환경 정책 도구 및 평가.
배출권 거래 시스템 (또는 환경 과세)의 광범위한 사용은 녹색 성장을 촉진하는 가장 효과적이고 효과적인 방법 중 하나입니다. OECD는 수년 동안 마크 기반의 도구의 사용을 분석하고 홍보 해왔다. 대부분의 작업은 이전의 국가 환경 정책 실무 그룹 (Working Party)의 후원하에 수행되었으며, 최근 환경 및 경제 정책 통합 실무 그룹 (Working Party)으로 명칭이 바뀌었다. 이 사업의 일부는 또한 조세 및 환경 전문가 회의의 주최로 이루어 졌는데, 주로 재무 부처와 환경부의 전문가들이 연 2 회 모인다. 이 회의는 OECD의 세무 정책 분석 및 환경 이사회 (Center for Tax Policy and Analysis and Environment Directorate)가 담당하고 있으며, 조직의 다른 부서에서도 기고하고 있습니다.
배출권 거래 시스템은 배출 저감을 용이하게하여 경제적 효율을 높여 준다. 그들의 배출량을 줄이기 위해 비용이 많이 드는 것으로 밝혀진 오염 자들은 낮은 비용으로 절 감할 수있는 오염 자들로부터 배출 허용량을 구입할 수 있습니다. & lsquo; 완벽하게 & rsquo; 추가로 배출되는 단위를 줄이는 비용이 균등하게되고, 주어진 환경 목표를 달성하기위한 총 비용은 최소화 될 것이다. 많은 거래 가능한 허가 시스템에 대한 사후 평가는 Tradeable Permits : Policy Evaluation, Design and Reform이라는 간행물에서 찾을 수 있습니다.
거래 시스템에는 두 가지 주요 유형이 있습니다. & ldquo; Cap-and-trade systems & rdquo; 기본 및 신용 시스템 & rdquo; 배출권 거래 제도 (cap-and-trade system)에서 배출량에 대한 상한선은 고정되어 있고 방출 허가는 특정 기준에 따라 경매되거나 무료로 배포됩니다. 베이스 라인 및 크레딧 시스템 하에서는 배출량에 대해 고정 된 제한이 없지만, 그렇지 않은 경우보다 배출량을 더 많이 감소시키는 오염 물질은 적립 & 획득 할 수 있습니다. 그들은 그들이 필요로하는 규정을 준수하기 위해 그들을 필요로하는 다른 사람들에게 팔고있다.
일반적으로 OECD는 배출권 거래 시스템의 허가 또는 배출 허용량이 무료 (낙후 된 & rdquo;)가 아닌 경매되어야한다고 권고한다. 경매는 환경 정책과 관련된 임대료가 기존의 오염 자에 의해 점령되는 대신 공공 당국에 전달되도록합니다. 그러나 실제로는 대부분의 허가가 지금까지 무료로 배포되었습니다. 반면 환경 세금이 사용되는 곳에서는 종종 오염 자 전체에 걸친 세율 차별화가 포함됩니다. 따라서 이러한 접근 방식 중 일반적으로 & ldquo; text-book & rdquo; 처방전 및 환경 친화적 인 세금 및 실제 거래 가능한 거래 허가 증서는 경제적 효율성 관점에서 두 가지 대안 중 어느 것이 더 효과적인지 자세히 설명합니다.
현재 배출권 거래 시스템 (및 기타 다수의 환경 정책 수단)의 사용은 자유롭게 이용할 수있는 데이터베이스에 문서화되어있다. 데이터베이스는 거래 시스템에 의해 다루어지는 환경 문제, 거래되는 아이템, 거래 파트너, 허가 판매에 의해 발생한 수입 등을 제공합니다. 데이터베이스는 공무원, 학자, 업계 대표자, OECD는 회원국 및 파트너 국가의 정책에 대한 정기적 인 평가를 위해 OECD에 크게 의존하고있다.
대부분의 배출권 거래 시스템은 국가적 또는 지역적 특성을 지니고 있지만, 유럽 연합 (EU)은 이산화탄소 배출 (EU ETS)을위한 공통 배출 시스템을 확립했으며, 다른 일부 유럽 국가들도이를 연계하고있다. 또한 EU ETS와 미래의 호주 배출권 거래 시스템을 연계시키기위한 합의가 이루어졌다. 교토 의정서는 또한 국제 무역 시스템의 일종으로, & lsquo; cap-and-trade & rsquo; (부록 I 국가의 배출 제한 의무와 같은) 측면과 기본 및 신용 & rsquo; 양상 (예 : 개발 도상국에서 배출 감축을 수행하여 크레딧을 창출 할 수있는 가능성).
일반적으로 배출 시스템을 연결하는 것은 가장 경제적 인 곳에서 저감이 이루어 지도록함으로써 경제적 효율을 증진 할 것이다. 그러나 링크가 발생할 때 시스템의 환경 무결성이 유지되도록하는 것이 중요합니다. 기준선 및 크레딧 & rsquo; 시스템의 경우 배출 감소가 어느 정도까지 추가 & rsquo; & ndash; 즉 그들이 어떤 경우에 일어 났을 것인가와 다른 어떤 것을 나타낼 것인지를 결정한다.
& lsquo; cap-and-trade & rsquo; 시스템 및 다른 유형의 배출량 상한은 다른 기기와 결합 된 경우입니다. 예를 들면 다양한 보조금 제도. 추가 장비가 추가 비용을 발생시키지 않고 추가 혜택을 가져올 수있는 위험이 있습니다. 이러한 문제는 배출권 거래 시스템과 기타 중첩 정책 수단 간의 상호 작용 문서에 자세히 설명되어 있습니다.
대화 형 중개인 forex cfd.
외환 표시기 123 패턴 v7.
배출권 거래 시스템 pdf.
배출권 거래 또는 상한 및 교역은 오염 물질 배출 감소를위한 경제적 인센티브를 제공함으로써 오염을 통제하기위한 정부 위임 시장 기반 접근 방식입니다. 다양한 국가, 주 및 기업 그룹이 기후 변화 완화를위한 거래 시스템을 채택했습니다. 중앙 정부 기관은 일반적으로 특정 기간 동안 특정한 양의 특정 오염 물질을 배출하기 위해 제한된 수의 허가를 할당하거나 판매합니다. 배출량을 증가시키고 자하는 오염원은 기꺼이 판매 할 허가를 구입해야합니다. 이론적으로 가장 값 싸게 배출 가스를 줄일 수있는 오염 자들은 그렇게함으로써 사회 최저 비용으로 배출량 감축을 달성 할 것입니다. 몇몇 대기 오염 물질에는 적극적인 거래 프로그램이 있습니다. 기후 변화를 일으키는 온실 가스의 경우 허가 단위를 탄소 배출권이라고합니다. 가장 큰 온실 가스 거래 프로그램은 유럽 연합 배출권 거래제 (European Union Emissions Trading Scheme) [12]로 유럽 연합 수당 EUA에서 주로 거래되고있다. 캘리포니아 주정부는 California Carbon Allowances, 뉴질랜드 단위의 뉴질랜드 제도 및 Australian Units의 호주 제도에서 거래합니다. 오염은 시장 외부 성의 대표적인 예입니다. 외부 성은 해당 활동과 관련된 시장 거래의 당사자가 아닌 개인과 같은 주체에 대한 일부 활동의 효과입니다. 배출권 거래는 오염 문제를 해결하기위한 시장 기반 접근법입니다. 배출권 거래 계획의 전체 목표는 설정된 배출 목표를 달성하는 데 드는 비용을 최소화하는 것입니다. 배출권 거래 시스템에서 정부는 배출량에 대한 전반적인 제한을 설정하고, 허용 한도 또는 제한적 승인이 방출하는 허가를 전체 한도 수준까지 정의합니다. 정부는 허가를 판매 할 수 있지만, 기존의 많은 계획에서는 참가자들에게 각 참여자의 기준 배출량과 동일한 오염 물질을 규제하는 허가를 제공합니다. 기준선은 참가자의 과거 배출량을 기준으로 결정됩니다. 준수를 입증하기 위해 참가자는 적어도 기간 동안 실제로 배출 된 오염량과 동일한 양의 허가를 보유해야합니다. 모든 참가자가 준수하면 방출되는 총 오염은 최대 한도의 합계와 같아야합니다. 실제로, 구매자는 오염에 대한 요금을 지불하고, 배출 판매자는 배출량 감소에 대한 보상을 얻습니다. 많은 제도에서 오염을 일으키지 않아 의무가없는 조직은 허가와 파생 상품의 거래를 할 수 있습니다. 일부 제도에서는 참가자가 미래에 사용할 수있는 용돈을 예금 할 수 있습니다. 따라서, 환경 단체는 허가권을 매입하고 은퇴 할 수 있으며, 수요의 법칙에 따라 나머지 허가권의 가격을 상승시킬 수있다. 일반적으로 정부는 국가 배출 감축 목표를 달성하기 위해 시간이 지남에 따라 전반적인 한도를 낮 춥니 다. 환경 방위 기금 (Environmental Defense Fund)에 따르면 배출권 거래가 온실 가스 배출의 주요 원인 인 온실 가스 배출을 통제하기위한 가장 환경 적이며 경제적으로 합리적인 접근법이며 배출량에 대한 제한이 설정되어 있기 때문에 거래가 기업의 혁신 적은 양을 방출합니다. 세 가지 쟁점은 국제 무역과 기후 협약 간의 건설적인 관계를 발전시키는 데 핵심적이다. 경제 전반에 걸친 탄소 가격 책정은 가장 낮은 비용으로 배출량을 줄이기 위해 고안된 정책의 핵심 부분이다. 많은 경제학자들은 규범적인 "명령 및 통제"규정 대신 환경 문제를 다루기 위해 배출권 거래와 같은 시장 기반 도구의 사용을 촉구했다. 배출량을보고하지 않고 배출 허가를 포기하는 것은 종종 생산 비용을 증가시키는 벌금과 같은 추가 정부 규제 메커니즘에 의해 처벌 될 수 있습니다. 기업들은 오염 규제를 준수하기 위해 가장 적은 비용으로 거래 방법을 선택하게되며, 이는 비용이 많이 드는 배출량을 줄이면서도 가장 비용이 적게 드는 해결책이있는 경우 감축으로 이어질 것입니다. 배출권 거래 시스템 하에서 각 규제 된 오염자는 배출권 매매의 가장 경제적 인 조합을 사용하거나, 청정 기술을 설치하거나, 생산량을 줄임으로써 배출량을 줄임으로써 배출량을 줄이는 유연성을 가지고 있습니다. 가장 비용 효과적인 전략은 오염 자의 한계 저감 비용과 허가의 시장 가격에 달려있다. 이론적으로, 오염 자 결정은 경제적으로 효율적으로 오염 물질을 배분해야하며, 명령 및 제어 메커니즘에 비해 개별 기업과 경제 전반에 걸친 준수 비용을 낮춰야합니다. 온실 가스가 규제되는 배출권 거래의 경우, 하나의 배출 허가는 1 미터 톤의 이산화탄소 배출과 동등한 것으로 간주됩니다. 배출 허가의 다른 이름은 탄소 크레디트 단위, 할당량 단위 및 공인 배출 감소 단위 CER입니다. 이러한 허가는 개인적으로 또는 국제 시장에서 현물 시장 가격으로 판매 될 수 있습니다. 이들은 국제적으로 거래되고 정착되며, 따라서 허가는 국가간에 이전 될 수 있습니다. 각 국제 이전은 UN 기후 변화 협약 (UNFCCC)에 의해 검증됩니다. 유럽 연합 내의 각 소유권 이전은 유럽 집행위원회 (European Commission)에 의해 추가로 확인됩니다. 유럽 연합 배출권 거래 시스템 EU ETS와 같은 배출권 거래 프로그램은 교역권의 사기 거래를 허용함으로써 교토 의정서에 규정 된 국가 간 거래를 보완합니다. 시장 가격을 발견하고 유동성을 유지하는 데 도움이되는 선물 및 옵션 시장뿐만 아니라 허가에 현물 시장을 제공하기위한 거래 교환이 설립되었습니다. 탄소 가격은 일반적으로 이산화탄소 톤 또는 그와 동등한 이산화탄소 톤 당 유로 단위로 표시됩니다. 다른 온실 가스도 거래가 가능하지만 지구 온난화 잠재력과 관련하여 이산화탄소의 표준 배수로 인용됩니다. 이러한 기능은 쿼터가 국내 및 국제 수준에서 충족되도록 보장하면서 비즈니스에 대한 쿼터의 재정적 영향을 줄입니다. 현재 UNFCCC 관련 탄소 배출권 거래가 6 건의 거래가있다. NASDAQ OMX Commodities Europe은 Certified Emission Reductions라고 불리는 CDM 탄소 프로젝트에 의해 생성 된 오프셋을 거래하기로 계약했다. 많은 기업들이 현재 배출권 저감, 상계 및 격리 프로그램을 통해 거래소 중 하나에서 판매 할 수있는 크레딧을 창출합니다. 루이 레드 쇼 (Louis Redshaw)에 적어도 하나의 사설 전자 시장이 설립되었으며 바클레이즈 캐피털 (Barclays Capital)의 환경 시장 책임자는 "탄소는 세계에서 가장 큰 원자재 시장이 될 것이며 세계에서 가장 큰 시장이 될 것"이라고 밝혔다. 대조적으로, 특정 지역의 오염 면허는 오염 수준에서 특정 증가 이상을 유발하지 않을 정도의 비율로 오염 물질을 방출 할 권리를 부여한다. 구체적으로는 다음 모델을 고려한다. 예를 들어, 공정한 강물 공유 환경에서와 같이 강을 따라 3 개국을 고려하면 여러 지점에서 수질에 영향을 미치는 오염원은 모든 관련 모니터링 포인트를 다루는 면허의 포트폴리오를 보유해야합니다. 국가 2는 오염 물질을 방출하기를 원한다면 두 가지 허가를 받아야한다. 몽고메리는 양 시장 모두가 효율적인 면허 배분을 이끌어 내고있는 반면, pol lution-licenses는 방출 면허 시장에서보다 광범위하게 적용 가능합니다. 국제 사회는 인위적인 배출로 인한 지구 온난화가 증가하고 있다는 주장에 부응하여 온실 가스 배출량 인 이산화탄소, 메탄, 아산화 질소, 하이드로 플루오로 카본, 퍼플 루오로 카본, 황 헥사 플루오 라이드를 처리하기위한 효과적인 국제 및 국내 조치를 구축하기위한 긴 과정을 시작했습니다. 그 결과에 대한 불확실성. 그 과정은 리오 (Rio)에서 시작되었다. 국가들은 유엔 기후 변화 협약 (UNFCCC)에 동의했다. UNFCCC는 제목에서 알 수 있듯이 단순히 프레임 워크이다. 필요한 세부 사항은 유엔 기후 변화 협약 당사국 총회 (Conference of Parties CoP)에 의해 해결되어야한다. 나중에 대기 오염 저감에 대한 "배출권 거래"접근법의 효율성은 미국 환경 전신 대공 공국 관리국 간의 일련의 미시적 컴퓨터 시뮬레이션 연구에서 처음으로 입증되었습니다 Protection Agency의 Air and Radiation Office는 Ellison Burton과 William Sanjour에 의해 작성되었습니다. 이 연구는 여러 제어 전략의 비용과 효과를 비교하기 위해 여러 도시와 배출원의 수학적 모델을 사용했습니다. 각각의 경우에있어 가장 비용이 적게 드는 해결책은 기존의 저감 전략에 의해 생성 된 것과 동일한 양의 오염 감소보다 비용이 훨씬 적게 듭니다. Pechan은 새롭게 창조 된 U에서 컴퓨터 모델을 향상시키고 발전시켰다 [36].이 기관은 최소한의 비용 절감 전략으로 컴퓨터 모델링 개념을 도입했다. 역사적으로 배출 거래의 발전은 4 단계로 나눌 수 있습니다 : 미국에서는 "산성비"관련 배출권 거래 시스템은 주로 C. Boyden Graya G. Gray가 환경 보호 기금 EPA와 함께 청정 공기 법 (Clean Air Act)의 일부로 법안이 된 법안을 작성했습니다. 스미소니언 잡지에 따르면 NOx 및 SO 2 가스에 대한 새로운 배출량 상한제가 발효되었으며 그 산성비는 그 해 300 만 톤 감소했습니다. 교토 의정서에 서명 한 많은 나라들이 인정하는 중요한 경제적 실 현 중 하나는 국가들이 자국의 국내 조치에 전적으로 의존해야한다면 온실 가스 증가에 따른 유연하지 못한 한계로 인해 수십억 달러에 달하는 엄청난 비용이 발생할 수 있다는 것입니다 전 세계적으로 이러한 메커니즘의 목적은 당사자가 목표를 달성하기위한 가장 경제적 인 방법을 찾도록 허용하는 것입니다. 이러한 국제 메커니즘은 교토 의정서에 요약되어 있습니다. 환경 보호국 EPA는 4 월 17 일 공식적으로 온실 가스 GHG가 공중 보건 및 pdf EPA에 위협이된다는 사실을 발견했다고 발표했습니다. 이 발표는 탄소 배출 사업체에 탄소 규제를 부과 할 권한을 행정부에 부여하기 때문에 중요했다. 중국의 탄소 배출권 거래 시스템이 중국 전역에 도입 될 예정이다. [47] 중국의 국가 발전 개혁위원회 (National Development and Reform Commission)는 미국에서 배출량을 절대치로 제한 할 것을 제안했으며, 대부분의 여론 조사에서는 종종 언급되는 배출량 거래에 대한 큰지지를 보여준다 모자 무역으로 그러나 그들은 모자 및 무역에 대해 모순적이다. 