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KOZHIKOV, Marat, and Bauyrzhan KAPSALYAMOV. "Greenhouse Gas Trading Scheme in the Republic of Kazakhstan - Seven Years from Its Creation, Problems and Solutions." Journal of Environmental Management and Tourism 13, no. 5 (September 2, 2022): 1321. http://dx.doi.org/10.14505/jemt.v13.5(61).10.
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The article studies the greenhouse gas trading scheme in the Republic of Kazakhstan. The research analyzes an international experience in the sphere of greenhouse gas emissions trading and identifies the main provisions which are fundamental for the efficient work of emissions trading schemes. The work of the Kazakhstan greenhouse gas trading scheme was examined through these key provisions. Materials represent the work of emissions trading schemes in several countries, and, particularly, in the Republic of Kazakhstan. For a more detailed study, further directions were proposed to improve the work of the emissions trading scheme.
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Liu, Yang Stephanie, and Jessica Hong Yang. "A longitudinal analysis of corporate greenhouse gas disclosure strategy." Corporate Governance: The International Journal of Business in Society 18, no. 2 (April 3, 2018): 317–30. http://dx.doi.org/10.1108/cg-11-2016-0213.
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Purpose This paper aims to investigate the extent to which greenhouse gas (GHG)-sensitive companies in the FTSE 100 disclose carbon emission information in their annual reports and stand-alone reports during the period of 2004-2012 and how they respond to the launch of legally binding GHG-reduction schemes – the European (EU) Emission Trading Scheme (EU ETS) and the Climate Change Act (CCA). Design/methodology/approach A 42-item disclosure index is constructed to analyse the quality of corporate GHG disclosures. The authors initially chart the development of corporate GHG disclosure from 2004 to 2012, analyse the trend of disclosure development and compare variances for the convergence of disclosures. Subsequently the authors carry out a t-test to assess the significance of post-EU ETS and -CCA changes and the difference between GHG trading account holders (AH) and non-account holders (NAH). Findings The results show that GHG disclosures have been increasing over time, both in number of firms making disclosures and in the amount of information being reported, which indicate the movement towards normativity. The authors also find that the disclosures reach the peak after the enactment of EU ETS and CCA, and firms with carbon trading accounts are more responsive to these schemes than those without accounts. Nevertheless, the quality of the disclosure remains low, which may justify the further government intervention of mandating carbon reporting. Originality/value This is the first paper that has examined the regulatory effects on GHG disclosures in an environment where GHG emission triggers direct cost for companies.
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Li, Jiajia, and Junjie Zhang. "Regional Cooperation on Carbon Markets in East Asia." Asian Development Review 35, no. 2 (August 2018): 153–79. http://dx.doi.org/10.1162/adev_a_00118.
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The People's Republic of China, Japan, and the Republic of Korea have launched individual emission trading schemes to control greenhouse gas emissions cost-effectively. This paper reviews key carbon market design elements in the three countries in terms of emission allowances, covered sectors, allowance allocations, monitoring, reporting and verification, compliance and penalties, and offset markets. We assess the performances of the emission trading schemes among the three countries based on secondary-market allowance transactions. Considering heterogeneous climate policy designs in the region, we explore various approaches for the linkage of East Asian carbon markets. Cooperation on carbon markets is instrumental for regional and global climate governance. It could not only help achieve cost-effective emission reductions in the region, but also signal the commitment of the three countries to climate change mitigation.
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Villoria-Sáez, Paola, Vivian W. Y. Tam, Mercedes del Río Merino, Carmen Viñas Arrebola, and Xiangyu Wang. "Effectiveness of greenhouse-gas Emission Trading Schemes implementation: a review on legislations." Journal of Cleaner Production 127 (July 2016): 49–58. http://dx.doi.org/10.1016/j.jclepro.2016.03.148.
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Tang, Qingliang, and Lie Ming Tang. "Toward a Distributed Carbon Ledger for Carbon Emissions Trading and Accounting for Corporate Carbon Management." Journal of Emerging Technologies in Accounting 16, no. 1 (March 1, 2019): 37–46. http://dx.doi.org/10.2308/jeta-52409.
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ABSTRACT Greenhouse gas (GHG) emissions control requires coordinated efforts and collaboration at all levels of governmental bodies, non-for-profit organizations, and private sectors. However, the target is difficult to achieve due to challenges arising from conflicts of interest and lack of trust between stakeholders. Thus, we propose a distributed carbon ledger (DCL) system using blockchain technology. Our analysis suggests that the adoption of DCL not only strengthens the corporate accounting system for carbon asset management but also fits within existing market-based emissions trading schemes (ETSs). Blockchain-enabled DCL allows the integration of national emission trading schemes (ETSs) and corporate carbon asset management into a synthetic single mechanism. JEL Classifications: M41; O44.
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Ellerman, Denny, Frank Convery, and Christian de Perthuis. "The European Carbon Market in Action: Lessons from the First Trading Period." Journal for European Environmental & Planning Law 5, no. 2 (2008): 215–33. http://dx.doi.org/10.1163/161372708x324213.
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AbstractThrough its Emissions Trading Scheme (EU ETS), the European Union is leading the world's first effort to mobilize market forces to tackle global climate change. This article, examines how the EU ETS has performed thus far, at the conclusion of the scheme's first trading phase (2005–2007). Insights drawn from this analysis may inform not only the scheme's future operation, but also the establishment of greenhouse gas trading programs outside Europe. This interim analysis finds that Phase I of the EU ETS (2005–2007) has successfully established a carbon price for significant segments of economic activity in Europe, as well as the necessary trading infrastructure and experience; that the price on carbon has so far had limited impact on the industrial competitiveness of European industry; that it has provided an important stimulus to greenhouse gas emission reductions outside of Europe, primarily through the Clean Development Mechanism; and that the EU ETS provides useful lessons for other countries seeking to limit GHG emissions and for future global climate negotiations.
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Soleille, Sébastien. "Greenhouse gas emission trading schemes: a new tool for the environmental regulator's kit." Energy Policy 34, no. 13 (September 2006): 1473–77. http://dx.doi.org/10.1016/j.enpol.2004.11.018.
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Legnaioli, Marta. "The surrender of wrongly allocated greenhouse gas emission allowances." Environmental Law Review 20, no. 1 (March 2018): 32–38. http://dx.doi.org/10.1177/1461452918756550.
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The EU emissions trading scheme (EU ETS) is considered one of the most important EU policies in the fight against climate change as it aims to reduce carbon dioxide and other greenhouse gas emissions by industries located in the EU. This article examines the EU (EU ETS) and in particular the question of whether the surrender of wrongly allocated greenhouse emission allowances is compatible with Directive 2003/87/EC. This question was referred to the Court of Justice of the European Union in the context of a preliminary ruling. This case is particularly relevant as for the first time the Court is asked to express its interpretation on the legal nature of emission allowances. This issue is highly debated and has gained increasing relevance due to the fact that the classification of allowances is not harmonised at EU level.
