Journal articles: 'European Union Emission Trading System'

1

Epiney, Astrid. "Climate Protection Law in the European Union—Emergence of a New Regulatory System." Journal for European Environmental & Planning Law 9, no. 1 (2012): 5–33. http://dx.doi.org/10.1163/187601012x632238.

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“Climate Protection Law” has been developed during the last approximately 15 years on an international, supranational and regional level. In the European Union the trading scheme of greenhouse gas allowances—introduced by Directive 2003/87—is to be considered a central element of the European Union’s climate protection policy. Despite of the creation of the EU emission trading scheme already in 2003 the scheme raises a range of legal questions which have not been really clarified yet. Against this background, the following contribution will discuss—on the basis of a summary of the legal bases and the development of emission trading in the EU—some selected legal questions concerning design, interpretation and application of the Directive 2003/87. Additionally, the question of whether the emission trading scheme as provided by Directive 2003/87 could serve as a model for air protection respectively emission reduction of other air pollutants and / or as a model for a trans-regional or even global emission trading scheme will be discussed.

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Wolff, Georg, and Stefan Feuerriegel. "Emissions Trading System of the European Union: Emission Allowances and EPEX Electricity Prices in Phase III." Energies 12, no. 15 (July 27, 2019): 2894. http://dx.doi.org/10.3390/en12152894.

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The Emissions Trading System in the European Union was introduced to achieve the climate goal of reducing emissions by around 43% between 1990 and 2030. Accordingly, the costs of emission allowances are part of power generation and, by extension, the price of electricity. Theoretical works thus suggest a positive relationship between the price of emission allowances and electricity. However, this has not been validated empirically for phase III of the Emissions Trading System in the short run as part of the price setting mechanism of electricity producers. Our evidence suggests an opposite effect: According to our empricial results, both European Power Exchange (EPEX) day-ahead and intraday markets are negatively affected during phase III. We further test for a potentially asymmetric influence with the help of quantile regressions. Altogether, the outcome has implications for policy-makers and calls for further attention by academics and policy-makers in the future design of the Emissions Trading System, especially under larger amount of renewables in the electricity system.

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Mandaroux, Rahel, Chuanwen Dong, and Guodong Li. "A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework." Sustainability 13, no. 4 (February 16, 2021): 2106. http://dx.doi.org/10.3390/su13042106.

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The European Union Emissions Trading System (EU ETS) is a major pillar of the European energy policy to reduce greenhouse gas emissions. However, the reportedly pervasive frauds in this market are constraining the beneficial role of the EU ETS. In this conceptual paper, we propose to digitalize the EU ETS by distributed ledger technology (DLT), enabling the verification of authenticity and provenance, proof of ownership, and lifecycle traceability of carbon certificates and assets. Our platform allows verifiable credentials to validate emission allowances, real-time tracking of trading participants’ emissions, and the audit trail reporting of the decentralized trading records. Furthermore, we complement the DLT application concept with a structured interdisciplinary evaluation framework. Our framework and analysis aim to stimulate further interdisciplinary research in this area to support regulators, such as the European Commission, in designing effective digital emissions trading systems.

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Pruse, Ilze. "European union emissions trading system with regard to climate change mitigation in Latvia." Scientific Journal of Riga Technical University. Environmental and Climate Technologies 8, no. -1 (November 9, 2012): 29–35. http://dx.doi.org/10.2478/v10145-012-0005-y.

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Abstract The goal of this paper is to analyse the volumes of greenhouse gas (GHG) emissions from the European Union Emissions Trading System’s (EU ETS) participants in Latvia in relation to their participation therein. After describing and discussing the EU ETS mechanism and its operation in Latvia in the period 2005-2010, the interconnectedness between the GHG emissions and the EU ETS participants’ operation is analysed. The analysis concludes that, although the EU ETS has contributed towards GHG emission reduction, due to the growth of the economy, overall GHG emissions from the EU ETS participants in Latvia are increasing.

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Andersson, Fredrik NG. "Policy Update: Business cycles and the European Union Emission Trading System." Carbon Management 1, no. 2 (December 2010): 199–201. http://dx.doi.org/10.4155/cmt.10.26.

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Bayer, Patrick, and Michaël Aklin. "The European Union Emissions Trading System reduced CO2 emissions despite low prices." Proceedings of the National Academy of Sciences 117, no. 16 (April 6, 2020): 8804–12. http://dx.doi.org/10.1073/pnas.1918128117.

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International carbon markets are an appealing and increasingly popular tool to regulate carbon emissions. By putting a price on carbon, carbon markets reshape incentives faced by firms and reduce the value of emissions. How effective are carbon markets? Observers have tended to infer their effectiveness from market prices. The general belief is that a carbon market needs a high price in order to reduce emissions. As a result, many observers remain skeptical of initiatives such as the European Union Emissions Trading System (EU ETS), whose price remained low (compared to the social cost of carbon). In this paper, we assess whether the EU ETS reduced CO2 emissions despite low prices. We motivate our study by documenting that a carbon market can be effective if it is a credible institution that can plausibly become more stringent in the future. In such a case, firms might cut emissions even though market prices are low. In fact, low prices can be a signal that the demand for carbon permits weakens. Thus, low prices are compatible with successful carbon markets. To assess whether the EU ETS reduced carbon emissions even as permits were cheap, we estimate counterfactual carbon emissions using an original sectoral emissions dataset. We find that the EU ETS saved about 1.2 billion tons of CO2 between 2008 and 2016 (3.8%) relative to a world without carbon markets, or almost half of what EU governments promised to reduce under their Kyoto Protocol commitments. Emission reductions in sectors covered under the EU ETS were higher.

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Yeoh, Peter. "Implications of a Carbon Ratings Agency on the European Union Exchange Trading Scheme." European Energy and Environmental Law Review 17, Issue 5 (October 1, 2008): 268–79. http://dx.doi.org/10.54648/eelr2008026.