응답자의 4 분의 3 이상이 PolitiFactit에 따르면, Zogby International과 Rasmussen의 이전 설문 조사로 인해 미국에서 배출량 거래가 인기가 없다는 오해가 있습니다. 질문에 "새로운 세금"을 잘못 포함하는 것은 배출 거래의 일부가 아닙니다 또는 높은 에너지 비용 견적. 모자와 교역은 교과서 배출권 거래 프로그램이다. 다른 시장 기반 접근법에는 기준 및 신용, 공해 세금이 포함됩니다. 그들은 모두 예를 들어 공해에 대한 가격을 책정합니다. 탄소 가격을보고 pdf 최저 비용 기회로 시작하는 오염을 줄이기위한 경제적 인센티브를 제공합니다. 대조적으로, 명령 및 통제 접근법에서 중앙 기관은 각 시설이 방출 할 수있는 오염 수준을 지정합니다. 베이스 라인 및 크레딧 프로그램에서 오염자는 크레딧 또는 오프셋이라는 허가를 생성 할 수 있습니다. 시스템 배출량을 기준선 수준으로 낮추는 것입니다. 이 수준은 종종 지정된 과거 연도의 과거 배출량 수준입니다. 배출 요금이나 환경세는 재화와 용역을 생산할 때 발생하는 오염에 대한 추가 요금입니다. 두 가지 모두 범위, 규제 지점 및 가격 일정을 가질 수 있습니다. 수익이 어떻게 사용되는지에 따라 공정하거나 불공정 할 수 있습니다. 둘 다 소비자에게 화석 연료와 같은 재화의 가격을 상승시키는 효과가있다. 그러나 많은 논평자들은 두 가지 접근 방식을 크게 대조합니다. 가장 큰 차이점은 정의 된 것과 파생 된 것입니다. 세금은 가격 통제이며 cap-and-trade 방법 행위는 수량 관리 도구입니다. 배출권 거래는 규제 당국에 의해 변경되어야하지만 총액에 대한 인플레이션 변화를 자동으로 조정한다는 장점이있다. 비용 변화에 대한 대응 : 어떤 접근 방식이 더 나은지는 명확하지 않습니다. 이 두 가지를 합쳐 안전 밸브 가격으로 결합하는 것이 가능합니다. 이 점은 경기 침체로 인해 수요가 감소하기 때문에 비용 변화에 대한 대응력과 밀접한 관련이 있습니다. 상한 및 무역 하에서 배출량은 자동으로 감소하므로 cap-and-trade 제도는 경제에 또 하나의 자동 안정제, 즉 자동적 인 재정 지원을 추가합니다. 그러나 오염 가격을 낮추면 오염을 줄이는 노력도 줄어 듭니다. 정부가 cap-and-trade 제도에 상관없이 경제를 자극 할 수 있다면 지나치게 낮은 가격은 계획보다 빨리 배출량을 줄이는 기회를 놓치게된다. 대신, 가격 면세를 갖는 것이 더 낫습니다. 온실 가스 배출과 같이 절삭 오염이 시급한 경우 특히 그렇습니다. 가격 바닥은 또한 배출 감축에 대한 투자에 대한 확실성과 안정성을 제공합니다. 불확실성의 세계에서 비용 변화와 마찬가지로 배출 수수료 또는 배출권 거래 시스템이 더 효율적인지 여부는 분명하지 않습니다. 오염을 줄이는 사회적 혜택은 정화의 양으로 떨어집니다. e. 세금의 규모는 배출량이 가격에 얼마나 민감한 지에 달려 있습니다. 배출권 거래의 허가 가격은 오염 물질 시장에 따라 달라질 것입니다. 세금은 정부 수입을 발생 시키지만 완전 경매 배출 허가는 똑같이 할 수 있습니다. 유사한 업스트림 캡 앤드 트레이드 시스템이 구현 될 수있다. 상류 탄소세는 관리가 가장 간단 할 수 있습니다. 포괄적 인 복잡한 모자 무역 협정을 설정하는 것은 제도적 필요가 높습니다. 지휘 및 통제는 각 시설 또는 출처에 대한 배출 제한 및 준수 방법을 규정하는 규제 시스템입니다. 대기 오염을 줄이기위한 전통적인 접근 방법입니다. 지휘 통제 규정은 오염 료 및 상한 및 교역과 같은 인센티브 기반 접근법보다 엄격합니다. 예를 들어 고정 된 각 오염원에 대한 배출 목표를 설정하는 수행 기준이므로 오염을 줄이는 부담을 더 저렴한 비용으로 달성 할 수있는 회사로 옮길 수 없습니다. 결과적으로 성능 표준은 전반적으로 더 많은 비용이 소요될 수 있습니다. 배출량에 대한보다 엄격한 제한을 설정하고 국내에서 판매되는 모든 제품이 동일한 배출 기준에 따라 생산되도록하고, 비용을 부분적으로 보조하는 것은 소비자에게 과도한 비용 상승없이 배출 목표를 충족시킬 것이며, 오염 저감 산업으로, 저비용 및보다 효율적인 배출 감소 방법 및 시스템의 혁신을 주도하고 있습니다. 한 국가가 규제, 직접 및 간접세와 같은 명령 통제 접근법을 사용하여 배출량을 저감 할 수 있습니다. 국제 배출권 거래 시장은 서로 다른 MAC를 개발하기 위해 만들어졌습니다. 무역으로 인한 이익을 통한 배출권 거래는 간단한 배출 가스 배출 제도보다 구매자와 판매자 모두에게 더 유리할 수 있습니다. 독일과 스웨덴 같은 두 유럽 국가를 고려하십시오. 각각은 자체적으로 필요한 모든 배출량을 줄이거 나 시장에서 구매하거나 판매 할 수 있습니다. 독일이 스웨덴보다 훨씬 저렴한 비용으로 이산화탄소를 줄일 수 있다고 가정 해보십시오. 그래프의 왼쪽에는 독일의 MAC 곡선이 있습니다. 따라서 CO 2 수당의 시장 가격이 주어지면 독일은 필요한 것보다 많은 배출량을 감축하면 이익을 낼 잠재력이있다. 오른쪽은 스웨덴의 MAC 곡선입니다. R Req는 스웨덴에 필요한 감축 량이지만, MAC S 곡선은 R Req에 도달하기 전에 CO 2 허가의 시장 가격과 이미 교차합니다. 따라서 CO 2 허가의 시장 가격을 감안할 때, 스웨덴은 내부적으로 요구되는 것보다 적은 배출량을 감축하고 다른 곳에서 그것을 줄이면 비용을 절감 할 잠재력이있다. 그 후에 그것은 단위당 가격 P에 대해 독일로부터 배출권을 구매할 수있다. 스웨덴의 자체 저감에 대한 내부 비용은 독일에서 시장에 매입 한 허가와 합쳐져서 스웨덴의 총 요구 감축 량 R Req에 추가됩니다. 이것은 거래없이 "필요한 모든 배출량을 자체적으로 감축 할 경우 스웨덴이 소비해야하는 추가 비용의 양"을 의미합니다. 독일은 필요한 것보다 많은 추가적인 배출 저감에 대한 이익을 창출했다. 독일은 잉여 허가를 스웨덴에 팔았고 감축 된 모든 단위에 대해 P를 지불하고 P보다 적은 비용을 지출했다. 특정 금액을 줄이기위한 총 비용 스웨덴과 독일의 동일한 공해 발생량을 줄이기 위해 지휘 통제 시나리오에서의 배출량을 Xthen 라 부르면 배출 저감 시나리오 i에서 총 저감 비용은 적을 것입니다. 위의 예는 국가 차원뿐 아니라 다른 국가의 두 회사 또는 동일 회사의 두 자회사간에 적용됩니다. 정책 입안자가 오염을 통제하기 위해 어떤 틀을 사용해야하는지 결정할 때 오염 물질의 성질은 매우 중요한 역할을한다. CO 2는 전 세계적으로 작용하므로 지구 환경에 미치는 영향은 전 세계에서 어느 곳에서나 비슷합니다. 따라서 배출원의 위치는 환경 적 관점에서 중요하지 않습니다. 정책 틀은 지역적 오염원에 따라 달라야한다. e. SO 2 및 NO x 및 수은 또한 이러한 오염 물질의 영향은 위치에 따라 다를 수 있기 때문입니다. 같은 양의 지역 오염 물질은 일부 지역에서는 매우 높은 영향을 미치고 다른 지역에서는 낮은 영향을 미칠 수 있으므로 오염 물질이 배출되는 곳에서 중요합니다. 이를 핫 스폿 문제라고합니다. Lagrange 프레임 워크는 목표를 달성하기위한 최소 비용, 이 경우 1 년 내에 요구되는 총 배출량 감소를 결정할 때 일반적으로 사용됩니다. 경우에 따라 Lagrange 최적화 프레임 워크를 사용하여 MAC을 기반으로 각 국가별로 필요한 감축 량을 결정할 수 있으므로 총 감소 비용이 최소화됩니다. 이러한 시나리오에서 라그란 지 배율은 유럽 및 미국에서 배출권의 현재 시장 가격과 같은 오염 물질의 시장 허용 가격 P를 나타냅니다. 각국은 당일 시장에 존재하는 허가 시장 가격에 직면하기 때문에 규제 준수를 달성하는 동시에 비용을 최소화하는 개별 결정을 내릴 수 있습니다. 이는 경제적으로 가장 효율적인 결정을 내리기 위해 경제 분야에서 흔히 사용되는 Equi-Marginal Principle의 또 다른 버전입니다. 배출 감축을 달성하기 위해 가격 대 수량 수단의 상대적인 장점에 대해 오랫동안 논란이있었습니다. 배출권 한 및 허가 거래 시스템은 전체 배출 수준 수량을 수정하고 가격을 달리 할 수 있기 때문에 수량 수단입니다. 장래의 공급 및 수요 조건의 불확실성과 시장 변동성이 고정 된 수의 오염 허가와 결합하면 미래의 오염 허가 가격에 불확실성이 생기므로 산업계는 이러한 불안정한 시장 상황에 적응하는 비용을 부담해야합니다. 변동성이 큰 시장의 부담은 일반적으로 통제 기관보다 산업에 있으며, 이는 일반적으로보다 효율적입니다. 그러나 변동이 심한 시장 여건 하에서는 통제 기관이 대문자를 변경하는 능력은 "승자와 패자"를 골라내는 능력으로 변환되어 부패의 기회를 제공합니다. 반대로 배출세는 경제 활동에 따라 달라질 수 있지만 가격은 고정되기 때문에 가격 책정이다. 배출세의 주요 단점은 환경 적 결과 e. 한편으로 세금은 산업에서 자본을 제거하여 유용한 경제 활동을 억제 할 것이지만 반대로 세금의 양이 이익을 따라 가기 때문에 오염 물질은 미래의 불확실성에 대비하여 헤지 할 필요가 없습니다. 변동이 심한 시장의 부담은 일반적으로 덜 효율적 인 산업 자체보다는 통제 세무 기관이 부담하게됩니다. 장점은 일정한 세율과 변동성있는 시장을 감안할 때 과세 대상이 "승자와 패자"를 선정 할 수 없으며 부패의 기회가 줄어들 것입니다. 부패를 가정하지 않고 통제 기관과 산업이 변동하는 시장 상황에 적응하는 데 동등하게 효율적이라고 가정 할 때 최상의 선택은 이익 감소 민감도와 비교하여 배출 감소 비용의 민감도에 달려있다. 기업의 순응 비용에는 높은 불확실성이 있기 때문에 일부는 최적의 선택이 가격 매커니즘이라고 주장한다. 그러나 불확실성의 부담은 제거 될 수 없으며, 이 경우 그것은 과세 당국 자체로 옮겨 간다. 압도적 인 대다수의 기후 과학자들은 대기 중 이산화탄소 농도가 임계 값을 초과하는 경우 반복적 인 온난화 효과가 발생하여 돌이킬 수없는 손상을 일으킬 가능성이 있다고 경고했습니다. 이러한 위험을 감안할 때, 배출량이보다 확실하게 제한 될 수 있기 때문에 수량 계기가 더 나은 선택 일 수 있습니다. 그러나 이러한 위험이 존재하지만 알려진 수준의 온실 가스 GHG 농도 또는 알려진 배출 경로에 첨부 될 수 없다면 이는 사실이 아닐 수 있습니다. 안전 밸브로 알려진 세 번째 옵션은 가격과 수량 도구의 하이브리드입니다. 이 시스템은 본질적으로 배출권 제한 및 거래 시스템을 허용하지만 최대 또는 최소 허가 가격 제한이 있습니다. 이미 터는 시장에서 허가를 얻거나 정부에서 시간 경과에 따라 조정할 수있는 특정 트리거 가격으로 구매할 수 있습니다. 이 시스템은 때로 새로운 정보가 밝혀지면서 정부에 시스템을 조정할 수있는 유연성을 부여함으로써 두 시스템의 근본적인 단점을 극복하는 방법으로 권장됩니다. 방아쇠 가격을 충분히 높게 설정하거나 허용량을 충분히 낮게 설정하면 안전 밸브를 사용하여 순수한 수량 또는 순수한 가격 메커니즘을 모방 할 수 있다는 것을 알 수 있습니다. 세 가지 방법 모두 온실 가스 배출을 통제하기위한 정책 수단으로 사용되고있다. 교토 의정서에서 Annex I 국가는 배출량 상한이 적용되지만 Non-Annex I 국가는 그렇지 않다. 누출 율은 국내 완화 조치를 취하는 국가 외부의 CO 2 배출량 증가량을 국내 완화 조치를 취한 국가의 배출량 감소량으로 나눈 값으로 정의됩니다. 그러나이 유익한 효과는 신뢰할 수있게 정량화되지 못했습니다. 그들이 평가 한 경험적 증거에서 Barker et al. EU ETS 규칙에 따르면 탄소 누출 노출 계수는 산업 시설에 대한 배출 허가의 자유 할당량을 결정하는 데 사용됩니다. 탄소 거래를 이해하려면 거래되는 제품을 이해하는 것이 중요합니다. 탄소 시장의 주요 제품은 온실 가스 배출권 거래입니다. 배출권 거래제 (cap-and-trade) 시스템 하에서, 배출 감축 요구량 한도를 충족시키는 온실 가스 배출권을 방출 할 수있는 권리에 대한 허가가 여러 기관에 발행된다. 탄소 저감 정책에 관한 논란 중 하나는 경계 조정을 통해 "경기장을 수평하게"하는 방법입니다. 관세 및 무역에 관한 일반 협정의 준수 문제 외에도 국경 조정은 생산국이 탄소 배출에 대한 책임을진다는 것을 전제로한다. 개발 도상국 사이의 일반적인 인식은 무역 협상에서의 기후 변화에 대한 논의가 고소득 국가의 '녹색 보호주의'로 이어질 수 있다는 것이다. 세계 은행은 국경 관세 도입은 경쟁 구도가 고르지 않은 것으로 여겨지는 무역 대책의 확산을 초래할 수 있다고 언급했다. 관세는 기후 변화의 문제에 거의 기여하지 못한 저소득 국가들에게도 부담이 될 수있다. 기후 변화에 관한 정부 간 패널 IPCC 보고서가 수년간 들어 왔듯이, 그들은 지구 온난화의 진정한 상태에 대한 충분한 정보를 제공하고 전례없는이 문제를 해결하기위한 환경 노력에 대한 지원을 제공했습니다. 그러나 수십 년 전부터 시작된 동일한 토론은 결코 멈추지 않았으며 전 지구적인 기후 변화에 대한 가시적 인 해결책을위한 십자군 운동이 계속 진행되었습니다. 교토 의정서가 채택되었습니다. 조약에서 발효 된 국제 협약은 교토 의정서로, 대부분의 선진국은 6 대 온실 가스 배출량에 대한 법적 구속력있는 합의에 합의했습니다. 미국은 조약을 비준하지 않은 부속서 I에 따라 산업화 된 유일한 국가이며, 따라서 조약에 구속되지 않는다. IPCC는 교토 의정서 기간 내에 무역을 통한 컴플라이언스의 재정적 영향은 0에서 제한 될 것으로 예상했다. 미국과 호주가 의정서를 비준하지 못했음에도 불구하고이 협정은 55 부속서 I이 우세하게 산업화 된 국가들은 Annex I 배출량의 55 %를 공동으로 계산하여이 협정을 비준했다. 의정서는 부속서 Ⅰ 국가가 경제 영향 감소를 통해 배출 감축 약속을 이행 할 수 있도록 고안된 여러 메커니즘 "유연 메커니즘"을 정의한다. 