What Is Eu Emissions Trading System
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The EU Emissions Trading Scheme
This special issue of the Climate Policy journal outlines the fundamentals of the new European Emissions Trading Scheme (EU ETS), assesses the strategies for and impact of implementation and highlights the scheme's potential, including positive aspects and remaining hurdles. The EU Emission Trading Scheme (EU ETS) is the first international trading scheme for CO2 in the world. Its aim is to reduce the cost of compliance to existing targets under the Kyoto Protocol. From 1st January 2005, companies in high-energy sectors covered by the scheme must limit their CO2 emissions to allocated levels, arranged in two periods: from 2005-2007 and 2008-2012 (to match the first Kyoto commitment period). In practice, the scheme is likely to cover over 12,000 installations across the European Union, corresponding to approximately 46% of the total EU CO2 emissions. The EU ETS represents a significant development in working at an international level to combat dangerous climate change. The EU Emissions Trading Scheme presents a comprehensive and insightful analysis of the EU ETS, written by international experts in the field. The publication includes the latest research on emissions credits, the interaction of the trading scheme with national energy policies and the debate on future expansion.
The European Emission Trading System and Its Followers
Given the rapid spread of ETSs in an increasing number of countries and the important role that they are likely to play for the success or failure of the environmental policy in the years to come, this book provides an interdisciplinary analysis of the EU ETS from both the legal and economic perspectives comparing it with the other main ETSs existing worldwide, in order to assess whether the EU ETS has truly represented a prototype for the other ETSs established around the world and to investigate the current perspectives for linking them in the future.Through the years, the EU ETS has progressively gained a paramount position within the EU environmental policy and climate change legislation and currently represents the most striking flagship in this sector, with more than 11.000 installations covered by the scheme. In parallel, the EU ETS has paved the way for the establishment of many other ETSs in several other jurisdictions. Such schemes are now recognized worldwide as the “cornerstones” of the climate change policy.
The EU emissions trading system
Author: Great Britain: Parliament: House of Commons: Energy and Climate Change Committee
language: en
Publisher: The Stationery Office
Release Date: 2012-01-26
The Government's decision to set a unilateral Carbon Price Floor could have a "devastating effect" on UK industry and will artificially raise electricity prices for consumers, while having no overall impact on emissions. Unless the price of carbon is increased at an EU-wide level, taking action on our own will have no overall effect on emissions other than to out-source them. Energy generators and heavy industry could be subject to an 'exorbitant' top-up tax of up to £25 per tonne of CO2 under current plans, because the price of carbon in the rest of the EU is so low. Electricity prices will increase as the price floor keeps the cost of carbon higher than in other countries, effectively subsidising other Member States at the expense of the UK consumer and resulting in "carbon leakage". DECC expects there to be as much as 10 GW of interconnection with other countries by 2020, some 10% of installed capacity. This makes electricity generation more susceptible to leakage than other sectors, such as goods manufacture, which may be restricted by the difficulties of relocating production. The report recommends that the: overall EU ETS cap should be toughened to deliver a 30% emissions reduction target by 2020; the annual reduction rate for the EU ETS cap must also be adjusted to set out a long-term emissions trajectory that will deliver a 60-80% reduction in greenhouse gas emissions by 2050; the EU should set aside a significant number of EU Allowances and Members States should support this move as a necessary short-term fix