emissions trading Articles
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Interview with Henry Derwent, head of the International Emissions Trading Association
The interview with the new President and CEO of the International Emissions Trading Association (IETA), Henry Derwent, was a landmark date for IETA. Its former President and CEO Andrei Marcu officially stepped down from his position as top man. Former Director of Climate, Energy and Environmental Risk at the UK Department for Environment, Food and Rural Affairs, Henry Derwent, took over the ...
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EU emissions trading scheme
The next couple of years will be crucial for the future of trading greenhouse gases (GHGs). Europe is reviewing the way its trading system operates to address the lessons it has learned to date and increasingly others are designing and implementing trading programs. New Zealand has recently published its proposals, Australia is looking at how it would implement a trading system, and a growing ...
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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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Forestry in the New Zealand emissions trading scheme: design and prospects for success
The New Zealand Emissions Trading Scheme is globally unique in that it will include all gases covered by the Kyoto Protocol and all sectors of the New Zealand economy. This includes the land-use sectors of agriculture and forestry, with forestry being the first sector to enter the scheme from 1 January 2008. This article provides an overview of how the forestry aspects of the scheme are designed, ...
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Emissions Trading 2005 and its Implications for Businesses
Untitled Document Basics of Emissions Trading The formulation of a market needs a buyer and a seller and, at times, due to high transaction costs (e.g. finding a buyer or seller, price discovery), market participants want a specialized broker to link buyers and sellers efficiently. Certainly, people want to buy or sell products or services with a scarcity value in a market. The ...
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The Canadian Regulatory Framework for carbon trading: Sailing away from consensus while waiting for the U.S. Federal Scheme
There is a lot of controversy on Parliament Hill in Canada regarding the greenhouse gas policy to be enacted. It is very difficult to assess the latest proposed framework without suggesting a political view or without analysing the economic context of Canadian actors involved in the emissions trading market. The purpose of this article is to briefly articulate the main controversial issue of said ...
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The language of flexibility and the flexibility of language
Flexibility instruments such as joint implementation and emissions trading have played an important part in climate change policy negotiations since before the signing of the Framework Convention on Climate Change. They are likely to remain an important feature of future negotiations. This paper examines the characteristics of the various flexibility mechanisms introduced by the Kyoto Protocol. ...
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Designing emissions trading programs in Canada: the implications of market power on economic and environmental outcomes
Environmental policy often assumes that firms will participate in a competitive emissions trading market to cost-effectively achieve their emission reduction constraint. Indeed, the competitive market assumption is central to the notion that emission trading is the least-cost management option to achieve an environmental objective. This paper uses two optimisation models based on marginal ...
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Transboundary initiatives for controlling sulphur, and possible lessons for CO2
This paper addresses the concept of joint implementation as it relates to the Oslo Protocol of the Convention on Long-Range Transboundary Air Pollution. It introduces the complexity of emissions trading arising from the spatial nature of the pollutant, describes a system for establishing sulphur emission 'exchange rates' between host and donor parties, and illustrates these concepts using a ...
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WTO law and international emissions trading: Is there potential for conflict?
In order to meet their emission reduction targets with minimum adverse effects on their economies, it is highly likely that UNFCCC Annex I governments will pursue emission reduction policies in such a way as to require of foreign products to mirror the “climate costs” of their production processes or to favour domestic “climate friendly” producers over foreign ones. Such treatments could occur in ...
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Kyoto and technology at the European Union: costs of emission reduction under flexibility mechanisms and technology progress
This paper presents the analysis of the consequences of CO2 emission reduction policies, as derived, in a European Union perspective, from the Kyoto Protocol for the 2010 horizon. The first section provides a thorough assessment, based on the PRIMES model results, of the marginal and total costs of compliance to the Kyoto Protocol for a "no trading" case and for two cases of emission trading, ...
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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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Investability of the European Union emissions trading scheme: an empirical investigation under economic uncertainty
This paper explores investment characteristics of the European Union Emissions Trading Scheme (EU ETS) during the Global Financial Crisis (GFC). We show that the EU ETS demonstrates significant price volatility, risk-adjusted return under-performance and positive correlations with international equity markets during the GFC, while an OLS regression reveals that carbon market returns are only ...
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The role of emissions trading in implementing the UN Climate Convention
The Kyoto Protocol to the UN Climate Convention allows countries to meet greenhouse gas emission commitments in part through emissions trading. There is no precedent for a global regime and only the USA has domestic experience. The USA would prefer minimal constraints on greenhouse gas trading. The EU would like rules guaranteeing that trading will be supplemental to domestic action and that ...
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Emission trading and the role of learning-by-doing spillovers in the "bottom-up" energy-system ERIS model
In this paper, using the "bottom-up" energy-system optimisation ERIS model, we examine the effects of emission trading on technology deployment, emphasising the role of technology learning spillovers. That is, the possibility that the learning accumulated in a particular technology in a given region may spill to other regions as well, leading to cost reductions there also. The effects of ...
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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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Australian emissions trading scheme review
The Garnaut Climate Change Review’s approach to mitigation was initially set out in the Interim Report in February 2008. This paper focuses on the key role for an emissions trading scheme (ETS) in those mitigation efforts. It recommends an approach for Governments to consider in developing and delivering an effective ETS. Further consideration, informed by detailed economic modelling, will be ...
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Allocation of greenhouse gas allowances in the United States – A northeastern example
The Regional Greenhouse Gas Initiative (RGGI) initiated the first regional greenhouse gas emissions trading system in the United States. This cap-and-trade program will begin on 1 January 2009 and will include sources from the electricity generating sector. To date, 10 northeastern states have committed themselves to participating, and each state is currently developing laws and regulations to ...
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EEB Position paper on Environmental Fiscal reform and EU emissions trading scheme (EU-ETS): the link National Allocation Plans (NAPs)
1. An overview on National Allocation Plans Within the framework of the EU Emissions Trading Scheme, all EU 15 Member States are required, and 10 newly acceding countries (future Member States; hereafter NAC) are encouraged to publish National Allocation Plans (NAPs) to notify the Commission, by end of March 2004. This forms the corner stone of the Community’s climate change policies whose ...
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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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