Description
Book SynopsisThis unique and up-to-date book analyses the functioning of the European Emissions Trading Scheme (ETS) and assesses the extent to which relevant legislation has affected its capacity to promote cost-effective reduction of European carbon emissions.
Trade Review'Emission markets are crucial both to provide the right incentives to reduce GHG emissions and to fund investments necessary for a transition to a low carbon world. Emission markets however cannot achieve these objectives if inappropriately designed. This book is a novel and fresh attempt to look at the real functioning of the EU Emission Trading Scheme and to assess its effectiveness and inconsistencies, its positive and negative impacts on industrial and financial markets. With the overall objective to improve its design and performance.'
- Carlo Carraro, University of Venice, Italy
'This important book has the great achievement of addressing a complicated and socially highly debated issue of how society could be given optimal incentives for emission reductions from a legal and economic perspective. Moreover, it not only addresses the various issues from a theoretical perspective, but provides important empirical evidence on the working of emissions trading as well. The book will undoubtedly have important lessons not only at the theoretical level, but also for policy makers interested in improving the effectiveness of emission trading schemes.' --- From the foreword by Michael Faure
Table of ContentsContents: Foreword 1. Introduction 2. Climate Change and the Kyoto Protocol: An Overview 3. Toward a Cap and Trade Scheme Solution: Economic and Legal Instruments to Address the Problem of Externality 4. Legal and Economic Aspects of the European Emissions Trading Scheme 5. Analysis of the Effectiveness of the EU ETS: Assessing the Stringency of the ETS Cap 6. Analysis of the Allocation Rules: Do Polluters Pay under Grandfathering? 7. ETS Reform and Carbon Leakage: Assessing the Inconsistencies of the New ETS Directive 8. Summary and Conclusions References Index