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Carbon trading under the Kyoto Protocol expanded further through the EU Emissions Trading Scheme (EU ETS). The EU ETS is a cap and trade system where EU allowances are usable for complying with emission caps or sold to the market. The scheme is also linked to the UN carbon markets. This means the allowing of more permits to enter into the system. The EU ETS is designed to achieve the overall EU emissions reduction objective at comparatively lower costs. Despite the problems of over–allocation, the first phase from 2005 to 2007 managed to establish the development of various spot, futures, and options markets for the trading of EU allowances. The EU Commission has implemented measures to deal with the problem of over–allocation. Currently, The Carbon Rating Agency (TCRA) is launched to assist in the setting–up of a clearer relationship between carbon price and delivery risk to enable the carbon market to mature. This paper draws on insights of the more established but reasonably comparable credit rating agencies (CRAs) to assess implications of TCRA to the second phase development of the EU ETS.

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Chen, Xiaohong, Zhiyun Wang, and Desheng Dash Wu. "Modeling the Price Mechanism of Carbon Emission Exchange in the European Union Emission Trading System." Human and Ecological Risk Assessment: An International Journal 19, no. 5 (August 14, 2012): 1309–23. http://dx.doi.org/10.1080/10807039.2012.719389.

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Pászto, Vít, and Jarmila Zimmermannová. "Relation of economic and environmental indicators to the European Union Emission Trading System: a spatial analysis." GeoScape 13, no. 1 (June 1, 2019): 1–15. http://dx.doi.org/10.2478/geosc-2019-0001.

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Abstract The main goal of this contribution is to evaluate the development of CO2 emissions and selected economic indicators of EU28 countries in the period from 2005 to 2015, and to capture geographical pattern and spatial distribution of countries emitting pollution. This will be performed within the context of the EU Emissions Trading System (ETS), which has represented a major scheme in Europe to cope with CO2 emissions since 2005. The actual situation in the field of the EU ETS is described and key scientific studies focusing on the EU ETS are presented. Based on a broad set of indicators we examine and evaluate possible geographical pattern in the development of selected indicators within the EU and provide detailed spatial analysis of economic and environmental data of EU28 countries, with the use of (geo)visual analysis of spatial data and spatial statistics (grouping analysis). The preliminary results of the (geo)visual analysis show that CO2 emissions within EU countries were decreasing in the selected period 2005–2015, with some exceptions (e.g. Iceland and Latvia). As the development of CO2 emissions in all EU countries is not similar, the other economic and environmental indicators were included (e.g. GDP, Investments) into the analysis in order to reveal a common (geographical) pattern and explain the current situation. Based on grouping/cluster analysis, it is possible to form territorial groups of EU states with similar development, which are almost perfectly in the line with current EU member states strategies of CO2 emissions trade. The current auction markets are well in tune with geographical and economic characteristics of particular EU countries. Results of grouping analysis of all indicators in 2015 using six K-nearest neighbours underline current separate auction markets for Germany, the United Kingdom and Poland.It indicates that the system of emission auctions has logical background and the markets represent natural platforms for emission trading, corresponding to both economic and spatial characteristics of particular countries/polluters. Presented approach thus brings valuable information for policymakers both on the national and international level for the next phases of EU ETS scheme planning.

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Ellerman, A. Denny, Claudio Marcantonini, and Aleksandar Zaklan. "The European Union Emissions Trading System: Ten Years and Counting." Review of Environmental Economics and Policy 10, no. 1 (January 1, 2016): 89–107. http://dx.doi.org/10.1093/reep/rev014.

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Zetterberg, Lars. "Benchmarking in the European Union Emissions Trading System: Abatement incentives." Energy Economics 43 (May 2014): 218–24. http://dx.doi.org/10.1016/j.eneco.2014.03.002.

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Prentice, Joshua. "The Revision of the European Union’s Emissions Trading System Ahead of the Fourth Trading Period, 2021–2030." Climate Law 8, no. 3-4 (October 31, 2018): 338–48. http://dx.doi.org/10.1163/18786561-00803013.

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The EU ETS is the cornerstone of the European Union’s climate policy. The EU ETS will play a decisive role in the European Union plan to meet its commitments under the Paris Agreement. In November 2017, following more than two years of negotiations, EU member states and the European Parliament reached a final agreement on the revision of the EU ETS for the period 2021–2030. The final agreement struck an important, ambitious balance on a number of measures designed to ensure that the EU ETS achieves its legislative aims of promoting emission reductions in a cost-effective manner. The negotiations also provide a number of policy lessons for future negotiations relating to the role of EU institutions and the rules for free allocation which will be important for the EU ETS to meet its legislative objectives. 1

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Nguyen, Minh-Anh Thi, Ming-Miin Yu, and Taih-Cherng Lirn. "Airlines’ eco-productivity changes and the European Union Emissions Trading System." Transportation Research Part D: Transport and Environment 102 (January 2022): 103100. http://dx.doi.org/10.1016/j.trd.2021.103100.

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Schultz, Emma, and John Swieringa. "Catalysts for price discovery in the European Union Emissions Trading System." Journal of Banking & Finance 42 (May 2014): 112–22. http://dx.doi.org/10.1016/j.jbankfin.2014.01.012.

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15

Peeters, Marjan. "Emissions trading as a new dimension to European environmental law: the political agreement of the European Council on greenhouse gas allowance trading." European Energy and Environmental Law Review 12, Issue 3 (March 1, 2003): 82–92. http://dx.doi.org/10.54648/eelr2003011.

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On 9 December 2002 the (Environment) Council of the European Union unanimously agreed on a common position on a Commission's proposal for a Directive establishing a scheme for greenhouse gas emissions allowance trading. This follows the idea that a common European emissions trading system should be preferred above a collection of national emissions trading systems. The European framework for emissions trading needs to be filled in by the Member States. One of their main tasks will be to allocate the greenhouse gas allowances according to a National Allocation Plan. The use of new regulatory instruments as emissions trading will raise new legal questions, which not always can be foreseen before the real application of the instrument in practice. It does not seem to be that the relevant institutions in the European Community already have a clear insight in all the necessary provisions for a well-functioning and just emissions trading scheme. Especially the allocation of the tradable emissions rights can be questioned. With the present criteria, the allocation of the transferable rights will likely be a complicated and probably time-consuming task for the national governments. The European politicians seem to be willing to take this risk with emissions trading in order to build experience with combating the climate change effect.