부속서 I 당사자는 또한 국제 배출권 거래 IET를 사용할 수있다. Under the treaty, for the 5-year compliance period from until[75] nations that emit less than their quota will be able to sell assigned amount units each AAU representing an allowance to emit one metric tonne of CO 2 to nations that exceed their quotas. These projects generate tradable carbon credits that can be used by Annex I countries in meeting their caps. The project-based Kyoto Mechanisms are the Clean Development Mechanism CDM and Joint Implementation JI. There are four such international flexible mechanisms, or Kyoto Mechanism, [77] written in the Kyoto Protocol. Article 17 if the Protocol authorizes Annex 1 countries that have agreed to the emissions limitations to take part in emissions trading with other Annex 1 Countries. Article 4 authorizes such parties to implement their limitations jointly, as the member states of the EU have chosen to do. Article 6 provides that such Annex 1 countries may take part in joint initiatives JIs in return for emissions reduction units ERUs to be used against their Assigned Amounts. Art 12 provides for a mechanism known as the clean development mechanism CDM[78] under which Annex 1 countries may invest in emissions limitation projects in developing countries and use certified emissions reductions CERs generated against their own Assigned Amounts. The CDM covers projects taking place in non-Annex I countries, while JI covers projects taking place in Annex I countries. CDM projects are supposed to contribute to sustainable development in developing countries, and also generate "real" and "additional" emission savings, i. In the New South Wales NSW state government unilaterally established the NSW Greenhouse Gas Abatement Scheme [80] to reduce emissions by requiring electricity generators and large consumers to purchase NSW Greenhouse Abatement Certificates NGACs. This has prompted the rollout of free energy-efficient compact fluorescent lightbulbs and other energy-efficiency measures, funded by the credits. This scheme has been criticised by the Centre for Energy and Environmental Markets CEEM of the UNSW because of its lack of effectiveness in reducing emissions, its lack of transparency and its lack of verification of the additionality of emission reductions. Both the incumbent Howard Coalition government and the Rudd Labor opposition promised to implement an emissions trading scheme ETS before the federal election. Labor won the election, with the new government proceeding to implement an ETS. The government introduced the Carbon Pollution Reduction Schemewhich the Liberals supported with Malcolm Turnbull as leader. Tony Abbott questioned an ETS, saying the best way to reduce emissions is with a "simple tax". This left the government unable to secure passage of the bill and it was subsequently withdrawn. Julia Gillard defeated Rudd in a leadership challenge and promised not to introduce a carbon tax, but would look to legislate a price on carbon [83] when taking the government to the election. In the first hung parliament result in 70 years, the government required the support of crossbenchers including the Greens. One requirement for Greens support was a carbon price, which Gillard proceeded with in forming a minority government. A fixed carbon price would proceed to a floating-price ETS within a few years under the plan. The fixed price lent itself to characterisation as a carbon tax and when the government proposed the Clean Energy Bill in February[84] the opposition claimed it emission be a broken election promise. The bill was passed by the Lower House in October [86] and the Upper House in November The New Zealand Emissions Trading Scheme NZ ETS is a partial-coverage all-free allocation uncapped highly internationally linked emissions trading scheme. The NZ ETS was first legislated in the Climate Change Response Emissions Trading Amendment Act in September under the Fifth Labour Government of New Zealand [91] [92] and then amended in November [93] and in November [94] by the Fifth National Government of New Zealand. The NZ ETS covers forestry a net sinkenergy Individual sectors of the economy have different entry dates when their obligations to report emissions and surrender emission units take effect. Forestry, which contributed net removals of The waste sector landfill operators entered on 1 January From Novemberagriculture was to enter the NZ ETS on 1 January [96]. The NZ ETS is highly linked to international carbon markets as it allows the importing of most of the Kyoto Protocol emission units. However, as of Junethe scheme will effectively transition into a domestic scheme, with restricted access to international Kyoto units CERs, ERUs and RMUs. The commercial fishery sector who are not participants have a free allocation of units on a historic basis. For this sector, there is no set limit on the number of units that may be allocated. Some stakeholders have criticized the New Zealand Emissions Trading Scheme for its generous free allocations of emission units and the lack of a carbon price signal the Parliamentary Commissioner for the Environment[] and for being ineffective in reducing emissions Greenpeace Aotearoa New Zealand. The NZ ETS was reviewed in late by an independent panel, which reported to the Government and public in September The European Union Emission Trading Scheme or EU ETS is the largest multi-national, greenhouse gas emissions trading scheme in the world. It is one of the EU's central policy instruments to meet their cap set in the Kyoto Protocol. After voluntary trials in the UK and Denmark, Phase I began operation in January with all 15 member states of the European Union participating. Credits are gained by investing in clean technologies and low-carbon solutions, and by certain types of emission-saving projects around the world to cover a proportion of their emissions. During Phases I and II, allowances for emissions have typically been given free to firms, which has resulted in them getting windfall profits. A number of design flaws have limited the effectiveness of the scheme. This drove the carbon price down to zero in This oversupply was caused because the allocation of allowances by the EU was based on emissions data from the European Environmental Agency in Copenhagen, which uses a horizontal activity-based emissions definition similar to the United Nations, the EU ETS Transaction log in Brussels, but a vertical installation-based emissions measurement system. Phase II saw some tightening, but the use of JI and CDM offsets was allowed, with the result that no reductions in the EU will be required to meet the Phase II cap. In JanuaryNorway, Iceland, and Liechtenstein joined the European Union Emissions Trading System EU ETSaccording to a publication from the European Commission. Based on figures for by the European Environment Agency, EU emissions averaged This means the EU over-achieved its first Kyoto target by a wide margin. The Japanese city of Tokyo is like a country in its own right in terms of its energy consumption and GDP. Tokyo consumes as much energy as "entire countries in Northern Europe, and its production matches the GNP of the world's 16th largest country". A scheme to limit carbon emissions launched in April covers the top 1, emitters in Tokyo, and is enforced and overseen by the Tokyo Metropolitan Government. Japan had an ineffective voluntary emissions reductions system for years, [] but no nationwide cap-and-trade program. An early example of an emission trading system has been the SO 2 trading system under the framework of the Acid Rain Program of the Clean Air Act in the U. Under the CSAPR, the national SO 2 trading program was replaced by four separate trading groups for SO 2 and NO x. Inthe State of Illinois adopted a trading program for volatile organic compounds in most of the Chicago area, called the Emissions Reduction Market System. InNew York State proposed and attained commitments from nine Northeast states to form a cap-and-trade carbon dioxide emissions program for power generators, called the Regional Greenhouse Gas Initiative RGGI. Also inU. In Augustthe Exchange announced a mechanism to create emission offsets for projects within the United States that cleanly trading ozone - depleting substances. Also inthe Environmental Protection Agency EPA began to administer the NOx Budget Trading Program NBP under the NOx State