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Jaś, Magdalena. "Greenhouse gas emission allowance trading scheme in the Polish law." Polish Yearbook of Environmental Law, no. 2 (October 31, 2012): 99. http://dx.doi.org/10.12775/pyel.2012.007.
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Kim, Kun A., and Seung-Ryong Yang. "Linking the Korean Emission Trading Scheme with the EU Emission Trading Scheme: What to Consider and How." Institute of Life Science and Natural Resources 30 (December 31, 2022): 101–13. http://dx.doi.org/10.33147/lsnrr.2022.30.1.101.
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The world has put various efforts to reduce greenhouse gas emissions to respond to the threat of climate change. Recently, the EU announced to introduce the 'Carbon Border Adjustment Mechanism (CBAM)' which imposes a sort of tariff to the import products from the countries which do not impose the proper level of carbon reduction cost. Korea, as a major exporter to the EC, should respond to the CBAM to reduce the damage. Linking the Korean Emission Trading Scheme with the EU counterpart would be one way. For such a linkage, it is necessary to consider not only technical, administrative, and economic conditions, but also political and popular factors. This study seek several considerations and a proper method for the linkage.
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Tyler, Emily, Michelle Du Toit, and Zelda Burchell. "White Certificates and White Certificate Trading Schemes as greenhouse gas mitigation policy options for South Africa." Journal of Energy in Southern Africa 22, no. 1 (February 1, 2011): 18–25. http://dx.doi.org/10.17159/2413-3051/2011/v22i1a3200.
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AbstractEnergy efficiency activities driven by White Certificate Trading schemes (WCT) achieve the objective of conserving energy, and in most circumstances, also that of reducing greenhouse gas (GHG) emissions. The potential therefore exists that both objectives could be targeted by a single policy mechanism. Energy efficiency activities are important from a GHG mitigation perspective as they represent some of the least costly GHG mitigation activities available to economies. However, there are some significant differences between the use of a direct policy instrument to target GHG emissions mitigation, and the use of an indirect instrument such as WCT, whose direct policy objective is to achieve energy efficiency. Most importantly, WCT utilises intensity targets, whereas GHG mitigation is required by science to comprise absolute reductions. International experience does however suggest that white certificates can be fully fungible with a GHG mitigation policy instrument such as an emissions trading scheme, as long as double counting rules are firmly in place, and the design of the schemes are compatible.Given that 80 percent of the South African GHG emissions are energy related, with energy efficiency measures in industry, commerce and the residential sector representing the bulk of negative cost mitigation options available in the economy, energy efficiency has an important role to play in the country’s mitigation strategy.This paper presents results on research into WCT as a policy option for South Africa conducted in 2008 and presented at the Climate Change Summit 2009. It investigates in particular the Electricity Conservation Scheme (ECS) as an option for incorporating a WCT mechanism.There is limited experience and therefore analysis on WCS available to date, and even less on the potential interaction and linkages of WCS and emissions trading schemes. This paper therefore identifies significa
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Tyler, Emily, Michelle Du Toit, and Zelda Burchell. "Emissions trading as a policy option for greenhouse gas mitigation in South Africa." Journal of Energy in Southern Africa 22, no. 1 (February 1, 2011): 26–41. http://dx.doi.org/10.17159/2413-3051/2011/v22i1a3207.
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Emissions trading is fast becoming one of the most popular policy instruments for reducing greenhouse gas emissions internationally. This hybrid instrument combines the certainty of mitigation volume delivered by regulation, whilst also harnessing the power of the market through an economic approach to deliver migitation price discovery and least cost mitigation opportunities. Theoretically, this is a powerful combination.However, the realities of uncertainty and lack of information result in international emissions trading experience deviating substantially from the instrument’s theoretical potential. This is of particular relevance in a developing country context. Scheme design is therefore very important to counter these market failures, and policymakers are required to strike a balance between this and introducing distortions. Given that the instrument is in its infancy, performance of the various schemes up and running internationally is inconclusive. Emissions trading proponents argue that the benefits will be realised over time, once the initial teething problems are overcome. The paper is the result of research conducted in 2008 and presented at the South African Climate Policy Summit in 2009. It considers theory and international experience in application to the potential establishment of an emissions trading scheme in South Africa. Lack of data, capacity and experience with markets in the energy sector present complications in the use of the instrument as a central part of the nation’s mitigation policy suite, as do market concentration issues. Should an emissions trading be proposed, the paper argues for ways in which its design could address these complications, and align with the current energy security imperative resulting from the electricity crisis in the country, the twin political objectives of poverty reduction and employment creation of the recently elected government, and the timeframes proposed by the Long Term Mitigation Scenarios.
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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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Fahey, Elaine. "The EU Emissions Trading Scheme and the Court of Justice: The “High Politics” of Indirectly Promoting Global Standards." German Law Journal 13, no. 11 (November 1, 2012): 1247–68. http://dx.doi.org/10.1017/s2071832200017831.
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The European Union (EU) Emissions Trading Scheme (ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for the cost-effective reduction of industrial greenhouse gas emissions. Moreover, according to the European Commission, it is the first and biggest international scheme for the trading of greenhouse gas emission allowances, including sophisticated and far-reaching penalties. Notably, however, the scheme arose out of a failure at the international level to agree on global standards. When an amended directive included aviation under this scheme beginning in 2012, it ignited a global controversy that came before the Grand Chamber of the Court of Justice in December 2011. In its decision, the Court and Advocate General explicitly explain that the EU ETS regime arose because of the failure of the International Civil Aviation Organisation (ICAO) to evolve a global regulatory scheme. To some, the decision of the Court of Justice on the EU ETS represents a definitive view on the legality of the EU's ambitions to uphold high environmental standards and to compel others to uphold these standards also.
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이길남 and 윤영한. "Recently Development and Policy Recommendations of Greenhouse Gas Emissions Trading Schemes for Korea." International Commerce and Information Review 10, no. 2 (June 2008): 305–23. http://dx.doi.org/10.15798/kaici.10.2.200806.305.
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Ali, Haider, and Santosh Kumar Tiwari. "Overview of Legal and Policy Measures of Carbon Trading and Renewable Energy Certificate (REC) In India." Current World Environment 16, no. 1 (April 28, 2021): 259–67. http://dx.doi.org/10.12944/cwe.16.1.26.