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Boyle, Grant. "A Review of Emerging GHG Emissions Trading in North America: Fragmentation or Progress?" Alberta Law Review 46, no. 1 (November 1, 2008): 173. http://dx.doi.org/10.29173/alr242.

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A patchwork of greenhouse gas (GHG) emissions trading regulations has emerged in North America, with regulations emerging at provincial, federal, state, interstate, and international levels. This patchwork of systems differs from the earlier approach taken by other jurisdictions, such as in the European Union. The author reviews the North American schemes, detailing their key features, drawing comparisons between the systems, and discussing the implications for the future of GHG emissions trading in the United States and Canada. The author argues that while there is likely to be some degree of convergence, the regional and political diversity that underpins the patchwork approach will continue to influence the design of any larger trading system, including efforts to establish a global emissions trading system.

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Galiffa, Chiara, and Ignacio Garcia Bercero. "How WTO-Consistent Tools can Ensure the Decarbonization of Emission-Intensive Industrial Sectors." AJIL Unbound 116 (2022): 196–201. http://dx.doi.org/10.1017/aju.2022.32.

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The European Union (EU) has been a frontrunner in curbing greenhouse gas emissions, having established in 2005 the Emission Trading System (ETS) and having adopted in July 2021 a proposal for a Carbon Border Adjustment Mechanism (CBAM). This essay explains how the design of the EU CBAM proposal complies with World Trade Organization (WTO) rules, in particular with the principle of non-discrimination. It then discusses how the EU can cooperate with other countries that share similar climate ambitions to decarbonize industrial sectors and achieve the aims of the Paris Agreement. The essay argues that autonomous measures and international cooperation initiatives can work as complementary tools to attain climate neutrality.

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Prussi, Matteo, Aikaterini Konti, and Laura Lonza. "Could Biomass Derived Fuels Bridge the Emissions Gap between High Speed Rail and Aviation?" Sustainability 11, no. 4 (February 16, 2019): 1025. http://dx.doi.org/10.3390/su11041025.

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Aviation is a steadily growing sector, which largely contributes to transport greenhouse gas (GHG) emissions. When High Speed Rail (HSR) and aviation are considered as alternative options, HSR proves to be a more environmentally friendly mode of transport. Public available data have been used in order to calculate the emission profiles on two selected intra-European routes (London–Paris and Frankfurt–Amsterdam) by HSR and air. As expected, the air mode results in higher GHG emissions and solutions for mitigating its impact have been analyzed and suggested. Biomass Derived Fuels (BDF) has a limited, up to now, potential, to fill the existing gap in terms of emissions with rail. Moreover, BDF reduction in GHG emissions is accompanied with by an increase in fuel cost. Finally, the cost per tonne of avoided CO2e by using BDF—which values 186 €/t—has been compared with the prices of the European Union (EU) Emission Trading System (ETS) allowances and, from a purely economic perspective, this market based measure still seems a preferable option to curb the GHG emissions of the air mode.

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Song, Xu Dong, Feng Shuo Zhang, Juan Mo, Xiong Wang, and Tie Yuan Xiang. "Research on the Generation Expansion Planning in Carbon Market in China." Advanced Materials Research 354-355 (October 2011): 1007–11. http://dx.doi.org/10.4028/www.scientific.net/amr.354-355.1007.

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The model of GEP in carbon market is established by introducing the carbon economy index proposed in this paper to traditional GEP model. Considering the operation experience of European Union Emission Trading System (EU ETS), the proposed index mainly consists of the CO2 emission load and the carbon price, which works as two forms in the established model: the carbon income in objective function and the CO2 reduction constraint in constraints. Especially, this paper divides the CO2 reduction constraint into two parts working in different planning period, so as to provide the flexibility and the result control for the planning. And the simulation shows that the GEP in the carbon market can guide the power structure adjustment and reduce CO2 emissions.

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Wang, Jiqiang, Yinpeng Liu, Ying Fan, and Jianfeng Guo. "The Impact of Industry on European Union Emissions Trading Market—From Network Perspective." Energies 13, no. 21 (October 28, 2020): 5642. http://dx.doi.org/10.3390/en13215642.

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This study pioneers to investigate the impact of industry on the European Union carbon trading market based on network perspective. All the accounts in the European Union Emissions Trading System (EU ETS) are summarized at the industry level, and then the trading relationship between industries is constructed in the network layout. Based on this network, the centrality of each industry is measured—the industries of electricity, gas, steam and air conditioning supply (EGSAS), bank, broker, exchange, and wholesale trade excluding motor vehicles and motorcycles (WTEM) have higher centrality. Finally, the impact of industry on the evolution of networks is analyzed, Findings show that the financial intermediaries play important roles at the beginning of each phase, while their influences on the network will decrease as the market goes on. On the contrary, influences of some other industries like WTEM are gradually increasing.

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Xu, Yue, and Dayu Zhai. "Impact of Changes in Membership on Prices of a Unified Carbon Market: Case Study of the European Union Emissions Trading System." Sustainability 14, no. 21 (October 25, 2022): 13806. http://dx.doi.org/10.3390/su142113806.

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Using the event study methodology, the paper studies the effects of 22 key events in countries’ process of entering and exiting the European Union on returns of European Union Allowance (EUA) future prices in the EU Emissions Trading System (EU ETS). The events include 17 entry events concerning the signing of relevant agreements, becoming a candidate or potential candidate country, the process of a negotiation and formally entering the EU, and five exit events including the process of Brexit and the suspension of Iceland. The results show that two entry events involving Albania and Ukraine, respectively, have a significant positive impact, and five entry events have a significant negative impact. Among the exit events, the announcement of the Brexit referendum results causes significant negative market reaction. Most events regarding small carbon emitters entering the EU lead to negative cumulative abnormal returns (CAR) of EUA prices, and a significant negative correlation between the countries’ annual average carbon emissions and CAR is found, while the change of national allocation plans does not affect the market reaction notably. In the process of establishing a unified carbon market, regulators should carry out appropriate policy arrangements of emission allowances allocation when new members join, in order to guide market expectations and enhance market stability.