Implementation Plan also known as the "NOx SIP Call". The NOx Budget Trading Program was a market-based cap and trade program created to reduce emissions of nitrogen oxides NO x from power plants and other large combustion sources in the eastern United States. NO x is a prime ingredient in the formation of ground-level ozone smoga pervasive air pollution problem in many areas of the eastern United States. The NBP was designed to reduce NO x emissions during the warm summer months, referred to as the ozone season, when ground-level ozone concentrations are highest. Inthe California Legislature passed the California Global Warming Solutions Act, ABwhich was signed into law by Governor Arnold Schwarzenegger. Thus far, flexible mechanisms in the form of project based offsets have been suggested for three main project types. The project types include: However, a recent ruling from Judge Ernest H. Goldsmith of San Francisco's Superior Court states that the rules governing California's cap-and-trade system were adopted without a proper analysis of alternative methods to reduce greenhouse gas emissions. If the decision is made final, the state would not be allowed to implement its proposed cap-and-trade system until the California Air Resources Board fully complies with the California Environmental Quality Act. In Februaryfive U. On 17 November President-elect Barack Obama clarified, in a talk recorded for YouTubehis intentions for the US to enter a cap-and-trade system to limit global warming. SO 2 emissions from Acid Rain Program sources have fallen from Ozone season NOx emissions decreased by 43 percent between andeven while energy demand remained essentially flat during the same period. NOx reductions due to the NOx Budget Trading Program have led to improvements in ozone and PM2. The American Clean Energy and Security Act H. The bill originated in the House Energy and Commerce Committee and was introduced by Representatives Henry A. Waxman and Edward J. Some of the emitters obtain allowances for free, which is for the electric utilities, industrial facilities and natural gas distributors, whereas some of the others have to go to the auction. South Korea's national emissions trading scheme officially launched on 1 Januarycovering entities from 23 sectors. With a three-year cap of 1. This amounts to roughly two thirds of the country's emissions. In NovemberChina approved pilot tests of carbon trading in seven provinces and cities — Beijing, Chongqing, Shanghai, Shenzhen, Tianjin as well as Guangdong Province and Hubei Province, with different prices in each region. Their successes or failures will therefore have far reaching implications for carbon market development in China in terms of trust in a national carbon trading market. When the market launched, it will be the largest carbon market in the world. Trading is set to begin in after a three-year rollout period. India has pledged a 20 to 25 per cent reduction in emissions intensity from levels by Under the scheme, annual efficiency targets will be allocated to firms. Tradable energy-saving permits will be issued depending on the amount of energy saved during a target year. Renewable Energy Certificates occasionally referred to as or "green tags" [citation required]are a largely unrelated form of market-based instruments that are used to achieve renewable energy targets, which may be environmentally motivated like emissions reduction targetsbut may also be motivated by other aims, such as energy security or industrial policy. Carbon emissions trading is emissions trading specifically for carbon dioxide calculated in tonnes of carbon dioxide equivalent or tCO 2 e and currently makes up the system of emissions trading. It is one of the ways countries can meet their obligations under the Kyoto Protocol to reduce carbon emissions and thereby mitigate global warming. Pdf can be done directly between buyers and sellers, through several organised exchanges or through the many intermediaries active in the carbon market. The price of allowances is determined by supply and demand. As many as 40 million allowances have been traded per day. In terms of dollars, the World Bank has estimated that the size of the carbon market was 11 billion USD in30 billion USD in[] and 64 billion in The Marrakesh Accords of the Kyoto protocol defined the international trading mechanisms and registries needed to support trading between countries sources can buy or sell allowances on the open market. Because the total number of allowances is limited by the cap, emission reductions are assured. However, while the USA as a nation did not ratify the Protocol, many of its states are developing cap-and-trade systems and considering ways to link them together, nationally and internationally, to find the lowest costs and improve liquidity of the market. For example, in contrast to other Kyoto-compliant systems, some states propose other types of greenhouse gas sources, different measurement methods, setting a maximum on the price of allowances, or restricting access to CDM projects. Creating instruments that are not fungible exchangeable could introduce instability and make pricing difficult. Various proposals for linking these systems across markets are being investigated, and this is being coordinated by the International Carbon Action Partnership ICAP. The group included FordToyotaBritish AirwaysBP and Unilever. On June 9, the Group published a statement stating the need to act on climate change and stressing the importance of market-based solutions. It called on governments to establish "clear, transparent, and consistent price signals" through "creation of a long-term policy framework" that would include all major producers of greenhouse gases. Business in the UK have come out strongly in support of emissions trading as a key tool to mitigate climate change, supported by NGOs. On December 11,Rex Tillersonthe CEO of Exxonmobilsaid a carbon tax is "a more direct, more transparent and more effective approach" than a cap-and-trade program, which he said, "inevitably introduces unnecessary cost and complexity". He also said that he hoped that the revenues from a carbon tax would be used to lower other taxes so as to be revenue neutral. They argue grandfathering "would penalise airlines that took early action to modernise their fleets, while a benchmarking approach, if designed properly, would reward more efficient operations". Assuring compliance with an emissions trading scheme requires measuring, reporting and verification MRV. These measurements are reported to a regulator. For greenhouse gases, all trading countries maintain an inventory of emissions at national and installation level; in addition, trading groups within North America maintain inventories at the state level through The Climate Registry. For trading between regions, these inventories must be consistent, with equivalent units and measurement techniques. In some industrial processes, emissions can be physically measured by inserting sensors and flowmeters in chimneys and stacks, but many types of activity rely on theoretical calculations instead of measurement. Depending on local legislation, measurements may require additional checks and verification by government or third party auditorsprior or post submission to the local regulator. A firm might buy a small amount of allowances but emit a much larger amount of pollution. This creates a troublesome moral hazard problem. This problem may be solved by a centralized regulator. The regulator should