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It is scientifically well proven facts that carbon dioxide is the main cause of greenhouse gas emission by burning of fossils fuels. Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) empower the parties to curb greenhouse gas emissions from the diverse industries by elaborating the mechanisms of Clean Development Mechanism Joint Implementation, and Emission Trading. This has created an international market for carbon trading. The paper addresses the global and Indian’s national carbon trading system, starting with the UNFCCC, and Kyoto Protocol comprising carbon credit components. The paper also tries to examine the obligation of India under the Kyoto protocol and later discuss the legal and policy framework implemented by India to encourage CDM and carbon trading in India. It traces different policy measures like National Action Plan and State Action Plans on Climate Change, National Mission on Enhanced Energy Efficiency (NMEEE), Climate Change Action Program, 2010, Perform Achieve and Trade (PAT), Renewable Energy Credit Trading System (REC), PILOT ETS in some Indian provinces, the significant arrangements of Energy Conservation Act, 2001 and The Environmental Protection Act, 1986, Air (Prevention and Control of Pollution) Act, 1981 are likewise examined. This paper further discusses the positives and negative aspect of this scheme and also its review, criticisms and problems. It ends by providing an Indian perspective to this scheme. Study of this paper would be especially beneficial for the governments, stakeholders and research scholars to know the whole legal and policy mechanism of carbon trading.
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Upston-Hooper, Karl, Karoliina Anttonen, and Michael Mehling. "Breathing Life into the Carbon Market: Legal Frameworks of Emissions Trading in Europe." European Energy and Environmental Law Review 16, Issue 4 (April 1, 2007): 96–115. http://dx.doi.org/10.54648/eelr2007011.
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Directive 2003/87/EC establishes a scheme for “greenhouse gas emission allowance trading within the Community in order to promote reductions of greenhouse gas emissions in a cost-effective and economically efficient manner.” Given its adoption as a directive, the achievement of this mandate largely depends on the domestic implementation by Member States, and in particular on the creation of a functional carbon market enabling the price mechanism to signal investment decisions throughout Europe. Unlike many other commodities, however, emission allowances are a legal construct, and the legal frameworks reifying them are of crucial importance. Domestic regulation of taxation, financial services, insolvency, and accounting issues, to name but a few, all hold the potential to compromise the development of a liquid market. Based on an extensive survey of the implementing legislation adopted in Finland, Germany, Sweden, and the United Kingdom, this article identifies some of the main challenges faced by the Member States in the evolving carbon market, highlighting aspects whose treatment differs and may lead to conflicts or inconsistencies.
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Simnett, Roger, Michael Nugent, and Anna L. Huggins. "Developing an International Assurance Standard on Greenhouse Gas Statements." Accounting Horizons 23, no. 4 (December 1, 2009): 347–63. http://dx.doi.org/10.2308/acch.2009.23.4.347.
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SYNOPSIS: Worldwide public concern over climate change and the need to limit greenhouse gas (hereafter, GHG) emissions has increasingly motivated public officials to consider more stringent environmental regulation and standards. The authors argue that the development of a new international assurance standard on GHG disclosures is an appropriate response by the auditing and assurance profession to meet these challenges. At its December 2007 meeting, the International Auditing and Assurance Standards Board (hereafter, IAASB) approved a project to consider the development of such a standard aimed at promoting trust and confidence in disclosures of GHG emissions, including disclosures required under emissions trading schemes. The authors assess the types of disclosures that can be assured, and outline the issues involved in developing an international assurance standard on GHG emissions disclosures. The discussion synthesizes the insights gained from four international roundtables on the proposed IAASB assurance standard held in Asia-Pacific, North America, and Europe during 2008, and an IAASB meeting addressing this topic in December 2008.
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Hospodka, J. "Involvement of Aviation Activities in the Scheme for Greenhouse Gas Emission Allowance Trading." Transactions on Transport Sciences 2, no. 2 (June 1, 2009): 42–47. http://dx.doi.org/10.5507/tots.2009.008.
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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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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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Bothner, Fabio. "Personal Carbon Trading—Lost in the Policy Primeval Soup?" Sustainability 13, no. 8 (April 20, 2021): 4592. http://dx.doi.org/10.3390/su13084592.
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The number of emission trading and carbon taxation schemes implemented has grown rapidly over the past decade. Together, they cover approximately 16% of global greenhouse gas (GHG) emissions. Although more than two-thirds of global GHG emissions are related to household consumption, approaches that directly target households, such as personal carbon trading (PCT), do not play a role in the fight against climate change. This is especially puzzling as measures taken so far are not sufficient to reach the 2 °C target. One clue to solving this puzzle comes from political science in the form of the multiple streams approach, which defines criteria that a policy proposal must meet to become part of the political agenda. Based on these criteria, this article conducts a systematic review on PCT to clarify why PCT does not play a role in the reduction of GHG emissions. The results show that there are three main problems with the PCT proposal. First, scholars often criticize the set-up costs as well as the running costs of such a system. Second, there is no clear consensus within the research community on public acceptance of PCT. Third, it is still unclear whether politicians are receptive to PCT or not.
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Pasicko, Robert, Slavica Robic, and Zeljko Tomsic. "Modelling CO2 emissions impacts on Croatian power system." Thermal Science 14, no. 3 (2010): 655–69. http://dx.doi.org/10.2298/tsci1003655p.
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Today?s electrical energy landscape is characterized by new challenges such as deregulation, liberalization of energy markets, increased competition, growing demands on security of supply, price insecurities, and demand to cut CO2 emissions. All mentioned challenges are calling for consideration of various options (like nuclear, coal, gas or renewable scenarios) and for better understanding of energy systems modelling in order to optimize proper energy mix. Existing models are not sufficient any more and planners will need to think differently in order to face these challenges. European emission trading scheme (EU ETS) started in 2005 and it has great influence on power system short term and long term planning. Croatia is obliged to establish a national scheme for trading of greenhouse gas emission allowances from the year 2010, which will be focused on monitoring and reporting only until accession to EU when it will be linked with EU ETS. Thus, for Croatian power system it is very important to analyze possible impacts of CO2 emissions. Analysis presented in this paper was done by two different models: mathematical model, based on short run marginal costs (SRMC, relevant for fuel switch in existing power plant and merit order change) and long run marginal costs (LRMC, relevant for new investment decisions); and electricity market simulation model PLEXOS, which was used for modelling Croatian power system during development of the Croatian energy strategy in 2008. Results of the analysis show important impacts that emission trading has on Croatian power system, such as influence of emission price rise on price of electricity and on emission quantity, and changes in power plants output that appear with emission price rise. Breakeven point after which gas power plant becomes more competitive than coal is 62 ?/tCO2 for SRMC and 40 ?/tCO2 for LRMC. With CO2 prices above 31 ?/tCO2 wind is more competitive than gas or coal, which emphasizes importance that emission price has on competitiveness of renewables.
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Milanés Montero, Patricia, Esteban Pérez Calderón, and Ana Isabel Lourenço Dias. "Transparency of Financial Reporting on Greenhouse Gas Emission Allowances: The Influence of Regulation." International Journal of Environmental Research and Public Health 17, no. 3 (January 31, 2020): 893. http://dx.doi.org/10.3390/ijerph17030893.