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Krasnova, I. O. "Economic Measures to Limit Greenhouse Gas Emissions: A Comparative Legal Context." Courier of Kutafin Moscow State Law University (MSAL)), no. 5 (July 30, 2022): 104–13. http://dx.doi.org/10.17803/2311-5998.2022.93.5.104-113.

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The article gives an assessment and, in a comparative legal context, analyzes the emerging Russian legislation aimed at reducing greenhouse gas emissions. The carbon regulation system is based on the introduction of an innovative for environmental law procedure for trading greenhouse gas emissions. The review and analysis of international agreements on climate is given. It is concluded that the current agreements do not prescribe the introduction of a legal mechanism for trading in carbon units, since the Kyoto Protocol has not been in force with respect to Russia since 2012. The main influence on the development of domestic legislation is exerted by the climate legislation of the European Union. Comparisons of recent federal emission control laws show some discrepancies with the EU. Criticisms are expressed that create risks of reducing the effectiveness of laws, and proposals are made on the integration of legal measures to limit emissions into the general legal model of environmental protection.

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Godoy, Sara Gurfinkel Marques de, and Maria Sylvia Macchione Saes. "Cap-and-trade and project-based framework: how do carbon markets work for greenhouse emissions reduction?" Ambiente & Sociedade 18, no. 1 (March 2015): 135–54. http://dx.doi.org/10.1590/1809-4422asoc795v1812015en.

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There are two examples of carbon market mechanisms: i ) trading based on the cap-and-trade principle establishes Greenhouse Gases (GHG) emission limits for companies that can negotiate allowance to pollute (as in European Union Emission Trading Scheme, EU ETS) , and ii ) carbon credits, project-based emission reductions of GHG (such as the Clean Development Mechanism of the Kyoto Protocol, CDM). Given the importance of these two, this paper presents the dynamics of the evolution of carbon markets evolution by analyzing different markets (including other examples) and their framework, performances, potential and barriers. Besides these two programs, other national and regional systems are being developed, bu EU ETS and Kyoto stand in terms of volume and visibility. Despite existing criticism, in some countries volume of GHG emissions decreased between 1990 and 2011, probably influenced by the modernization of some formerly obsolete and inefficient industrial plant, and also by the poor performance of world economies in recent years.

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Erling, Uwe M. "How to Reconcile the European Union Emissions Trading System (EU ETS) for Aviation with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)?" Air and Space Law 43, Issue 4/5 (September 1, 2018): 371–86. http://dx.doi.org/10.54648/aila2018026.

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This article examines the relationship between the Carbon Offsetting and Reduction Scheme for International Aviation Emissions (CORSIA), agreed in October 2016 by the International Civil Aviation Organization (ICAO), and the European Union Emissions Trading System (EU ETS) established by the EU-ETS Directive.

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Malueg, David A., and Andrew J. Yates. "Strategic Behavior, Private Information, and Decentralization in the European Union Emissions Trading System." Environmental and Resource Economics 43, no. 3 (March 3, 2009): 413–32. http://dx.doi.org/10.1007/s10640-009-9274-8.

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Monjon, Stéphanie, and Philippe Quirion. "How to design a border adjustment for the European Union Emissions Trading System?" Energy Policy 38, no. 9 (September 2010): 5199–207. http://dx.doi.org/10.1016/j.enpol.2010.05.005.

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Christodoulou, Anastasia, Dimitrios Dalaklis, Aykut I. Ölçer, and Peyman Ghaforian Masodzadeh. "Inclusion of Shipping in the EU-ETS: Assessing the Direct Costs for the Maritime Sector Using the MRV Data." Energies 14, no. 13 (June 30, 2021): 3915. http://dx.doi.org/10.3390/en14133915.

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This paper aims to assess the direct economic impact on the maritime sector from its inclusion in the European Union-Emission Trading System (EU-ETS). The Monitoring, Reporting and Verification (MRV) data are analysed for the estimation of carbon dioxide (CO2) emissions within the European Economic Area (EEA). The economic impact assessment model used is scenario-based, and includes different price incentives, geographical coverage and emission allowances allocation methods. According to our findings, in case the emission allowances are fully auctioned or partially free allocated on the basis of a uniform benchmark, the increased costs would be disproportional among the maritime segments. Such a scheme would penalise Roll-on/Roll-off (RoRo) and Roll-On/Roll-Off/Passenger (RoPax) segments due their high fuel consumption per transport work in relation to oil tankers and bulkers. The establishment of differentiated benchmarks per segment seems to be a prerequisite for the effective inclusion of shipping in the EU-ETS that will reward energy efficient vessels in each segment and avoid competition distortion within the maritime industry.

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Wang, Shuyi, Zhenhua Wu, and Baochen Yang. "Decision and Performance Analysis of a Price-Setting Manufacturer with Options under a Flexible-Cap Emission Trading Scheme (ETS)." Sustainability 10, no. 10 (October 14, 2018): 3681. http://dx.doi.org/10.3390/su10103681.

