scholarly journals Derechos de emisión temporales procedentes de actividades de forestación y reforestación en el EU ETS

2011 ◽  
Vol 7 (14) ◽  
pp. 21
Author(s):  
Ignacio Bachiller Méndez ◽  
José Luis Fernández-Cavada Labat ◽  
Jaime Martín Juez
Keyword(s):  
Climate Change ◽  
European Union ◽  
Future Development ◽  
Clean Development Mechanism ◽  
Emissions Trading ◽  
Eu Ets ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Flexible Mechanisms ◽  
The Eu

The authors have assessed the regulatory framework set by the UNFCCC (United Nations Frame Convention on Climate Change), the Kyoto Protocol and its Flexible Mechanisms, including the CDM (Clean Development Mechanism), and the EU ETS (European Union Emissions Trading Scheme). After this general overview, the article shows how afforestation and reforestation activities have been incorporated into the CDM process and its current consideration under the EU ETS. Transaction costs of these types of CDM project activities are analyzed, together with the state of the temporary allowances market. Finally, taking into account the above mentioned elements, the authors draw several conclusions on the opportunity and expectations of the future development of this market.

Up in the Air: Aviation, the EU Emissions Trading Scheme and the Question of Jurisdiction

2012 ◽  
Vol 14 ◽  
pp. 475-506
Author(s):  
Christina Voigt
Keyword(s):  
Climate Change ◽  
European Union ◽  
Emissions Trading ◽  
State Sovereignty ◽  
Eu Ets ◽  
The European Union ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Eu Emissions Trading Scheme ◽  
The Eu

AbstractFrom 1 January 2012, all flights departing from or arriving at the European Union are covered by the EU Emissions Trading Scheme (EU ETS). Amendments were made to Directive 2003/87/EC by Directive 2008/101/EC with the objective of reducing climate change impacts attributable to aviation, but also in order to avoid distortions of competition. The scheme now includes all airlines, including those from third countries, and accounts for emissions that occur partly outside the airspace of EU Member States. A large number of third countries claim that the extension of the Emissions Trading Scheme to legs of flights outside EU territory violates the principle of state sovereignty and deny the jurisdiction of the EU to regulate emissions that occur beyond its borders. So far, the validity of the EU regulation has been challenged by a claim brought by US and Canadian air carriers. They contended that, in adopting the Directive, the EU infringed principles of customary international law—in particular the principle of state sovereignty and the prohibition of extraterritorial application—as well as various international agreements. On 21 December 2011, the Court of Justice of the European Union ruled that the inclusion of emissions from aviation in the EU ETS is valid. In response, Chinese and Indian carriers threatened not to pay the charge, while US airlines pledged to consider other options. This chapter analyses the judgment of the Court and the opinion of Advocate General Kokott in this case. Particular attention is given to the question of extraterritorial jurisdiction and the understanding of state sovereignty in the context of global climate change mitigation. The chapter argues that the Court missed an opportunity to contribute to the clarification of the law on jurisdiction and to the development of climate law.

“Make your own special song, even if nobody else sings along”: International aviation emissions and the EU Emissions Trading Scheme

Climate Law ◽  
2011 ◽  
Vol 2 (4) ◽  
pp. 535-558 ◽  
Author(s):  
Kati Kulovesi
Keyword(s):  
Climate Change ◽  
European Union ◽  
International Law ◽  
Emissions Trading ◽  
Civil Aviation ◽  
The European Union ◽  
Emissions Trading Scheme ◽  
Aviation Emissions ◽  
Trading Scheme ◽  
The Eu

This article focuses on the escalating international row over the decision by the European Union to include aviation emissions in its Emissions Trading Scheme from 2012 onwards. The main point of controversy is that the ETS will apply to foreign airlines to the extent they operate flights to and from EU airports. The article sheds light on the background of the dispute by providing an overview of the slow progress on aviation emissions under the UNFCCC and the International Civil Aviation Organization. It describes the main features of the EU scheme and discusses the pending request for a preliminary ruling from the Court of Justice of the European Union concerning the compatibility of the ETS with international law. The article concludes that there is a good case to be made for the legal design of the EU’s scheme for aviation emissions under international law. Furthermore, from a climate-policy perspective, the scheme can be seen as a necessary first step towards controlling rapidly growing aviation emissions. At the same time, the continuing global impasse on climate change mitigation raises concerns over fragmentation of climate change law and the spread of unilateral climate policies and retaliatory measures.