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This study focuses on the transparency of financial reporting on emission allowances (EA) and greenhouse gas (GHG) emissions within the European Union Emissions Trading Scheme (EU ETS). In particular, the different accounting treatments adopted by standard setters and professionals were analyzed to evaluate the influence of regulation in the transparency of financial reporting on EA and GHG emissions. Based on a sample of 85 companies registered with the Portuguese, Spanish, and French National Plans of Allocation (NPAs), data collected from the annual reports were analyzed for the 2008–2014 period. The results were obtained based on descriptive, logistic regressions and panel data statistical techniques, and they show that better levels of transparency of financial reporting on EA and GHG emissions are conditioned by a variety of accounting policies, which compromises the comparability of the financial information. The adoption of the International Accounting Standards Board (IASB) standards set lead to a greater dispersion in the choice of the accounting approach and a higher probability of not disclosing any information, as well as adopting off-balance sheet policies. Therefore, the regulatory factor is a determinant of the level of transparency of financial reporting on EA and GHG emissions, contributing to reduce strategies of omission.
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Bilbao Estrada, Iñaki, and Lluís M. Fargas Mas. "Emission Rights and Corporate Income Tax in the EU." Intertax 37, Issue 11 (November 1, 2009): 610–29. http://dx.doi.org/10.54648/taxi2009062.
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This article studies the impact of emission rights on Corporate Tax in the European Union (EU), with a particular focus on accounting. Specifically, it will be demonstrated how emission rights can be employed as fiscal planning instruments at both internal and international levels, with due attention given to the different tax and accounting treatments anticipated in the different legislation of EU Member States. Given these planning opportunities, this article advocates the fiscal neutrality of emission rights in order to avoid a distortion of the European Greenhouse Gas (GHG) emission rights trading scheme.
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Ciesielska-Maciągowska, Dorota, Dawid Klimczak, and Małgorzata Skrzek-Lubasińska. "Central and Eastern European CO2 Market—Challenges of Emissions Trading for Energy Companies." Energies 14, no. 4 (February 17, 2021): 1051. http://dx.doi.org/10.3390/en14041051.
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The aim of this article was to identify challenges of emissions trading that the Polish and CEE Central and Eastern Europe energy industry will face, as well as to indicate key implications for the competitiveness of the companies from the energy sector resulting from that trading. The EU Emissions Trading Scheme (ETS) is the emissions trading system, which results from the EU policy concerning climate change. It is a tool for reducing greenhouse gas emissions (GHG). The system regulates an annual allocation of the allowances. The price of CO2 emission allowances is subject to constant fluctuations because it depends on various macroeconomic factors as well as is an effect of proprietary trading by global investment banks. Polish energy companies have an increasing share in the emission of CO2 in the European market. This is due to the fact that other European countries are rapidly moving away from fossil fuel-fired sources. The cost per MWh related to CO2 price has been growing in the last 10 years from ca. 5 up to 30 EUR/MWh at the beginning of 2021. From an electric power utilities perspective, the ability to set up a proper strategy in trading CO2 will be crucial to be competitive in the wholesale power market. The higher price of CO2 (and electric power) at the domestic market in relation to more green (more renewable energy sources RES in energy mix) surrounding countries translates into a worse competitive position.
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T.I. Lam, Patrick, Edwin H.W. Chan, Ann T.W. Yu, Wynn C.N. Cam, and Jack S. Yu. "Mitigating climate change in the building sector." Facilities 32, no. 7/8 (April 28, 2014): 342–64. http://dx.doi.org/10.1108/f-04-2013-0035.
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Purpose – This paper aims to investigate how unique features of built facilities would affect the application of greenhouse gas (GHG) emissions trading, and to explore what adaptive measures may be taken for emissions trading to be applied to the built environment. Emissions trading is a financial tool to encourage GHG emissions reduction in various industries. As the building sector is responsible for a large amount of GHG emissions, it is valuable to explore the application of emissions trading in built facilities. Design/methodology/approach – The analysis is based on a comparative study reviewing the current emissions trading schemes (ETSs) in Australia, Japan and the UK covering the building industry, and to evaluate the approaches adopted by the schemes to tackle the problems related to buildings and facilities management. Findings – The research findings reveal that the small energy savings of individual building units, the large variety of energy-saving technologies and the split incentives and diverse interests of building owners and tenants would be the barriers hindering the development of emissions trading. To overcome these barriers, an ETS should allow its participants to group individual energy savings, lower the complexity of monitoring and reporting approaches and allow owners and tenants to benefit from emissions trading. Originality/value – This article provides a comprehensive overview of the current emissions trading practices in the built environment. Besides, it raises the attention and consciousness of policymakers to the need that building characteristics and facilities management should be taken into consideration when designing an ETS for the building sector.
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Peeters, Marjan, Huizhen Chen, and Zhiping Li. "Contrasting Emission Trading in the eu and China: An Exploration of the Role of the Courts." Climate Law 6, no. 1-2 (May 6, 2016): 197–226. http://dx.doi.org/10.1163/18786561-00601014.
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China and the eu have both engaged in formulating climate laws in order to contribute to a global reduction of greenhouse gas emissions. The focus of both is on emission trading. This instrument is designed and implemented according to very different political and legal systems in China and the eu. The rule of law in the eu is understood to mean that access to the judicial system for those affected by the emission-trading scheme is crucial. This can be illustrated by the emergence of a large body of case law on the issue. China, by contrast, is still in the process of building a governance system based on the rule of law, and thereby faces the challenge of setting up a court system that will act independently of a powerful government. While in the eu industries may launch a legal action in order to acquire a more profitable position on the allocation of emission allowances, in China it is still an open question whether industries covered by the emission-trading scheme will be permitted to take their case to court. How does this difference affect the functioning of the instrument in the two jurisdictions? In the eu, so far, the environmental effectiveness of the emission-trading scheme does not appear to have been negatively impacted by court proceedings initiated by industry. While the powerful role of the government in environmental protection in China could be valuable for the achievement of environmental aims, weak judicial control of governmental action could mean either a strict implementation of emission reductions or a lenient approach that tolerates a flexible, less ambitious, implementation.
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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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Kudrenickis, I., and G. Klavs. "SOLID BIOMASS CONSUMPTION IN HOUSEHOLDS AND GREENHOUSE GAS EMISSION REDUCTION IN LATVIA / CIETĀS BIOMASAS PATĒRIŅŠ UN SILTUMNĪCEFEKTA GĀZU EMISIJU SAMAZINĀŠANAS PERSPEKTĪVA LATVIJAS MĀJSAIMNIECĪBĀS." Latvian Journal of Physics and Technical Sciences 50, no. 6 (December 1, 2013): 16–25. http://dx.doi.org/10.2478/lpts-2013-0037.