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An Emission Trading Scheme (ETS) is widely considered to reduce carbon emissions and achieve sustainability. Unsatisfactory results of European Union Emission trading scheme (EU ETS) make China’s government propose a flexible-cap ETS system to overcome its weakness. This research is the first one introducing the flexible cap to limit the manufacturing carbon footprint. Current research on emission reduction primarily focuses on introducing option contracts to better develop the carbon market, with little consideration of the effectiveness of these contracts on the manufacturer’s optimality facing demand risks. This research fills this research gap by using call option contract to reduce the emission costs for a price-setting manufacturer under the flexible ETS. Newsvendor models are built to investigate the behaviours and performances of manufacturers, with a call option contract when the price-driven demand is uncertain. The joint emission ordering and product pricing problem is solved by three emission ordering policies: the non-option, only option, and mixed emission ordering policy. Analytical and numerical studies have shown that the mixed policy outperforms the others in profitability, and the only option policy provides more flexibility but poor profitability. Furthermore, the mixed ordering policy better protects against price volatility and stringent emission restrictions. Managerial insights help emission-dependent manufacturers to manage their carbon assets for better survival in an increasingly stringent emission market. This paper investigates the effectiveness of the option contract on manufacture optimality in the flexible-cap ETS system, in which the joint emission ordering and production pricing problem under demand uncertainty is solved by the newsvendor model.

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Wysokińska, Zofia. "Sustainable Development in the European Union and World Economy-Main Selected Aspects." Comparative Economic Research. Central and Eastern Europe 14, no. 3 (January 13, 2012): 25–53. http://dx.doi.org/10.2478/v10103-011-0017-z.

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The aim of the paper is to present key theoretical and empirical issues of sustainable development and environmental protection issues from the global and European perspective, with special reference to the implication of this concept for Central and Eastern European members of the EU. Main aspects are discussed in the paper from the EU and global perspective, with special reference to: the global partnership for sustainable development; fighting poverty and promoting social development; sustainable management of natural and environmental resources; trading in greenhouse gas emission allowances; main global and European challenges; goals and challenges facing the European Union member states as stemming from major strategic European Union renewed documents promoting sustainable development; especially promoting consumption and production that is sustainable and environmentally-friendly and green labeling system; a detailed look at "new" environmental policies; with special reference to sustainable transportation; a strategy for the sustainable use of natural resources; preventive strategy (preventing the creation of wastes) and waste recycling; sustainable and competitive tourism.

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Flora, Maria, and Tiziano Vargiolu. "Price dynamics in the European Union Emissions Trading System and evaluation of its ability to boost emission-related investment decisions." European Journal of Operational Research 280, no. 1 (January 2020): 383–94. http://dx.doi.org/10.1016/j.ejor.2019.07.026.

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Lanzi, Elisa, and Ian Sue Wing. "Capital Malleability, Emission Leakage and the Cost of Partial Climate Policies: General Equilibrium Analysis of the European Union Emission Trading System." Environmental and Resource Economics 55, no. 2 (February 24, 2013): 257–89. http://dx.doi.org/10.1007/s10640-012-9625-8.

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Fontini, Fulvio, and Giulia Pavan. "The European Union Emission Trading System and technological change: The case of the Italian pulp and paper industry." Energy Policy 68 (May 2014): 603–7. http://dx.doi.org/10.1016/j.enpol.2013.12.020.

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Nield, Katherine. "Fraud on the European Union Emissions Trading Scheme: Effects, Vulnerabilities and Regulatory Reform." European Energy and Environmental Law Review 20, Issue 6 (December 1, 2011): 255–89. http://dx.doi.org/10.54648/eelr2011022.

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As the European Union Emissions Trading Scheme (EU ETS) has grown in size and value, it has become an increasingly attractive playground for fraudsters. The past two years have seen value-added-tax (VAT) fraud and emissions allowance thefts emerge as major threats to the EU ETS market. This study explores the effects that these forms of fraud have had on parts of the EU carbon market; uncovers vulnerabilities in the regulation of the registries (the ``banks'' of accounts in which emissions allowances are kept and from which they are traded) and the oversight of the EU ETS market; and analyses the adequacy and wider implications of the regulatory reforms recently proposed by the European Commission. A series of semi-structured interviews conducted for this study exposes a significant amount of discomfort amongst stakeholders regarding the proposed reforms to the regulation of the registries system, which is felt could still leave the system vulnerable to fraud and its effects. The potential extension of the EU financial markets oversight regulations has also led to fear that the future regulatory framework may be disproportionately burdensome for some market participants, potentially compromising the cost-efficiency of this emissions abatement tool. Moreover, the paper highlights the difficulties involved in the investigation and prosecution of fraud in the carbon markets and assesses the extent to which recent developments in EU criminal law, in particular since the ratification of the Lisbon Treaty in 2009, hold the potential to overcome some of the existing barriers to the effective criminal law cooperation between the Member States.

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Strojek-Filus, Marzena, and Aleksandra Sulik-Górecka. "Assesment of the Quality of Reporting Information on CO₂ Emission Rights on the Example of Energy Sector Groups Listed on the Warsaw Stock Exchange." Management Systems in Production Engineering 30, no. 2 (May 19, 2022): 116–29. http://dx.doi.org/10.2478/mspe-2022-0015.

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Abstract Poland is a participant to the European Union Emissions Trading System, which aims at reducing greenhouse gas emissions. Trading CO2 emission rights has become a strategic area from the point of view of managing entities that emit CO2. The aim of the paper is to investigate and identify discrepancies in the presentation and valuation of CO2 emission allowances, CO2 emission provision liabilities in reporting, and to assess the impact of these discrepancies on compliance with the true and fair view principle on top of the informative value of the financial statements. An in-depth qualitative analysis was used to examine disclosures of CO2 emission rights in the 2020 consolidated financial statements coming from the largest energy sector groups listed in the WIG Energy Index of the Warsaw Stock Exchange in light of the relevant legal acts and literature. As a result of the research conducted, it was confirmed that groups of companies carry out a range of CO2 emission rights balance classification and valuation. There were also significant discrepancies in the disclosure of information about the creation and valuation of provisions for liabilities due to CO2 emissions. The discrepancies observed in the audited entities’ balance-sheet presentations and valuation of the acquired CO2 emission allowances and reserves resulting from IAS/IFRS in practice distorts the comparability of data presented in the financial statements. The research also revealed differences in scope of disclosed information, as well as its fragmentary nature. As a result, the comparison of data between groups in the energy sector in terms of their assets is impossible. Our study fills a research gap on the effects of using IFRS for the presentation and valuation of CO2 emission rights in the Polish energy sector and the impact of a differentiated approach to disclosures on the true and fair view conception in financial reporting.