perform Measuring, Reporting and Verification MRV of the actual pollution levels, and enforce the allowances. Enforcement methods include fines and sanctions for polluters that have exceeded their allowances. Concerns include the cost of MRV and enforcement, and the risk that facilities may lie about actual emissions. The net effect of a corrupt reporting system or poorly managed or financed regulator may be a discount on emission costs, and a hidden increase in actual emissions. According to Nordhaus, strict enforcement of the Kyoto Protocol is likely to be observed in those countries and industries covered by the EU ETS. Based on institutional and enforcement considerations, Kruger et al. An alternative to centralized regulation is distributed regulation, in which the firms themselves are induced to inspect the other firms and report their misbehavior. It is possible to implement such systems in subgame perfect equilibrium. Moore and Repullo [] present an implementation with unbounded fines; Kahana and Mealem and Nitzan [] present an implementation with bounded fines. Their work extends the work of Duggan and Roberts [] by adding a second component which takes care of the moral hazard. For example, in the popular science magazine New ScientistLohmann argued that trading pollution allowances should be avoided as a climate stabilization policy for several reasons. First, climate change requires more radical changes than previous pollution trading schemes such as the US SO 2 market. It requires reorganizing society and technology to "leave most remaining fossil fuels safely underground". Carbon trading schemes have tended to reward the heaviest polluters with 'windfall profits' when they are granted enough carbon credits to match historic production. Expensive long-term structural changes will not be made if there are cheaper sources of carbon credits which are often available from less developed countries, where they may be generated by local polluters at the expense of local communities. Research by Preston Teeter and Jorgen Sandberg has shown that the flexibility, and thus complexity, inherent in cap and trade schemes has resulted in a great deal of policy uncertainty surrounding these schemes. Such uncertainty has beset such schemes in Australia, Canada, China, the EU, India, Japan, New Zealand, and the US. As a result of this uncertainty, organizations have little incentive to innovate and comply, resulting in an ongoing battle of stakeholder contestation for the past two decades. Lohmann b supported conventional regulation, green taxes, and energy policies that are "justice-based" and "community-driven. Annie Leonard 's documentary The Story of Cap and Trade criticized carbon emissions trading for the free permits to major polluters giving them unjust advantages, cheating in connection with carbon offsetsand as a distraction from the search for other solutions. Forest campaigner System Kill of European environmental group FERN argued that offsets for emission reductions were not substitute for actual cuts in emissions. Kill stated that "[carbon] in trees is temporary: Trees can easily release carbon into the atmosphere through fire, disease, climatic changes, natural decay and timber harvesting. Regulatory agencies run the risk of issuing too many emission credits, which can result in a very low price on emission permits. On the other hand, issuing too few permits can result in an excessively high permit price. However, a price-ceiling safety value removes the certainty of a particular quantity limit of emissions. If polluters receive emission permits for free "grandfathering"this may be a reason for them not to cut their emissions because if they do they will receive fewer permits in the future. This perverse incentive can be alleviated if permits are auctioned, i. Revenues from auctioning go to the government and can be system for development of sustainable technology [] or to cut distortionary taxes, thus improving the efficiency of the overall cap policy. On the other hand, allocating permits can be used as a measure to protect domestic firms who are internationally exposed to competition. This argument in favor of allocation of permits has been used in the EU ETS, where industries that have been judged to be internationally exposed, e. This method of distribution may be combined with other forms of allowance distribution. The US Congressional Budget Office CBO, examined the potential effects of the American Clean Energy and Security Act on US households. The Bill was found to protect low-income consumers, but it was recommended that the Bill be made more efficient by reducing welfare provisions for corporations, and more resources be made available for consumer relief. Distinct cap-and-trade systems can be linked together through the mutual or unilateral recognition of emissions allowances for compliance. Linking systems creates a larger carbon market, which can reduce overall compliance costs, increase market liquidity and generate a more stable carbon market. Inthe provinces of Ontario and Manitoba agreed to join the linked system between Quebec and California. The International Carbon Action Partnership brings together regional, national and sub-national governments and public authorities from around the world to discuss important issues in the design of emissions trading schemes ETS and the way forward to a global carbon market. 무료 백과 사전, 위키피디아에서. 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Trade mission Trading nation United States Argentina Pakistan Romania Vietnam India. Comparative advantage Competitive advantage Heckscher—Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa—Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade. Garnaut Climate Change ReviewCarbon Pollution Reduction Schemeand Clean Energy Bill New Zealand Emissions Trading Scheme and Climate change in New Zealand. European Union Emission Trading Pdf. Climate change in the United States and Acid Rain Program. Global warming portal Ecology portal Environment portal. Resources for the Future. How Policy Uncertainty Affects Organizational Responses to Flexible Environmental Regulations". British Journal of Management. Retrieved 25 Oct Key Terms Glossary" PDF. Center for Climate and Energy Solutions. Retrieved 27 October S Environment Protection Agency. Retrieved Oct 21, A Key Element of Emerging International Climate Policy Architecture" PDF. Lessons for Climate Change". Oxford Review of Economic Policy. Journal of Economic Theory. Acid Rain Program Results" PDF. Archived from the original PDF on 24 September UK Department of Energy and Climate Change. Economics, ethics and the environment. United States Environmental Protection Agency. Upper Saddle River, New Jersey, Agreements and Instruments" PDF. Archived from the original PDF on Carbon pricing and reducing Australia's emissions". Garnaut Climate Change Review. Retrieved 16 July Lessons from SO2 Allowance Trading". The Journal of Economic Perspectives. Blue Skies, Green Politics: Dismal reality" XIV Contemporary Economic Policy Retrieved 22 November Cap-And-Trade Experiment to End". Retrieved November 7, EU - Market with carbon credits - EUA, CER, ERU, VER, AAU-S, AAU-G". Retrieved 25 September Where greed is green". 