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Abstract Utilisation of biomass is an important factor in reducing emission of greenhouse gases (GHG); at the same time, high efficiency of biomass combustion technologies is to be ensured to minimise the methane (CH4) emission thus achieving the most efficient reduction in the total GHG emission. The authors analyse the GHG emission breakdown in Latvia among the sectors not included in the EU Emissions Trading Scheme (ETS), and, in the context of emission reduction, evaluate the energy supply in the Latvian household sector, the types of combustion technologies and the used fuels. The trend is considered for the CH4 emission factor during 1990-2010 in the household sector of EU countries, and the numerical index is calculated which illustrates decoupling the consumption of biomass fuel from CH4 emission. To evaluate the perspective of CH4 emission reduction in the Latvian household sector, two scenarios are investigated for efficiency improvement as related to the central heating equipment based on wood fuel.
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de Silva, Tiloka, and Silvana Tenreyro. "Presidential Address 2021 Climate-Change Pledges, Actions, and Outcomes." Journal of the European Economic Association 19, no. 6 (October 14, 2021): 2958–91. http://dx.doi.org/10.1093/jeea/jvab046.
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Abstract We study countries’ compliance with the targets pledged in international climate-change agreements and the impact of those agreements and specific climate laws and policies on greenhouse-gas emissions and economic outcomes. To do so, we compile and codify data on international agreements and measures enacted at the national and sub-national levels. We find that compliance with targets has been mixed. Still, countries that signed the Kyoto Protocol or the Copenhagen Accord experienced significant reductions in emissions when compared to non-signatories. Having quantifiable targets led to further reductions. Effects from the Paris Agreement are not yet evident in the data. Carbon taxes and the introduction of emission-trading schemes led to material reductions in emissions. Other climate laws or policies do not appear to have had, individually, a material effect on emissions. The impact on GDP growth or inflation from most measures was largely insignificant. Overall, much more ambitious targets would be needed to offset the impact of economic and population growth on emissions and contain the expansion of the stock of gases.
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de Silva, Tiloka, and Silvana Tenreyro. "Presidential Address 2021 Climate-Change Pledges, Actions, and Outcomes." Journal of the European Economic Association 19, no. 6 (October 14, 2021): 2958–91. http://dx.doi.org/10.1093/jeea/jvab046.
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Abstract We study countries’ compliance with the targets pledged in international climate-change agreements and the impact of those agreements and specific climate laws and policies on greenhouse-gas emissions and economic outcomes. To do so, we compile and codify data on international agreements and measures enacted at the national and sub-national levels. We find that compliance with targets has been mixed. Still, countries that signed the Kyoto Protocol or the Copenhagen Accord experienced significant reductions in emissions when compared to non-signatories. Having quantifiable targets led to further reductions. Effects from the Paris Agreement are not yet evident in the data. Carbon taxes and the introduction of emission-trading schemes led to material reductions in emissions. Other climate laws or policies do not appear to have had, individually, a material effect on emissions. The impact on GDP growth or inflation from most measures was largely insignificant. Overall, much more ambitious targets would be needed to offset the impact of economic and population growth on emissions and contain the expansion of the stock of gases.
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Choi, Yongrok, Hyoung Seok Lee, and Ahmed Mastur. "Are Sustainable Development Policies Really Feasible? Focused on the Petrochemical Industry in Korea." Sustainability 11, no. 14 (July 23, 2019): 3980. http://dx.doi.org/10.3390/su11143980.
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Korea inaugurated an emission trading scheme (ETS) in 2015 for its ambitious target to reduce 37% greenhouse gas per 2030 business-as-usual level. This study examines the sustainable governance of the Korean petrochemical industry, one of the world’s major emitters of greenhouse gas, with 55 firms participating in ETS. On the basis of the non-radial, non-parametric directional distance function, this study derives three types of efficiencies: greenhouse gas technical efficiency (GTE), pure technical efficiency, and scale efficiency. Using these indices, this study also provides information for benchmarking for the fast followers. The findings of this study reveal the following. First, petrochemical industry exhibits 63.5% ETS performance, on average, showing huge potential improvement. Second, by decomposing GTE value, this study provides information from the perspective of scale to find out the oversupply issues in some petrochemical firms. Lastly, benchmark information for each firm is provided to enhance its efficiency.
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Verschuuren, Jonathan. "Towards a Regulatory Design for Reducing Emissions from Agriculture: Lessons from Australia’s Carbon Farming Initiative." Climate Law 7, no. 1 (January 9, 2017): 1–51. http://dx.doi.org/10.1163/18786561-00701001.
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The land sector is essential to achieve the Paris Agreement’s goals. Agriculture and land use contribute between 20 and 25 per cent of global greenhouse gas emissions. The Paris Agreement’s aim to keep the average global temperature rise between 1.5 and 2 degrees Celsius implies that drastic emission cuts from agriculture are needed. The sequestration potential of agriculture and land use offers an important mechanism to achieve a transition to net-zero carbon emissions worldwide. So far, however, states have been reluctant to address emissions from, and sequestration by, the agricultural sector. Some states that have or are setting up a domestic emission-trading scheme allow for the generation of offsets in agriculture, but only to a limited extent. Australia is the only country that has a rather broad set of methodologies in place to award credits to farmers for all kinds of carbon-farming projects. This article reviews the experience with the Australian model so far, with the objective of articulating transferable lessons for regulatory design aimed at reducing greenhouse gas emissions from agriculture. It finds that it is possible to regulate for the reduction of emissions from agriculture and for increased sequestration in agricultural soils and in vegetation on agricultural lands, provided that certain conditions are met. Regulation must focus on individual projects at farms, based on a long-term policy that has a wider focus than just emission reduction. Such projects must comply with climate-smart methodologies that ensure the delivery of real, additional, measurable, and verifiable emission reductions and also foster long-term innovation and create economic, social, and environmental co-benefits. Moreover, a robust and reliable mrv system must be put in place.
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Pérez Dominguez, Ignacio, Wolfgang Britz, and Karin Holm-Müller. "Trading schemes for greenhouse gas emissions from European agriculture : A comparative analysis based on different implementation options." Revue d’études en Agriculture et Environnement 90, no. 3 (2009): 287–308. http://dx.doi.org/10.3406/reae.2009.1973.
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Jane Deane, Felicity. "Emissions trading and the GATS financial services provisions." Journal of International Trade Law and Policy 13, no. 1 (March 11, 2014): 44–66. http://dx.doi.org/10.1108/jitlp-06-2013-0017.
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Purpose – The purpose of this paper is to determine whether greenhouse gas (GHG) tradeable instruments will be classified as financial products within the scope of the World Trade Organization (WTO) law and to explore the implications of this finding. Design/methodology/approach – This purpose is achieved through examination of the units of the Australian carbon pricing mechanism (the CPM), namely eligible emissions units. These units are analysed through the lens of the definition of financial products provided in the General Agreement for Trade in Services (the GATS). Findings – This paper finds that eligible emissions units will be classified as financial instruments, and therefore the provisions that govern their trade will be regulated by the GATS. Considering this, this paper explores the limitations that are introduced by the Australian legislation on the trade of eligible emissions units. Research limitations/implications – This paper is limited in its analysis to the Australian CPM. In order to draw conclusions on the issues raised by this analysis, it is necessary to consider the WTO requirements against an operating emissions trading scheme. The Australian CPM presents a contemporary model of an appropriate scheme. Originality/value – The findings in this paper are crucial in a GHG-constrained society. This is because emissions trading schemes (ETSs) are becoming popular measures for pricing GHG emissions, and for this reason the units that are traded and surrendered for emissions liabilities must be classified appropriately on a global scale. Failing to do this could result in differential treatment that may be contrary to the intentions of important global agreements, such as the WTO-covered agreements.
