Pricing Carbon: The European Union Emissions Trading Scheme
The European Union's Emissions Trading Scheme (EU ETS) is the world's largest market for carbon and the most significant multinational initiative ever taken to mobilize markets to protect the environment. It will be an important influence on the development and implementation of trading schemes in the US, Japan, and elsewhere. However, as is true of any pioneering public policy experiment, this scheme has generated much controversy. Pricing Carbon provides the first detailed description and analysis of the EU ETS, focusing on the first 'trial' period of the scheme (2005–7). Written by an international team of experts, it allows readers to get behind the headlines and come to a better understanding of what was done and what happened based on a dispassionate, empirically based review of the evidence. This book should be read by anyone who wants to know what happens when emissions are capped, traded, and priced.
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abatement allowance allocation allowance price aluminium annual auction average benchmark cap-and-trade capacity carbon leakage carbon market carbon prices carbon-pricing cement cent CERs CITL climate change CO2 cost CO2 emissions CO2 price CO2e coal coal-fired Commission’s competitiveness compliance contracts countries Czech Republic demand economic effect electricity prices electricity sector Ellerman emission reduction emissions trading Emissions Trading Scheme entrant environmental estimates ETS Directive ETS sector EU ETS EU-wide cap EUA future EUA price EUA spot European Commission European Parliament European Union ex post factors Figure firms first-period free allocation fuel fuel-switching future contract Germany greenhouse gas impact imports included increase industry installations investment Kyoto Protocol marginal costs million EUAs million tonnes natural gas operators participants power sector production programme projects proposed refinery Reinaud rents result second-period Slovenia Source steel surplus tion tonne trading period transaction costs trial period United Kingdom verified emissions