenhouse Gases - Results from PRIMES model. Download the full ...
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The emerging issue of the emissions trading schemes in Europe and Australia
This report covers an overview of the origins of the carbon trading market and the mechanics involved in trading carbon emission units. The report seeks to analyse the carbon trading market in Europe and Australia. The carbon trading market is reviewed with an overall concern for the role government regulation plays in the market, as well as the impact of introducing an emission trading scheme on ...
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Interaction between environmental policy instruments: carbon emissions trading and Integrated Pollution Prevention and Control
As the number of environmental policy instruments grows, so the potential for interaction between different instruments increases. This interaction can be detrimental or beneficial. To avoid conflict, it is essential that the potential for interaction be assessed during the formulation of new policy instruments. This paper illustrates this through an analysis of how the European Directive on ...
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AGE assessment of interactions between climate change policy instruments and pre-existing taxes: the case of Ireland
We introduce a computable general equilibrium model for Ireland to investigate the impact of climate policy on the Irish economy, taking special notice of interactions with the existing tax structure. To this end, we extend the model with a detailed representation of the tax system using separate tax data on all transactions, both intermediate and final demand. We simulate the implementation of ...
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A solution to climate change economics - a carbon swap bank
The original impetus of the Copenhagen Treaty in 2010 to solve the problem of climate change using a carbon emissions trading scheme has hit ground zero. The failure to advance various proposed bills in the USA and Australia has faltered on the role of agriculture, the failure to ensure that high carbon dioxide polluting industries actually alter technologies, the creation of excessive ...
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The risks and opportunities in starting a carbon trading firm within the carbon marketplace
This paper looks at the viability of starting a carbon trading firm in Australia, based on the understanding and nature of carbon trading and its acceptance and implementation in the economy. The main function of the firm is to work as a broker on behalf of organisations or individuals for buying and selling carbon credits. A broad overview of the evolution of the carbon trading market and the ...
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The state of carbon finance in Europe: a 'SWOT' analysis of the EU's Emissions Trading Scheme
As Phase III of the European Union's Emissions Trading Scheme (EU ETS) will begin in January 2012 when airlines operating flights to or from Europe will have to buy carbon permits to help offset their emissions under EU legislation, carbon finance and trading in Europe is set to proceed to a new horizon. Launched in January 2005, EU ETS is one of the established multilateral measures in the ...
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EU emissions trading scheme to bring small carbon savings
EU emissions trading scheme to bring small carbon savings Campaign group call for tighter caps on carbon emissions covered by the ETS in Europe each year. A new report by carbon emissions trading campaign group Sandbag predicts that the five year period of the EU’s emissions trading scheme (ETS) ending in 2012 is set to deliver carbon savings of less than a third of 1% of total carbon ...
By Vital Energi
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Crediting co2 sequestration – An alternative approach to integrating CCS into the EU ETS
Carbon Capture and Storage (CCS) technologies are currently discussed as a promising measure by stakeholders in the power industry sector, who see it as an opportunity to both continue using fossil fuels and to comply with the challenges of climate protection by reducing carbon dioxide emissions. Initial demonstration projects have already been launched.1 According to the European Commission, it ...
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Links between spot and futures allowances: ECX and EEX markets comparison
This paper discusses the relation of spot and futures CO2 allowances, used to model and test forward premium and convenience yield (CY) concepts during 2005–2011. We analyse allowances futures from an ex–post perspective and find positive forward premia for both Phase I and Phase II and for different European markets: European Energy Exchange (EEX) and European Climate Exchange (ECX), indicating ...
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The responsibility of CO2 embodied in Italy-China trade: a consumption-based approach
This paper presents a theoretical model to allocate emission responsibility between producers or consumers and estimates: (1) the carbon dioxide (CO2) emissions embodied in the bi-lateral trade of manufactured products between Italy and China from 1997 to 2003 and (2) the CO2 emissions avoided in Italy and China by importing products of bi-lateral trade. Adopting a consumption-based approach and ...
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A comparative analysis of city–based emission trading schemes: key design and management factors for environmental cost effectiveness
With more than half the world's population living in urban areas, cities have become a major source of local and global atmospheric pollution. Originally developed in the 1990s to decrease local pollution, Local Emission Trading Schemes (ETSs) are now emerging as a promising cost–efficient instrument to achieve local GHG emissions reductions. This paper compares four existing city–based ETS ...
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