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Chuang, Jules, Hsing-Lung Lien, Akemi Kokubo Roche, Pei-Hsuan Liao, and Walter Den. "Consolidated Climate Markets Mechanism Analysis—Case Studies of China, Japan, and Taiwan." Sustainability 11, no. 22 (November 18, 2019): 6478. http://dx.doi.org/10.3390/su11226478.
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The post-Kyoto Protocol era has seen a transition to focus on the development of a renewable energy (RE) market as a primary instrument to reduce greenhouse gas (GHG) emissions worldwide. This paper analyses the development of GHG reduction and RE market in China, Japan, and Taiwan that are geographically proximate but socioeconomically diverse, and each plays a different but significant role in the world’s economy. By deploying a consolidated model incorporating the key components of market drivers underlying the goal of achieving GHG reduction, we threaded through the policy- and market-instruments implemented for each of the case studies over the past 20 years using the model. One commonality is that subsidiary schemes in the form of feed-in tariffs have served as an effective policy tool to boost the growth of renewable energy installations, though the worsening financial burden renders this path unsustainable. Over-reliance on feed-in-tariff schemes may have also impeded the liberation of an energy market pivotal to the success of elevating RE portfolio through trading mechanisms. What followed were the implementations of renewable energy certificate (REC) systems that have experienced various roadblocks leading to failures of the certificate market. By understanding the paths engaged in each of the cases, a conceptualized strategy depicted by the consolidated model is proposed to show the links between a renewable market and a carbon market. The framework would expedite the trading of RECs and carbon credits to accelerate the attainment of GHG emission reduction goals.
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Martin, Peter, and Reece Walters. "Fraud Risk and the Visibility of Carbon." International Journal for Crime, Justice and Social Democracy 2, no. 2 (September 11, 2013): 27–42. http://dx.doi.org/10.5204/ijcjsd.v2i2.95.
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In recent years, carbon has been increasingly rendered ‘visible’ both discursively and through political processes that have imbued it with economic value. Greenhouse gas emissions have been constructed as social and environmental costs and their reduction or avoidance as social and economic gain. The ‘marketisation’ of carbon, which has been facilitated through various compliance schemes such as the European Union Emissions Trading Scheme, the Kyoto Protocol, the proposed Australian Emissions Reduction Scheme and through the voluntary carbon credit market, have attempted to bring carbon into the ‘foreground’ as an economic liability and/or opportunity. Accompanying the increasing economic visibility of carbon are reports of frauds and scams – the ‘gaming of carbon markets’(Chan 2010). As Lohmann (2010: 21) points out, ‘what are conventionally classed as scams or frauds are an inevitable feature of carbon offset markets, not something that could be eliminated by regulation targeting the specific businesses or state agencies involved’. This paper critiques the disparate discourses of fraud risk in carbon markets and examines cases of fraud within emerging landscapes of green criminology.
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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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Wang, Minglu, Bruce McCarl, Hanlin Wei, and Layla Shiva. "Unintended Consequences of Agricultural Participation in Voluntary Carbon Markets: Their Nature and Avoidance." Complexity 2021 (July 17, 2021): 1–17. http://dx.doi.org/10.1155/2021/9518135.
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Greenhouse gas (GHG) trading markets have been widely discussed for climate change mitigation. However in implementation coverage has not been universal. Agriculture, despite being the source of nearly 25% of net emissions, has not commonly been capped. But it has been mentioned as voluntary source of net emission offsets. Such offsets could arise from action reducing GHG emissions, enhancing sequestration, or producing feedstocks for low emitting bioenergy replacements for fossil based energy. This could be harnessed by setting up voluntary carbon markets that producers could join at their discretion. However, such a scheme could have unintended consequences. We conduct theoretical and empirical analyses of a voluntary “carbon” market examining both intended and unintended effects. We find certain participation rules can stimulate rebound effects from emitters and suppress participation from sequestration and bioenergy producing entities. To overcome this we develop and simulate offset participation limitations that could preclude unintended consequences.
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Oh, Inha, Wang-Jin Yoo, and Kihwan Kim. "Economic Effects of Renewable Energy Expansion Policy: Computable General Equilibrium Analysis for Korea." International Journal of Environmental Research and Public Health 17, no. 13 (July 2, 2020): 4762. http://dx.doi.org/10.3390/ijerph17134762.
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This study examines the effects of renewable energy expansion policy on the Korean economy and industries using the computable general equilibrium model, which divides the power generation sector into detailed generation technologies and sources. The scenarios are set to observe the cases where the share of solar photovoltaic and wind power generation reaches 7%. The effects are examined according to differing circumstances, such as when greenhouse gas (GHG) emissions are regulated, and the funding source for renewable expansion varies. The results show that renewable expansion policies have negative effects on GDP. However, the magnitude of the GDP decline becomes smaller when GHG emissions are regulated. The expansion of renewable energy induces the growth of upstream industries which supply components for renewable generation modules. Regarding employment, the renewable expansion policy can increase the demand for labor. However, the direction and the extent of the effect vary depending on the funding source. When overlapping regulations, such as the emission trading scheme and renewable energy expansion policies, exist in the power generation sector, the renewable energy expansion policy could provide incentives for GHG emission-intensive power sources.
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Cowie, Annette, Richard Eckard, and Sandra Eady. "Greenhouse gas accounting for inventory, emissions trading and life cycle assessment in the land-based sector: a review." Crop and Pasture Science 63, no. 3 (2012): 284. http://dx.doi.org/10.1071/cp11188.