뉴욕 타임즈. A Cost-Effectiveness Study of Particulate and SOx Emission Control in the New York Metropolitan Area. A Cost-Effectiveness Study of Air Pollution Abatement in the Greater Kansas City Area. A Cost-effectiveness Study of Air Pollution Abatement in the National Capital Area. Applications of Cost-Effectiveness Analysis to Air Pollution Control. Socio-Economic Planning Science 4: Pechan III, and William Sanjour. A Survey of Air Pollution Control Models. Ann Arbor Science Publishers. Solving the Air Pollution Control Puzzle. Environmental Science and Technology 7: The Economics of Clean AirAnnual Report of the Environmental Protection Agency to the Congress of the United States. Innovation processes in governance: Science and Public Policy Journal of Law and Economics. The Structuring of Atmospheric Pollution Control Systems. The Economics of Air Pollution. Land, Water, and Ownership. The Canadian Journal of Economics 1 4 — A Review of the First International Offset Program" PDF. Pew Center on Global Climate Change. Retrieved 26 November Offsets and Implications for Alaska" PDF. Sustainable Energy Solutions for Climate Change. How Do They Compare? Policy Research Working Paper Series. Carbon Tax and Cap-and-trade Tools: Market-based Approaches for Controlling Greenhouse Gases. Nova Science Publishers, Inc. Cap and Trade A Federal Climate Policy Primer: April 16,"Estimating Offset Supply in a Cap-and-Trade Program" PDFCongressional Research Service: Pollution hotspotsBBC map of areas that suffer from intense local pollution, BBC News, Review of Economic Studies. International Energy Agency Working Paper Series. Development and Climate Change" PDF. Contribution of Working Group III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change. Economic and Social Dimensions of Climate Change. Contribution of Working Group III to the Second Assessment Report of the Intergovernmental Panel on Climate Change PDF. Leveling The Carbon Playing Field: International Competition and U. Peterson Institute for International Pdf. Mitigation of Climate Change, Summary for Policymakers from IPCC Fourth Assessment Report" PDF. Working Group III, IPCC. Item 25, page Retrieved November 22, Emerging lessons and implications CTC ". Greenhouse Gas Reduction Scheme Administrator. An analysis of the NGAC Registry for theand Compliance Periods" PDF. The UNSW Centre for Energy and Environmental Markets CEEM. Retrieved October 12, Accessed 8 November PM Tony Abbott sees key election promise fulfilled after Senate votes for repeal". New Zealand Government Media Release. Retrieved 10 September Trading 25 January New Zealand Government Press Release. Retrieved 14 June Retrieved 12 November Ministry for the Environment. Retrieved 10 November Emissions trading bulletin No Retrieved 15 May Retrieved 22 May Questions and answers about amendments to the New Zealand Emissions Trading Scheme ETS. Retrieved 16 May Retrieved 26 July Retrieved 16 March Climate change information New Zealand. Ministry for the Environment, NZ Government Retrieved 13 August In the short term, the Government is unlikely to sell emission units because the Kyoto units allocated to New Zealand will be needed to support New Zealand's international obligations, as well as allocation to eligible sectors under the emissions trading scheme. Trading and answers about the emissions trading scheme. Ministry for the Environment, NZ Go vernment. Summary of the proposed changes to the NZ ETS - Emissions Trading Bulletin Emissions trading bulletin No 12, INFO Ministry for the Environment, NZ. Retrieved 8 August The Bill changes the allocation provisions of the existing CCRA from allocating a fixed pool of emissions to an uncapped approach to allocation. There is no longer an explicit limit on the number of New Zealand units NZUs that can be allocated to the industrial sector. Bridget Williams Books, Wellington. Parliamentary Commissioner for the Environment. Retrieved 15 October Retrieved 12 October NZ ETS Review Retrieved 4 November Economic Impact and Policy Responses". World Economic and Financial Surveys, World Economic Outlook, Globalization and Inequality. The European Union's Emissions Trading System EU ETS Archived August 30,at the Wayback Machine. Centre for Sustainability Managementp. Carbon markets and carbon price". Building a low-carbon economy — The UK's contribution to tackling climate change. Committee on Climate Change. Ten Insights from Europe on the EU Emissions Trading System" PDF. Fulton Publishing Decemberpp. Organization for Economic Co-operation and Development. Retrieved 23 October Retrieved 5 August Retrieved 25 April What are the gains from trade? United States Environment Protection Agency. Archived from the original on Retrieved 9 February The Oxford Handbook of Climate Change and Society. The billionaire brothers who are waging a war against Obama". Retrieved 20 March How the Senate and the White House missed their best chance to deal with climate change". Explaining the Failure of Cap and Trade in the United States With a Multiple-Streams Framework". The National Bureau of Asian Research Energy Security Report. Retrieved December 24, Carbon trading schemes around the world". US Environmental Protection Agency. Retrieved 26 Oct Linkage of Tradable Permit Systems in International Climate Policy Architecture. Harvard Project on International Climate Agreements. Retrieved 21 May Meeting the Energy Challenge. UK Department of Trade and Industry. International Air Transport Association. Archived from the original PDF on March 3, International Carbon Action Partnership ICAP. Building integrated photovoltaic thermal systems: Royal Society of Chemistry. Alternative Approaches to Slowing Global Warming" PDF. Review of Environmental Economics and Policy. Origins, Allocation, and Early Results" PDF. The Economics of Climate Change Mitigation: How to Build the Necessary Global Action in a Cost-Effective Manner. Economics Department Working Papers No. The Story of Stuff Project. Retrieved 30 August Policies, Measures, and Instruments". Contribution of Working Group III to the Third Assessment Report of the Intergovernmental Panel on Climate Change. Centre for Budget and Policy Priorities. A Summary of Current Research"ICAP Incremental Alignment of Cap-and-Trade Markets. To link or not to link: Climate Policy, 9 4— Linkage of Greenhouse Gas Emissions Trading Systems - Learning from Experience. Discussion Paper Resources For The Future, No. Linking emissions trading systems. Global warming and climate change. Brightness temperature Effective temperature Geologic record Hiatus Historical climatology Instrumental record Paleoclimatology Paleotempestology Proxy data Record of the past 1, years Satellite measurements. 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The EU Emissions Trading System explained.
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Environmental policy tools and evaluation.
A broader use of emission trading systems (or of environmental taxation) would be one of the most efficient and effective ways of promoting green growth. The OECD has been analysing and promoting the use of marked-based instruments for many years. Most of the work was carried out under the auspices of the former Working Party on National Environmental Policies , and recently renamed the Working Party on Integration of Environment and Economic Policies . Part of the work has also been done under the auspices of the Joint Meetings of Tax and Environment Experts , where experts primarily from ministries of finance and of environment come together twice a year. These meetings are being served by OECD’s Centre for Tax Policy and Analysis and Environment Directorate, with contributions also from other parts of the organisation.