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Borys, Grażyna. "NER300: Success or Failure of Public Support for Low-emission Technologies?" Problemy Ekorozwoju 15, no. 1 (January 1, 2020): 189–96. http://dx.doi.org/10.35784/pe.2020.1.20.

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The Paris Agreement of December 2015 set a very ambitious target for the global reduction of greenhouse gases. Its implementation means the need to transform the global economy, including the European one, towards the economy characterised by the neutral level of these gases emission. Such transformation will not be possible without the dynamic development of breakthrough technological innovations on a large scale, which requires significant financial support from the public sector. This support should be primarily focused on the demonstration phase of the innovation process, which frequently turns into the so-called technological death valley. Demonstration projects are not commercial products as yet, they are characterized by untested technical reliability and the risk of no demand for products manufactured using new technologies. Therefore, private investors are not entirely willing to invest in them. In 2009 the European Union, in order to avoid the death valley, launched, through the promising innovative low-emission technologies, the NER300 programme – one of the world’s largest programmes supporting the supply of low-carbon commercial technologies, as one of the components of the Emissions Trading System – ETS. This programme is the subject of the presented article. Its purpose is to provide answers to three basic questions: 1) did the programme end with a success or a failure?; 2) what external and internal reasons determined the results of the programme?; 3) should the programme become a systemic element of the EU ETS? The article presents the results of NER300 and their interpretation in the context of the programme’s objectives. The research covering the reasons which determined the results of the programme used the existing subject literature on the NER300 programme and the special report issued by the European Court of Auditors presenting these results as well as the selected European Union documents and normative acts.

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Al-Guthmy, Fahd Mohamed Omar, and Wanglin Yan. "The Road to a Downstream Emissions Trading System: Designing a Scheme Combining Motorist and Government Participation." Journal of Energy 2019 (June 2, 2019): 1–12. http://dx.doi.org/10.1155/2019/1047181.

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As downstream road transport has not been fully integrated into any emissions trading scheme, this paper proposes and evaluates the possibility of one by addressing the main barriers hindering its development. Based on this, a scheme which separates the “Cap” and “Trade” participation to motorists and local governments, respectively, is presented through a systematic review. We investigate how the scheme addresses the problems of cost, administrative burden, and fuel allowance allocation as they are all key factors that need equal consideration. We also justify the model’s unique structure and characteristics against the world’s largest scheme, the European Union Emissions Trading System (EU ETS), to ensure they cater to the three aforementioned issues barring its viability. It is concluded that, by amending specific policy attributes of a road-based emissions trading scheme significantly, it could be more practical both economically and administratively. Also, leveraging on existing institutional arrangements would allow for an economically feasible environment for the administration and management of such a scheme.

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Chandran, Suresh, and Murugan Anandarajan. "Decision Support System for Selecting Sustainable Alternatives to Conventional Jet Fuel: Impact of Emissions, Production Costs and Carbon Pricing." Journal of Management and Sustainability 10, no. 1 (March 3, 2020): 83. http://dx.doi.org/10.5539/jms.v10n1p83.

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The United States Environmental Protection Agency (EPA) in June 2015, took a step toward regulating carbon emissions from airlines, following an assessment that airlines contribute to climate change. On July 25, 2016, the final endangerment finding (Note 1) under section 231(a) (2) (A) of the Clean Air Act for aviation emissions was issued by the EPA. The European Union had issued a similar finding previously and had proposed implementing an emission trading scheme in which the airlines would be required to participate in a cap and trade scheme for emissions from jet fuel. Traditional jet fuel is derived from petroleum, whose price is volatile and depends on geopolitical stability. Fuel burn is a significant cost for airlines and affects their profitability and value. Fuel burn is also a significant source of greenhouse gas emissions. An investigation of alternatives to jet fuel and switching from conventional jet fuel based on varying emission profiles, production costs and varying carbon prices is therefore timely. We use a simple decision support system to examine the link between the life-cycle greenhouse gas emissions of a range of fuels, economic costs of production and varying carbon prices. This analysis should be of interest to regulators, traders, risk managers and executives in the airline industry as well as practitioners of sustainability management.

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Bel, Germà, and Stephan Joseph. "Policy stringency under the European Union Emission trading system and its impact on technological change in the energy sector." Energy Policy 117 (June 2018): 434–44. http://dx.doi.org/10.1016/j.enpol.2018.03.041.

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Manea, Sabina. "Defining Emissions Entitlements in the Constitution of the EU Emissions Trading System." Transnational Environmental Law 1, no. 2 (October 2012): 303–23. http://dx.doi.org/10.1017/s2047102512000131.

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AbstractThe European Union Emissions Trading System (EU ETS) is the largest mandatory programme of its kind. The entitlements in emissions allowances (emissions entitlements) combine public and private law characteristics: allowances are tradable, commercially valuable regulatory instruments. This dual nature reveals a new interdependency between public and private law mechanisms in the context of climate change policy. This article argues that achieving the requisite level of emissions reductions is contingent on the viability of the emissions market, and that both are dependent on the definition of emissions entitlements. This view is supported by a case study which identifies the practical and serious consequences of the absence of a legal concept of emissions entitlements. The United States (US) Acid Rain Program offers useful lessons on the treatment of emissions entitlements. They can be further defined by analogy with similar rights regimes. Their nature is highly relevant to the emissions market, particularly to the commercial contracts that constitute it.

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Kovalenko, T. "THE ADAPTATION OF UKRAINIAN LEGISLATION ON CLIMATE CHANGES TO THE ACQUIS COMMUNAUTAIRE OF THE EUROPEAN UNION." Bulletin of Taras Shevchenko National University of Kyiv. Legal Studies, no. 113 (2020): 12–18. http://dx.doi.org/10.17721/1728-2195/2020/2.113-3.