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Governments, organisations and individuals have recognised the need to reduce their greenhouse gas (GHG) emissions. To identify where savings can be made, and to monitor progress in reducing emissions, we need methodologies to quantify GHG emissions and sequestration. Through the Australian Government’s Carbon Farming Initiative (CFI) landholders may generate credits for reducing emissions and/or sequestering carbon (C). National GHG inventories for the United Nations Framework Convention on Climate Change, and accounting under the Kyoto Protocol use a sectoral approach. For example, fuel use in agriculture is reported in the transport component of the energy sector; energy use in producing herbicide and fertiliser is included in the manufacturing section of the energy sector; sequestration in farm forestry is reported in the land use, land-use change and forestry sector, while emissions reported in the agriculture sector include methane (CH4) from ruminant livestock, nitrous oxide (N2O) from soils, and non-carbon dioxide (CO2) GHG from stubble and savannah burning. In contrast, project-level accounting for CFI includes land-use change, forestry and agricultural sector emissions, and significant direct inputs such as diesel and electricity. A C footprint calculation uses a life cycle approach, including all the emissions associated with an organisation, activity or product. The C footprint of a food product includes the upstream emissions from manufacturing fertiliser and other inputs, fuel use in farming operations, transport, processing and packaging, distribution to consumers, electricity use in refrigeration and food preparation, and waste disposal. Methods used to estimate emissions range from simple empirical emissions factors, to complex process-based models. Methods developed for inventory and emissions trading must balance the need for sufficient accuracy to give confidence to the market, with practical aspects such as ease and expense of data collection. Requirements for frequent on-ground monitoring and third party verification of soil C or livestock CH4 estimates, for example, may incur costs that would negate the financial benefit of credits earned, and could also generate additional GHG emissions. Research is required to develop practical on-farm measures of CH4 and N2O, and methods to quantify C in environmental plantings, agricultural soils and rangeland ecosystems, to improve models for estimation and prediction of GHG emissions, and enable baseline assessment. There is a need for whole-farm level estimation tools that accommodate regional and management differences in emissions and sequestration to support landholders in managing net emissions from their farming enterprises. These on-farm ‘bottom-up’ accounting tools must align with the ‘top-down’ national account. To facilitate assessment of C footprints for food and fibre products, Australia also needs a comprehensive life cycle inventory database. This paper reviews current methods and approaches used for quantifying GHG emissions for the land-based sectors in the context of emissions reporting, emissions trading and C footprinting, and proposes possible improvements. We emphasise that cost-effective yet credible GHG estimation methods are needed to encourage participation in voluntary offset schemes such as the CFI, and thereby achieve maximum mitigation in the land-based sector.
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Peeters, Marjan. "The EU ETS and the role of the courts: Emerging contours in the case of Arcelor." Climate Law 2, no. 1 (2011): 19–36. http://dx.doi.org/10.1163/cl-2011-024.
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This article presents an in-depth examination of how one of the EU’s courts has assessed a foundational claim against the EU ETS. It concerns the Arcelor case, in which a large steel company filed an application before the General Court of the EU requesting the partial annulment of the European legislation establishing the EU ETS and claiming damages. The industry lost the case, but the considerations of the court offer a valuable contribution to the much-needed broader discussion about the proper design of legislative frameworks for trading greenhouse gas emissions rights. In particular, the court provided an interesting discussion on the principle of equal treatment, the cancellation of allowances in the case of the closure of an installation, and the need for price regulation. However, some shortcomings in the court’s decision are evident. The article concludes by observing that, besides the interest in examining what the actual case law means for the specific design and application of emissions-trading schemes like the EU ETS, it is equally important to examine the ways in which courts succeed in assessing claims about this complicated regulatory instrument.
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Amri, Adil El, Rachid Boutti, Salah Oulfarsi, Florence Rodhain, and Brahim Bouzahir. "Carbon financial markets underlying climate risk management, pricing and forecasting: Fundamental analysis." Financial Markets, Institutions and Risks 4, no. 4 (2020): 31–44. http://dx.doi.org/10.21272/fmir.4(4).31-44.2020.
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Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and demonstrates a variety of determinants of CO2 prices (EUA) to be used in econometric techniques. This paper details the main carbon price drivers related to institutional decisions, energy prices, and weather events. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding Carbon financial markets sphere. It features stylized facts about Carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices, and extreme weather events), risk, and portfolio management. Aimed at those with fundamental analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread, and Switch Price. Third, we provide a descriptive analysis of atmospheric variables, structural variations, and the Subprime crisis and their impacts on the price development of EU CO2 allowances. Keywords: Fundamental analysis, European Union Emissions Trading Scheme, Clean Development Mechanism (CDM), Determinants of CO2 prices (EUA), Climate risk management.
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El Amri, Adil, Salah Oulfarsi, Rachid Boutti Rachid Boutti, Abdelhak Sahib Eddine, and Aziz Hmioui. "Carbon Financial Markets Underlying Climate Change Mitigation, Pricing and Challenges: Technical Analysis." Financial Markets, Institutions and Risks 5, no. 1 (2021): 5–17. http://dx.doi.org/10.21272/fmir.5(1).5-17.2021.
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Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and determinate the variables that influence the performance of the strategies of EU ETS players via the EUA allowances. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding carbon financial markets sphere. It features stylized facts about carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices and extreme weather events), climate change mitigation. Aimed at those with technical analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread and Switch Price. Third, we provide a technical analysis of atmospheric variables, structural variations and the Sanitary COVID-19 crisis and their impacts in the price development of EU CO2 allowances and presnt after conclusion some implications for future.
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Nawaz, Ahmad, Muhammad Farooq, Faisal Nadeem, Kadambot H. M. Siddique, and Rattan Lal. "Rice–wheat cropping systems in South Asia: issues, options and opportunities." Crop and Pasture Science 70, no. 5 (2019): 395. http://dx.doi.org/10.1071/cp18383.
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The rice (Oryza sativa L.)–wheat (Triticum aestivum L.) cropping system is the largest agricultural production system worldwide, and is practised on 24 Mha in Asia. Many factors have threatened the long-term sustainability of conventional rice–wheat cropping systems, including degradation of soil health, water scarcity, labour/energy crises, nutrient imbalances, low soil organic matter contents, complex weed and insect flora, the emergence of herbicide-resistant weeds, and greenhouse-gas emissions. Options for improving the yield and sustainability of the rice–wheat cropping system include the use of resource-conservation technologies such as no-till wheat, laser-assisted land levelling, and direct-seeded aerobic rice. However, these technologies are site- and situation-specific; for example, direct-seeded aerobic rice is successful on heavy-textured soils but not sandy soils. Other useful strategies include seed priming, carbon trading and payment, the inclusion of legumes, and eco-friendly and biological methods of weed control. Irrigation based on soil matric potential using tensiometers can be useful for saving surplus water in direct-seeded, aerobic rice. These options and strategies will contribute to resolving water scarcity, saving labour and energy resources, reducing greenhouse-gas emissions, increasing soil organic matter contents, and improving the soil-quality index. Seed priming with various substances that supplement osmotic pressure (osmotica) is a viable option for addressing poor stand establishment in conservation rice–wheat cropping systems and for increasing crop yields. To strengthen the campaign for using resource-conservation technologies in rice–wheat cropping systems, carbon-payment schemes could be introduced and machinery should be offered at affordable prices. The persistent issue of burning crop residues could be resolved by incorporating these residues into biogas/ethanol and biochar production. Because rice and wheat are staple foods in South Asia, agronomic biofortification is a useful option for enhancing micronutrient contents in grains to help to reduce malnutrition.
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Sechi, Sonja, Sara Giarola, and Pierluigi Leone. "Taxonomy for Industrial Cluster Decarbonization: An Analysis for the Italian Hard-to-Abate Industry." Energies 15, no. 22 (November 16, 2022): 8586. http://dx.doi.org/10.3390/en15228586.
