The European Emission Trading System and Its Followers

Comparative Analysis and Linking Perspectives

verfasst von: Simone Borghesi, Massimiliano Montini, Alessandra Barreca

Verlag: Springer International Publishing

Buchreihe : SpringerBriefs in Environmental Science

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Given the rapid spread of ETSs in an increasing number of countries and the important role that they are likely to play for the success or failure of the environmental policy in the years to come, this book provides an interdisciplinary analysis of the EU ETS from both the legal and economic perspectives comparing it with the other main ETSs existing worldwide, in order to assess whether the EU ETS has truly represented a prototype for the other ETSs established around the world and to investigate the current perspectives for linking them in the future.Through the years, the EU ETS has progressively gained a paramount position within the EU environmental policy and climate change legislation and currently represents the most striking flagship in this sector, with more than 11.000 installations covered by the scheme. In parallel, the EU ETS has paved the way for the establishment of many other ETSs in several other jurisdictions. Such schemes are now recognized worldwide as the “cornerstones” of the climate change policy.

Inhaltsverzeichnis

Frontmatter

Chapter 1. The EU ETS: The Pioneer—Main Purpose, Structure and Features

Abstract

This chapter describes the main features, structures and scope of the European Emission Trading Scheme (EU ETS), which has played a leading role among the existing ETSs on greenhouse gases (GHG), being a sort of pioneer of the large-scale domestic/regional ETSs around the world. Particular attention is devoted to the specific features underlying the legal and economic design of the systems, including the GHG being covered and the sectors involved, the allocation mechanisms, the evolution of the carbon pricing and the subsequent revisions of the EU ETS (e.g. the NER300 programme and the back-loading mechanism) that have been implemented to face some of the problems encountered so far.

Simone Borghesi, Massimiliano Montini, Alessandra Barreca

Chapter 2. California, RGGI, Quebec: The Followers

Abstract

Following the structure adopted in Chaps. 1, this chapter investigates the legal and economic features of three selected ETSs: the Californian Cap and Trade System, the RGGI (the Regional Greenhouse Gas Initiative, encompassing several north-east and mid-Atlantic States of the USA) and the Quebec Cap and Trade System. While several other ETSs are developing or planned around the world, after the collapse of the Australian ETS project the two US-based ETSs and the Quebec ETS represent the main schemes currently in place among the followers of the EU ETS. The in-depth analysis of their design provides the basis for the comparative analysis between them and the EU ETS performed in the following chapter and for understanding the possibilities and options for linking ETSs in the future that is investigated in the final chapter.

Simone Borghesi, Massimiliano Montini, Alessandra Barreca

Chapter 3. Comparing the EU ETS with Its Followers

Abstract

The European Emission Trading Scheme (EU ETS) is generally considered as the prototype system for the other ETSs that are rapidly spreading around the world. Building on the description of the features of the main ETSs examined in the previous chapters, the present chapter discusses the differences and similarities of the EU ETS with respect to the other main ETS and the emerging trends that these systems seem to share, comparing the different cap and trade regimes in order to identify the best practices and the desirable features that future ETS should have. As emerges from the comparative analysis performed in this chapter, although the followers share with the EU ETS some common flaws, they have also shown the capacity to innovate and possibly devise alternative ways to manage their own ETS regimes, which may in the long term jeopardise the EU leadership in the ETS context.

Simone Borghesi, Massimiliano Montini, Alessandra Barreca

Chapter 4. Linking Emission Trading Schemes

Abstract

This chapter investigates linking Emission Trading Schemes (ETSs) as a possible option to increase the effectiveness of the existing domestic or regional regimes and overcome the difficulties encountered in recent years by international climate change negotiations. For this purpose, the drivers and different types of possible linking arrangements are analysed along with their pros and cons, and the “necessary and optional features” for a successful linking are proposed. Building on this analysis, the chapter proposes three selected options for linking ETSs, aiming at enlarging the scope of the existing domestic/regional regimes, ranging from multilateralism to bilateralism. Finally, particular attention is devoted to the proposal recently set forth by the World Bank of a system of “globally networked carbon markets”, which goes beyond the linking agreements planned, proposed and/or implemented so far.

Simone Borghesi, Massimiliano Montini, Alessandra Barreca

Titel: The European Emission Trading System and Its Followers
verfasst von: Simone Borghesi
Massimiliano Montini
Alessandra Barreca
Verlag: Springer International Publishing
Electronic ISBN: 978-3-319-31186-9
Print ISBN: 978-3-319-31185-2
DOI: https://doi.org/10.1007/978-3-319-31186-9