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The article examines the current state of the Association Agreement implementation in terms of national legislation on climate change and the protection of the ozone layer compliance with the requirements of the EU legal acts listed in Annex XXX to Chapter 6 "Environment" of that Agreement. Under the Association Agreement, such harmonization entails the need to bring national legislation into line with Directive № 2003/87/EC establishing a Community greenhouse gas emissions trading scheme by September 1, 2019 and amending Directive № 96/61/EC ~ 18 ~ ВІСНИК Київського національного університету імені Тараса Шевченка ISSN 1728-3817 as amended by Directive № 2004/101/EC; Regulation (EC) № 842/2006 on certain fluorinated greenhouse gases; Regulation (EU) № 2037/2000 on substances that deplete the ozone layer, as amended and the amendments made by the Regulation (EU) №№ 2038/2000, (EU) 2039/2000, (EU) 1804/2003, (EU) 2077/2004, (EU) 29/2006, (EU) 1366/2006, (EU) 1784/2006, (EC) 1791/2006 and (EC) 2007/899, and Decisions №№ 2003/160 /EC, 2004/232/EC and 2007/54 /EC. The analysis of the national legislation shows that Ukraine as a whole fulfilled its obligations to adapt national legislation to the EU legislation in terms of setting up a monitoring system, reporting and verification of greenhouse gas emissions. The Law of Ukraine "On the Basics of Monitoring, Reporting and Verification of Greenhouse Gas Emissions" was adopted on 12 December 2019. The law comes into force on 1 January 2021. At the same time, it is necessary to adopt by-laws to ensure the effectiveness of the provisions of the aforementioned Law, since as of 1 April 2020 no legislative act has been adopted in its development. Ukraine has also fully fulfilled its obligations to implement the provisions of Regulation (EC) № 2037/2000 on substances that deplete the ozone layer and the provisions of Regulation (EC) № 842/2006 of the European Parliament and of the Council on certain fluorinated greenhouse gases. The Law of Ukraine "On Regulation of Economic Activity with Ozone-Depleting Substances and Fluorinated Greenhouse Gases" was adopted on 12 December 1 2019. The law comes into force on 27 June 2020. The article proves that the legal acts, necessary to introduce internal greenhouse gas emission allowance trading scheme and other market and non-market greenhouse gas emission reduction instruments of these gases in accordance with Ukraine's obligations under the Association Agreement have not yet been adopted. Also there is the necessity to make amendments to the Regulation on the Interagency Commission on Implementation of the United Nations Framework Convention on Climate Change, approved by the Cabinet of Ministers of Ukraine Decree № 583 of April 14, 1999, to extend its tasks in accordance with the provisions of the Paris Agreement. Keywords: the Association Agreement; climate and ozone protection; fluorinated greenhouse gases; monitoring of greenhouse gas emissions; ozone-depleting substances; reporting of greenhouse gas emissions; verification of greenhouse gas emissions.

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Goicoechea, Nestor, and Luis María Abadie. "Optimal Slow Steaming Speed for Container Ships under the EU Emission Trading System." Energies 14, no. 22 (November 9, 2021): 7487. http://dx.doi.org/10.3390/en14227487.

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Slow steaming is an operational measure in ocean-going vessels sailing at slow speeds. It can help climate mitigation efforts by cutting down marine fuel consumption and consequently reducing CO2 and other Greenhouse Gas Emissions (GHG). Due to climate change both the European Union (EU) and the International Maritime Organization (IMO) are analysing the inclusion of international shipping in the EU Emissions Trading System (ETS) in the near future or alternatively implementing a carbon tax. The paper proposes a methodology to decide the optimal speed of a vessel taking into account its characteristics and the factors that determine its economic results. The calculated cash flow can be used in valuation models. The methodology is applied for a case study for any container ship in a range from 2000 to 20,000 Twenty-foot Equivalent Units (TEU) on a leg of a round trip from Shanghai to Rotterdam. We calculate how speed reduction, CO2 emissions and ship owner’s earnings per year may vary between a business-as-usual scenario and a scenario in which shipping is included in the ETS. The analysis reveals that the optimal speed varies with the size of the vessel and depends on several variables such as marine fuel prices, cargo freight rates and other voyage costs. Results show that the highest optimal speed is in the range of 5500–13,000 TEUs whether or not the ETS is applied. As the number of TEUs transported in a vessel increases emissions per TEU decrease. In an established freight rate market, the optimal speed fluctuates by 1.8 knots. Finally, the medium- and long-term expectations for slow steaming are analysed based on future market prices.

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Prūse, Ilze. "Impact of Eu Ets on Sustainable Development of its Participants in Latvia." Folia Oeconomica Stetinensia 11, no. 1 (January 1, 2012): 165–77. http://dx.doi.org/10.2478/v10031-012-0023-8.

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Abstract Latvia is covered by the European Union Emissions Trading System (EU ETS) and therein 80 participants from Latvia have participated. The goal of the paper is to analyse the impact of the EU ETS on the sustainable development of its participants in Latvia. The concept of sustainable development is explored with respect to both macro and micro scale and in the context of sustainable development the EU ETS is described. The impact of the EU ETS on its participants in Latvia is considered by means of methods of quantitative and qualitative analysis. It has been established that in past the participants of the EU ETS from Latvia had generally beneficial positions in the EU ETS; hence although the EU ETS did not directly promote greenhouse gas emission reductions, it provided opportunities to gain additional profits and many of the EU ETS participants in Latvia made use of them. In addition, certain interrelationships have been identified between the data on the EU ETS participants performing EUA trading and the data on the EU ETS participants not performing EUA trading. It has been concluded that the EU ETS might have contributed towards the sustainable development of its participants in Latvia within its certain dimensions.

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Löfgren, Åsa, Dallas Burtraw, Markus Wråke, and Anna Malinovskaya. "Distribution of Emissions Allowances and the Use of Auction Revenues in the European Union Emissions Trading System." Review of Environmental Economics and Policy 12, no. 2 (July 1, 2018): 284–303. http://dx.doi.org/10.1093/reep/rey012.