Emission trading systems contributes to economic efficiency by facilitating emission reductions where it is cheapest to achieve them. Polluters who would find it costly to reduce their emission are allowed to buy emission allowances from polluters that can abate at lower costs. In a ‘perfectly’ working market, the costs of reducing an additional unit of emissions would be equalised, and total costs of reaching a given environmental target would be minimised. Ex post evaluations of a number of tradable permit systems can be found in the publication Tradeable Permits: Policy Evaluation, Design and Reform .
There are two main types of trading systems: “Cap-and-trade systems” and “baseline-and-credit systems”. In a cap-and-trade system, an upper limit on emissions is fixed, and emission permits are either auctioned out or distributed for free according specific criteria. Under a baseline-and-credit system, there is no fixed limit on emissions, but polluters that reduce their emissions more than they otherwise are obliged to can earn ‘credits’ that they sell to others who need them in order to comply with regulations they are subject to.
In general, OECD recommends that the permits or emission allowances in cap-and-trade systems be auctioned rather than handed out for free (“grandfathered”). Auctioning makes sure that the rents linked to environmental policies goes to public authorities, instead of being captured by the existing polluters. However, in practice, most permits have so far been distributed for free. On the other hand, where environmental taxes are being used, they often include some differentiation in tax rates across polluters. Hence, none of these approaches normally follow “text-book” prescriptions, and the document Environmentally Related Taxes and Tradable Permit Systems in Practice discusses in detail which of the two alternatives perform the better from an economic efficiency point of view.
The current use of emission trading systems (and a number of other environmental policy instruments) is documented in a freely available database. The database gives information on the environmental problems addressed by the trading system, on the item that is traded, the trading partners, any revenues raised by the sale of permits, etc. The database is much used by civil servants, academics, industry representatives, etc., and OECD draws heavily on it for regular assessments of policies in member countries and partner countries.
While most emission trading systems are national or regional in character, the European Union has established a common emission system for CO 2 emissions (the EU ETS), to which some other European countries have also linked up. An agreement has also been made on seeking to link the EU ETS and a future Australian emission trading system. The Kyoto protocol is also a sort of an international trading system, that includes both ‘cap-and-trade’ aspects (such as the emission limitation obligations of the Annex I countries) and ‘baseline-and-credit’ aspects (such as the possibilities to generate credits by undertaking emission reductions in e. g. developing countries).
In general, linking of emission systems will promote economic efficiency by allowing abatement to take place where it cheapest to undertake it. It is, however, important to make sure that the environmental integrity of the systems are preserved when linking takes place. With baseline-and-credit’ systems, it can be difficult to verify to what extent emission reductions are ‘additional’ & ndash; i. e. to what extent they represent something different from what would have happened in any case.
One issue of concern with a ‘cap-and-trade’ system, and with other types of upper limits on emissions, is when these are combined with other instruments – for example various subsidy schemes. There is a danger that the additional instruments only cause extra costs, without bringing any additional benefits. Such issues are discussed in detail in the document Interactions between Emission Trading Systems and Other Overlapping Policy Instruments .
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Emission trading system pdf.
Emissions trading or cap and trade is a government-mandated, market-based approach to controlling pollution by providing economic incentives for achieving reductions in the emissions of pollutants. Various countries, states and groups of companies have adopted such trading systems, notably for mitigating climate change. A central authority usually a governmental body allocates or sells a limited number of permits to discharge specific quantities of a specific pollutant per time period. Polluters that want to increase their emissions must buy permits from others willing to sell them. In theory, polluters who can reduce emissions most cheaply will do so, achieving the emission reduction at the lowest cost to society. There are active trading programs in several air pollutants. For greenhouse gaseswhich cause climate change, permit units are often called carbon credits. The largest greenhouse gases trading program is the European Union Emission Trading Scheme[12] which trades primarily in European Union Allowances EUAs ; the Californian scheme trades in California Carbon Allowances, the New Zealand scheme in New Zealand Units and the Australian scheme in Australian Units. Pollution is the prime example of a market externality. An externality is an effect of some activity on an entity such as a person that is not party to a market transaction related to that activity. Emissions trading is a market-based approach, among others, to address pollution. The overall goal of an emissions trading plan is to minimize the cost of meeting a set emissions target. In an emissions trading system, the government sets an overall limit on emissions, and defines permits also called allowancesor limited authorizations to emit, up to the level of the overall limit. The government may sell the permits, but in many existing schemes, it gives permits to participants regulated polluters equal to each participant's baseline emissions. The baseline is determined by reference to the participant's historical emissions. To demonstrate compliance, a participant must hold permits at least equal to the quantity of pollution it actually emitted during the time period. If every participant complies, the total pollution emitted will be at most equal to the sum of individual limits. In effect, the buyer pays a charge for polluting, while emission seller gains a reward for having reduced emissions. In many schemes, organizations which do not pollute and therefore have no obligations may also trade permits and financial derivatives of permits. In some schemes, participants can bank allowances to use in future periods. Thus, environmental groups may buy and retire permits, driving up the price of the remaining permits according to the law of demand. Usually, the government lowers the overall limit over time, with an aim towards a national emissions reduction target. According to the Environmental Defense Fund, cap-and-trade is the most environmentally and economically sensible approach to controlling greenhouse gas emissions, the primary cause of global warming, because it sets a limit on emissions, and the trading encourages companies to innovate in order to emit less. Three issues are key to developing constructive relationships between international trade and climate agreements: Economy-wide pricing of carbon is the centre piece of any policy designed to reduce emissions at the lowest possible costs. Many economists have urged the use of market-based instruments such as emissions trading to address environmental problems instead of prescriptive "command-and-control" regulation. Failure to report emissions and surrender emission permits is often punishable by a further government regulatory mechanism, such as a fine that increases costs of production. Firms will choose trading least-cost way to comply with the pollution regulation, which will lead to reductions where the least expensive solutions exist, while allowing emissions that are more expensive to reduce. Under an emissions trading system, each regulated polluter has flexibility to use the most cost-effective combination of buying or selling emission permits, reducing its emissions by installing cleaner technology, or reducing its emissions by reducing production. The most cost-effective strategy depends on the polluter's marginal abatement cost and the market price of permits. In theory, a polluter's decisions should lead to an economically efficient allocation of reductions among polluters, and lower compliance costs for individual firms and for the economy overall, compared to command-and-control mechanisms. For emissions trading where greenhouse gases are regulated, one emissions permit is considered equivalent to one metric ton of carbon dioxide CO 2 emissions. Other names for emissions permits are carbon creditsKyoto units, assigned amount unitsand Certified Emission Reduction units CER. These permits can be sold privately or in the international market at the prevailing market price. These trade and settle internationally, and hence allow permits to be transferred between countries. Each international transfer is validated by the United Nations Framework Convention on Climate Change UNFCCC. Each transfer of ownership within the European Union is additionally validated by the European Commission. Emissions trading programmes such as the European Union Emissions Trading System EU ETS complement the country-to-country trading stipulated in the Kyoto Protocol by allowing private trading of permits. Trading exchanges have been established to provide a spot market in permits, as well as futures and options market to help discover a market price and maintain liquidity. Carbon prices are normally quoted in euros per tonne of carbon dioxide or its equivalent CO 2 e. Other greenhouse gases can also be traded, but are quoted as standard multiples of carbon dioxide with respect to their global warming potential. These features reduce the quota's financial impact on business, while ensuring that the quotas are met at a national and international level. Currently, there are six exchanges trading in UNFCCC related carbon credits: NASDAQ OMX Commodities Europe listed a contract to trade offsets generated by a CDM carbon project called Certified Emission Reductions. Many companies now engage in emissions abatement, offsetting, and sequestration programs to generate credits that can be sold on one of the exchanges. At least one private electronic market has been established in Louis Redshaw, head of environmental markets at Barclays Capitalpredicts that "carbon will be the world's biggest commodity market, and it could become the world's biggest market overall. An emission license directly confers a right to emit pollutants up to a certain rate. In contrast, a pollution license for a given location confers the right to emit pollutants at a rate which will cause no more than a specified increase at the pollution-level. For concreteness, consider the following model. As an example, consider three countries along a river as in the fair river sharing setting. Therefore, a polluter that affects water quality at a number of points has to hold a portfolio of licenses covering all relevant monitoring-points. In the above example, if country 2 wants to emit a unit of pollutant, it should purchase two permits: Montgomery shows that, while both markets lead to efficient license allocation, the market in pol lution-licenses is more widely applicable than the market in emission-licenses. The international community began the long process towards building effective international and domestic measures to tackle GHG emissions carbon dioxide, methane, nitrous oxide, hydroflurocarbons, perfluorocarbons, sulphur hexafluoride in response to the increasing assertions that global warming is happening due to man-made emissions and the uncertainty over its likely consequences. That process began in Rio inwhen countries agreed the UN Framework Convention on Climate Change UNFCCC. The UNFCCC is, as its title suggests, simply a framework; the necessary detail was left to be settled by the Conference of Parties CoP to the UNFCCC. The efficiency of what later was to be called the "cap-and-trade" approach to air pollution abatement was first demonstrated in a series of micro-economic computer simulation studies between and for the National Air Pollution Control Administration predecessor to the United States Environmental Protection Agency 's Office of Air and Radiation by Ellison Burton and William Sanjour. These studies used mathematical models of several cities and their emission sources in order to compare the cost and effectiveness of various control strategies. In each case it was found that the least-cost solution was dramatically less costly than the same amount of pollution reduction produced by any conventional abatement strategy. Pechan continued improving [35] and advancing [36] these computer models at the newly created U. The agency introduced the concept of computer modeling with least-cost abatement strategies i. The development of emissions trading over the course of its history can be divided into four phases: In the United States, the " acid rain "-related emission trading system was principally conceived by C. Boyden Graya G. Gray worked with the Environmental Defense Fund EDFwho worked with the