European Union Emissions Trading Scheme

2020 ◽  
pp. 189-210
Author(s):  
Antonio Marcio Ferreira Crespo ◽  
Chun Wang
Keyword(s):  
European Union ◽  
Emissions Trading ◽  
Eu Ets ◽  
Design Features ◽  
Scheme Design ◽  
Design Evolution ◽  
Allocation Process ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
The Eu

The European Union Emissions Trading Scheme (EU-ETS), launched in 2005, is one of the most important market-driven initiatives in support to the global commitment to fight the climate changes and foster sustainable development. The scheme design evolution, comprising four phases, was characterized by continued ineffectiveness in driving emissions reduction, mainly for industries outside the power generation sector. This chapter brings an analysis of the EU-ETS design evolution, aiming at providing an overview on how the EU-ETS design features improvements impacted its effectiveness. The emissions trading scheme's main design features are listed, followed by the description of the EU-ETS design evolution in terms of scope, allowances allocation process, and emissions cap (among others). The greenhouse gases emissions trends, the carbon price behavior, and the availability of allowances in the EU carbon market are presented and discussed as key factors in support to the EU-ETS effectiveness assessment.

Market efficiency and the basis in the European Union Emissions Trading Scheme

2014 ◽  
Vol 41 (4) ◽  
pp. 615-628 ◽  
Author(s):  
Andros Gregoriou ◽  
Jerome Healy ◽  
Nicola Savvides
Keyword(s):  
Emissions Trading ◽  
Eu Ets ◽  
The European Union ◽  
Content Type ◽  
Spot Prices ◽  
Emissions Trading Scheme ◽  
Cost Of Carry ◽  
Trading Scheme ◽  
The Cost ◽  
The Eu

Purpose – The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits. Design/methodology/approach – The methodology involves non-linear mean reverting unit root tests. Findings – The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures. Originality/value – The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

scholarly journals Carbon financial markets underlying climate risk management, pricing and forecasting: Fundamental analysis

2020 ◽  
Vol 4 (4) ◽  
pp. 31-44
Author(s):  
Adil El Amri ◽  
Rachid Boutti ◽  
Salah Oulfarsi ◽  
Florence Rodhain ◽  
Brahim Bouzahir
Keyword(s):  
Financial Markets ◽  
Clean Development Mechanism ◽  
Emissions Trading ◽  
Fundamental Analysis ◽  
Energy Prices ◽  
Eu Ets ◽  
Weather Events ◽  
Emissions Trading Scheme ◽  
Climate Risk Management ◽  
Trading Scheme

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.

scholarly journals Dealing with climate change: A European centre–right perspective

European View ◽  
2018 ◽  
Vol 17 (2) ◽  
pp. 172-180
Author(s):  
Dimitar Lilkov
Keyword(s):  
Climate Change ◽  
Emissions Trading ◽  
The Political ◽  
Individual Level ◽  
Emissions Trading Scheme ◽  
Successful Approach ◽  
Trading Scheme ◽  
Political Spectrum ◽  
The Individual ◽  
The Eu

The fight against climate change is sometimes inaccurately perceived as a topic which inherently belongs to those on the left of the political spectrum. This article maps out the most important aspects of climate change and its prevention from a centre–right perspective, and ventures to show that a both sensible and successful approach to this problem is entirely consistent with centre–right tenets and values. It starts by discussing the principle of stewardship and how to address this issue on the individual level. It then argues that the involvement of local and regional actors is of great importance when it comes to the implementation of internationally set climate goals or specific commitments. The article proceeds with a brief overview of how the private sector and emerging technologies can play their part in the fight against climate change. Lastly, it makes the case for the reinforced engagement of the EU through coordinated investment, an improved emissions trading scheme and global leadership.

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