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The share of industry in final global energy consumption was more than 30% in 2020, of which, the hard-to-abate sectors accounted for almost 60% of total final consumption in industry. Similarly, in Europe, industry accounts for around 25% of final energy consumption. In order to reduce the impact of industry in energy consumption and greenhouse gas emissions, Europe has set many policies that support and regulate the sector, including pricing carbon emissions in a cap-and-trade scheme called the European Emission Trading Scheme (EU ETS). According to the EU ETS, in 2021 the verified emissions of all stationary installations were around 1.3 billion tons of carbon dioxide equivalent emissions. In 2021, the total allocated allowances amounted to around 1 billion tons of carbon dioxide equivalent emissions, half of which were freely allocated. After reviewing the existing modeling approaches for industrial clusters and the available datasets, and assessing the energy consumption and carbon dioxide emissions at plant level using a geographical information system approach (GIS), a taxonomy for industrial cluster decarbonization was introduced. This taxonomy shows that describing industry as sets of clustered installations rather than based on the conventional sectoral economic classification provides more insights into energy transition. First, the cluster description provides a more accurate techno-economic assessment based on a finer characterization of economies of scale compared to traditional energy systems models. Second, the industrial clustering approach may more realistically show the feasibility, in addition to the costs and benefits from coupling industry with transport (e.g., industrial fleets and logistics) or buildings (e.g., city scale), due to a more detailed representation of the energy sources and sinks.
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Cirrincione, Laura, Salvatore Di Dio, Giorgia Peri, Gianluca Scaccianoce, Domenico Schillaci, and Gianfranco Rizzo. "A Win-Win Scheme for Improving the Environmental Sustainability of University Commuters’ Mobility and Getting Environmental Credits." Energies 15, no. 2 (January 6, 2022): 396. http://dx.doi.org/10.3390/en15020396.
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European Union Member States are called upon to meet internationally proposed environmental goals. This study is based, in particular, on the recommendation of the European Union (EU), which encourages Member States to pursue effective policies to reduce greenhouse gas (GHGs) emissions, including through appropriate changes in the behavioral habits of citizens. In this respect, among the main sectors involved, transport and mobility should certainly be mentioned. National institutions should be adequately involved in order to achieve the objectives set; in this regard, universities must certainly be considered for their educational value. These latter, for instance, could commit to improving the environmental performance of the mobility of their commuter students (to a not insignificant extent), since commuting modes are often the cause of high CO2 emissions; indeed, they still largely involve the use of internal combustion engines based on fossil fuels. In this paper, the effectiveness of a smartphone-app-based method to encourage commuter students to adopt more sustainable transport modes is evaluated. In more detail, starting from a statistical analysis of the status quo of mobility habits of a sample of students at the University of Palermo (Italy), an improvement of current habits toward a more sustainable path is encouraged through a new application (specifically created for this purpose) installed on students’ smartphones. Then, the daily and annual distances traveled by commuters with the new mobility modes are calculated, and the resulting savings in energy and CO2 emissions are estimated. Finally, it is proposed that the reduced emissions could be converted into energy-efficiency credits that the University could use to enter the emission trading system (ETS), here contextualized within the Italian “TEE” (“Energy Efficiency Credits”) scheme, while the benefits for students participating in the program could consist of reduced fees and free access to university services. The results obtained show the feasibility of the proposal. This approach can be considered a useful model that could be adopted by any other public institutions—not only universities—to facilitate their path toward decarbonization.
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Rabe, Marcin, Dalia Streimikiene, and Yuriy Bilan. "EU Carbon Emissions Market Development and Its Impact on Penetration of Renewables in the Power Sector." Energies 12, no. 15 (August 1, 2019): 2961. http://dx.doi.org/10.3390/en12152961.
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This paper focuses on the analysis of the EU carbon trading scheme and its impacts on regional power system development and penetration of renewable energy sources (RES). The aim of the article is to analyze the forecasts of carbon dioxide (EUA) prices for the years 2019–2030 and to apply the results of this forecast in regional power system planning. The data employed in this paper come from many sources, including empirical data of the selected analytical companies, such as Thomson Reuters among others. The current low prices for carbon dioxide emission rights do not encourage the reduction of greenhouse gas emissions, in particular carbon dioxide, and do not have a significant impact on the penetration of renewables. This paper presents the results of two scenarios (for 2021 and 2030) developed after the analysis of the EUA price impact on penetration of renewable energy sources in West-Pomeranian region assuming different electricity production and the EUA price forecasts. The results of two regional energy development scenarios run for 2021 and 2030 indicate changes in the structure of renewables in West-Pomeranian region. The results also show that the increase of EUA price has a significant impact on the increase of costs for power production and increase of unit cost of the installed 1GWh. In addition, the forecasted EUA price in 2030 is 3% lower as compared with 2021, which has its impact on the increased share of electricity produced by co-firing biomass with other fossil—from 42% to 68% in the electricity generation structure of West-Pomeranian region.
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Lundquist, Carolyn J., Doug Ramsay, Rob Bell, Andrew Swales, and Suzi Kerr. "Predicted impacts of climate change on New Zealand’s biodiversity." Pacific Conservation Biology 17, no. 3 (2011): 179. http://dx.doi.org/10.1071/pc110179.
Full textAbstract:
In New Zealand, climate change impacts have already been observed, and will increase in future decades. Average air temperature is predicted to warm by 2.1°C by 2090 for a mid-range IPCC scenario (A1B), with larger increases possible for some IPCC scenarios with higher rates of future emissions. Sea-level rise projections range between 0.18 – 0.59 m by 2100, based on six IPCC future emission scenarios excluding future rapid dynamical changes in polar ice-sheet flow. Global surface ocean pH is predicted to decrease by an additional 0.14 – 0.35 units by 2100, with a similar decrease expected in New Zealand waters. Rainfall is predicted to change significantly, with increased precipitation in the west, and reduced precipitation in the east, and more intense rainfall events. Increasing temperature is likely to result in species’ range shifts southward and upward, and mortality during extreme heat events. Ocean acidification is expected to cause declines in carbonate communities, with cold water communities predicted to decline first due to a lower aragonite saturation horizon in cold waters. Sea-level rise is likely to impact on coastal biota, reducing coastal habitats, changing inundation patterns, and increasing vulnerability to storm surges and tides. Changes in storm and rainfall intensity are predicted to increase disturbance to terrestrial and aquatic communities. Areas with increased precipitation will amplify rates of disturbance, erosion and sedimentation into aquatic, estuarine and coastal ecosystems, while areas with low precipitation will experience increased fire risk. In New Zealand, climate change projections are being integrated into management, including increasing protection and improving management of coastal habitats. Contributing to a global reduction in greenhouse gas emissions, New Zealand is the first country to include forestry in their Emissions Trading Scheme, already positively affecting biodiversity by reducing deforestation.