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Hartmann, Jacques. "A Battle for the Skies: Applying the European Emissions Trading System to International Aviation." Nordic Journal of International Law 82, no. 2 (2013): 187–220. http://dx.doi.org/10.1163/15718107-08202001.

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The European Union (EU) has long been in a diplomatic row with its main trading partners. The row concerns the EU’s decision to include foreign aircraft emissions within its Emissions Trading System (ETS). Several States have objected to the inclusion as a violation of their sovereignty. The importance of the quarrel can hardly be overestimated: it is the first real clash concerning unilateral measures to combat climate change. By including foreign aircraft emissions within the ETS, the EU has taken unilateral action to prevent international environmental harm. The EU’s action has given rise to some fundamental questions concerning legislative jurisdiction. Moreover, as the impact of climate change becomes more severe, climate change may serve as a pretext for all kinds of protectionist policies. The current quarrel is therefore also one of principle. This article analyses the jurisdictional basis for extending the ETS to extraterritorial flights and the reactions of third States. In doing so, the article reveals fundamental limits in international rules concerning the allocation of competencies between States, especially in relation to the protection of the environment. The article considers these shortcomings in the context of the present case and suggests a new approach to the traditional principles of sovereignty and legislative jurisdiction.

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Efstratios, Pourzitakis. "Halting the Horses: EU Policy on the VAT Carousel Fraud in the EU Emissions Trading System." EC Tax Review 21, Issue 1 (February 1, 2012): 39–51. http://dx.doi.org/10.54648/ecta2012005.

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The European Union (EU) Emission Trading System (ETS) has been a major tool of the EU climate policy. Despite its significance, the EU ETS faces serious challenges regarding its function. One of the major issues that encumber its contribution in EU climate policy is value added tax (VAT) carousel fraud within it. This paper examined the ways this type of swindle is conducted and its economic impact. It analyses the parameters that facilitate it and evaluates the responses of the EU and its Member States and mainly the introduction of the reverse charge mechanism. It finally highlights the need to implement some changes to the EU ETS, the VAT provisions, and the way the national tax authorities and the EU coordinate. Finally, it suggests the introduction of a real-time VAT collection mechanism that can be an effective and feasible solution to the problem in general.

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Mehling, Michael A., and Karl Upston-Hooper. "A Nutrient Quota Trading Scheme to Reduce the Eutrophication of the Baltic Sea." Journal for European Environmental & Planning Law 4, no. 4 (2007): 296–311. http://dx.doi.org/10.1163/187601007x00497.

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AbstractEnvironmental policy is currently experiencing a general transition towards greater inclusion of flexible, market-based instruments. While one of the most salient manifestations of this trend, the creation of markets for tradable emissions quota, has been widely applied in the areas of air pollution and greenhouse gas regulation, it has yet to be introduced as a policy instrument for the management of watercourses. A great diversity of abatement costs for pollution of the Baltic Sea through nutrients that result in eutrophication suggests the introduction of a system of tradable quota as an attractive management tool. The following article provides a brief introduction to the challenge of nutrient accumulation in the Baltic Sea, and shows that the legislative framework currently governing its pollution does not categorically preclude the introduction of a nutrient trading scheme. A number of design issues would require clarification prior to the introduction of such a scheme, including the definition of the tradable commodity, the scope of participation, the initial allocation of quota, and monitoring and enforcement provisions. While the article concludes by affirming the fundamental viability of a nutrient trading scheme in the Baltic Sea Area, it identifies challenges in accommodating the trading scheme alongside existing emission limit values, state aid concerns, and the inclusion of states that are not Members of the European Union.

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Bryant, Gareth. "Creating a level playing field? The concentration and centralisation of emissions in the European Union Emissions Trading System." Energy Policy 99 (December 2016): 308–18. http://dx.doi.org/10.1016/j.enpol.2016.06.007.

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Lykotrafiti, Antigoni. "EU Innovation Policy: Lessons Learned from the Inclusion of Aviation in the EU Emissions Trading Scheme." Legal Issues of Economic Integration 40, Issue 4 (November 1, 2013): 339–61. http://dx.doi.org/10.54648/leie2013018.

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The article looks at the inclusion of aviation in the European Union (EU) emissions trading scheme from the perspective of innovation. It argues that the initiative of the European Union to subject aviation to the scheme has functioned as a catalyst for innovation in the sector. Innovation has particularly manifested itself in the areas of air traffic management, aeronautics and biofuels. The article examines the EU mechanisms activated to foster innovation to draw conclusions on the existence and nature of an EU innovation policy. It approaches innovation as a means to achieve the objectives of the various EU policies rather than as an end in itself. Drawing upon the example of aviation it concludes that, although it does not appear that the EU has developed an autonomous system of horizontal rules on innovation, it does have plenty of instruments, which, if well-orchestrated, could lead to an innovation concert.

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Cygler, Maciej. "Stakeholders’ Perceptions of the EU ETS Revision and Development." Environmental Protection and Natural Resources 32, no. 2 (June 1, 2021): 18–23. http://dx.doi.org/10.2478/oszn-2021-0006.

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Abstract The European Green Deal (EGD) communication supports strengthening and expansion of the European Union Emissions Trading System (EU ETS). Possible linkages with other carbon markets worldwide are also subject to both experts’ and policy-makers’ discussions. Results of the survey on the state and expectations concerning the development of the EU climate policy measures, in particular, the EU ETS, are presented in this article. The survey was done online. There is a group of questions dealing with the EU ETS performance and future development, and another concerning available information assessment and individual self-assessment in terms of relevant knowledge.

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Fuss, Sabine, Christian Flachsland, Nicolas Koch, Ulrike Kornek, Brigitte Knopf, and Ottmar Edenhofer. "A Framework for Assessing the Performance of Cap-and-Trade Systems: Insights from the European Union Emissions Trading System." Review of Environmental Economics and Policy 12, no. 2 (July 1, 2018): 220–41. http://dx.doi.org/10.1093/reep/rey010.

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Journal articles on the topic 'European Union Emission Trading System'

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