EPA to write the bill that became law as part of the Clean Air Act of The new emissions cap on NO x and SO 2 gases took effect inand according to Smithsonian magazine, those acid rain emissions dropped 3 million tons that year. One important economic reality recognised by many of the countries that signed the Kyoto Protocol is that, if countries have to solely rely on their own domestic measures, the resulting inflexible limitations on GHG growth could entail very large costs, perhaps running into many trillions of dollars globally. The purpose of these mechanisms is to allow the parties to find the most economic ways to achieve their targets. These international mechanisms are outlined under Kyoto Protocol. On April 17,the Environmental Protection Agency EPA formally announced that it had found that greenhouse gas GHG poses a threat to public health and the pdf EPA a. This announcement was significant because it gives the executive branch the authority to impose carbon regulations on carbon-emitting entities. A carbon cap-and-trade system is to be introduced nationwide in China in [47] China's National Development and Reform Commission proposed that an absolute cap be placed on emission by In the United States, most polling shows large support for emissions trading often referred to as cap-and-trade. They are, however, ambivalent on cap-and-trade. More than three-quarters of respondents, According to PolitiFactit is a misconception that emissions trading is unpopular in the United States because of earlier polls from Zogby International and Rasmussen which misleadingly include "new taxes" in the questions taxes aren't part of emissions trading or high energy cost estimates. Cap and trade is the textbook emissions trading program. Other market-based approaches include baseline-and-credit, and pollution tax. They all put a price on pollution for example, see carbon priceand so provide an economic incentive to reduce pollution beginning with pdf lowest-cost opportunities. By contrast, in a command-and-control approach, a central authority designates pollution levels each facility is allowed to emit. In a baseline and credit program, polluters can create permits, called credits or offsets, by reducing system emissions trading a baseline level, which is often the historical emissions level from a designated past year. Emissions fees or environmental tax is a surcharge on the pollution created while producing goods and services. Both can have a range of scopes, points of regulation, and price schedules. They can be fair or unfair, depending on how the revenue is used. Both have the effect of increasing the price of goods such as fossil fuels to consumers. Yet, many commentators sharply contrast the two approaches. The main difference is what is defined and what derived. A tax is a price control, while cap-and-trade method acts is a quantity control instrument. Cap-and-trade has the advantage that it adjusts to inflation changes to overall prices automatically, while emissions fees must be changed by regulators. Responsiveness to cost changes: It is not clear which approach is better. It is possible to combine the two into a safety valve price: This point is closely related to responsiveness to cost changes, because recessions cause a drop in demand. Under cap and trade, the emissions cost automatically decreases, so a cap-and-trade scheme adds another automatic stabilizer to the economy - in effect, an automatic fiscal stimulus. However, a lower pollution price also results in reduced efforts to reduce pollution. If the government is able to stimulate the economy regardless of the cap-and-trade scheme, an excessively low price causes a missed opportunity to cut emissions faster than planned. Instead, it might be better to have a price floor a tax. This is especially true when cutting pollution is urgent, as with greenhouse gas emissions. A price floor also provides certainty and stability for investment in emissions reductions: As with cost changes, in a world of uncertainty, it is not clear whether emissions fees or cap-and-trade systems are more efficient—it depends on how fast the marginal social benefits of reducing pollution fall with the amount of cleanup e. The magnitude of the tax will depend on how sensitive the supply of emissions is to the price. The permit price of cap-and-trade will depend on the pollutant market. A tax generates government revenue, but full-auctioned emissions permits can do the same. A similar upstream cap-and-trade system could be implemented. An upstream carbon tax might be the simplest to administer. Setting up a complex cap-and-trade arrangement that is comprehensive has high institutional needs. Command and control is a system of regulation that prescribes emission limits and compliance methods for each facility or source. It is the traditional approach to reducing air pollution. Command-and-control regulations are more rigid than incentive-based approaches such as pollution fees and cap and trade. An example of this is a performance standard which sets an emissions goal for each polluter that is fixed and, therefore, the burden of reducing pollution cannot be shifted to the firms that can achieve it more cheaply. As a result, performance standards are likely to be more costly overall. Setting firmer limits on emissions, and mandating that all goods sold in-country be produced according to the same emission standards, and partially subsidizing costs would meet emissions targets without an excessive increase in cost to consumers, and would naturally increase funding to and competition in the pollution abatement industry, driving innovation in lower-cost and more efficient emission reduction methods and systems. It is possible for a country to reduce emissions using a Command-Control approach, such as regulation, direct and indirect taxes. International emissions-trading markets were created precisely to exploit differing MACs. Emissions trading through Gains from Trade can be more beneficial for both the buyer and the seller than a simple emissions capping scheme. Consider two European countries, such as Germany and Sweden. Each can either reduce all the required amount of emissions by itself or it can choose to buy or sell in the market. Suppose Germany can abate its CO 2 at a much cheaper cost than Sweden, i. On the left side of the graph is the MAC curve for Germany. Thus, given the market price of CO 2 allowances, Germany has potential to profit if it abates more emissions than required. On the right side is the MAC curve for Sweden. R Req is the amount of required reductions for Sweden, but the MAC S curve already intersects the market price of CO 2 permits before R Req has been reached. Thus, given the market price of CO 2 permits, Sweden has potential to make a cost saving if it abates fewer emissions than required internally, and instead abates them elsewhere. After that it could buy emissions credits from Germany for the price P per unit. The internal cost of Sweden's own abatement, combined with the permits it buys in the market from Germany, adds up to the total required reductions R Req for Sweden. This represents the "Gains from Trade", the amount of additional expense that Sweden would otherwise have to spend if it abated all of its required emissions by itself without trading. Germany made a profit on its additional emissions abatement, above what was required: Additionally, Germany sold its surplus permits to Sweden, and was paid P for every unit it abated, while spending less than P. If the total cost for reducing a particular amount of emissions in the Command Control scenario is called Xthen to reduce the same amount of combined pollution in Sweden and Germany, the total abatement cost would be less in the Emissions Trading scenario i. The example above applies not just at the national level, but also between two companies in different countries, or between two subsidiaries within the same company. The nature of the pollutant plays a very important role when policy-makers decide which framework should be used to control pollution. CO 2 acts globally, thus its impact on the environment is generally similar wherever in the globe it is released. So the location of the originator of the emissions does not matter from an environmental standpoint. The policy framework should be different for regional pollutants [61] e. SO 2 and NO xand also mercury because the impact of these pollutants may differ by location. The same amount of a regional pollutant can exert a very high impact in some locations and a low impact in other locations, so it matters where the pollutant is released. This is known as the Hot Spot problem. A Lagrange framework is commonly used to determine the least cost of achieving an objective, in this case the total reduction in emissions required in a year. In some cases, it is possible to use the Lagrange optimization framework to determine the required reductions for each country based on their MAC so that the total cost of reduction is minimized. In such a scenario, the Lagrange multiplier represents the market allowance price P of a pollutant, such as the current market price of emission permits in Europe and the USA. Countries face the permit market price that exists in the market that day, so they are able to make individual decisions that would minimize their costs while at the same time achieving regulatory compliance. This is also another version of the Equi-Marginal Principlecommonly used in economics to choose the most economically efficient decision. There has been longstanding debate on the relative merits of price versus quantity instruments to achieve emission reductions. An emission cap and permit trading system is a quantity instrument because it fixes the overall emission level quantity and allows the price to vary. Uncertainty in future supply and demand conditions market volatility coupled with a fixed number of pollution permits creates an uncertainty in the future price of pollution permits, and the industry must accordingly bear the cost of adapting to these volatile market conditions. The burden of a volatile market thus lies with the industry rather than the controlling agency, which is generally more efficient. However, under volatile market conditions, the ability of the controlling agency to alter the caps will translate into an ability to pick "winners and losers" and thus presents an opportunity for corruption. In contrast, an emission tax is a price instrument because it fixes the price while the emission level is allowed to vary according to economic activity. A major drawback of an emission tax is that the environmental outcome e. On one hand, a tax will remove capital from the industry, suppressing possibly useful economic activity, but conversely, the polluter will not need to hedge as much against future uncertainty since the amount of tax will track with profits. The burden of a volatile market will be borne by the controlling taxing agency rather than the industry itself, which is generally less efficient. An advantage is that, given a uniform tax rate and a volatile market, the taxing entity will not be in a position to pick "winners and losers" and the opportunity for corruption will be less. Assuming no corruption and assuming that the controlling agency and the industry are equally efficient at adapting to volatile market conditions, the best choice depends on the sensitivity of the costs of emission reduction, compared to the sensitivity of the benefits i. Because there is high uncertainty in the compliance costs of firms, some argue that the optimum choice is the price mechanism. However, the burden of uncertainty cannot be eliminated, and in this case it is shifted to the taxing agency itself. The overwhelming majority of climate scientists have repeatedly warned of a threshold in atmospheric concentrations of carbon dioxide beyond which a run-away warming effect could take place, with a large possibility of causing irreversible damage. With such a risk, a quantity instrument may be a better choice because the quantity of emissions may be capped with more certainty. However, this may not be true if this risk exists but cannot be attached to a known level of greenhouse gas GHG concentration or a known emission pathway. A third option, known as a safety valveis a hybrid of the price and quantity instruments. The system is essentially an emission cap and permit trading system but the maximum or minimum permit price is capped. Emitters have the choice of either obtaining permits in the marketplace or buying them from the government at a specified trigger price which could be adjusted over time. The system is sometimes recommended as a way of overcoming the fundamental disadvantages of both systems by giving governments the flexibility to adjust the system as new information comes to light. It can be shown that by setting the trigger price high enough, or the number of permits low enough, the safety valve can be used to mimic either a pure quantity or pure price mechanism. All three methods are being used as policy instruments to control greenhouse gas emissions: In the Kyoto Protocol, Annex I countries are subject to caps on emissions, but non-Annex I countries are not. The leakage rate is defined as the increase in CO 2 emissions outside the countries taking domestic mitigation action, divided by the reduction in emissions of countries taking domestic mitigation action. However, this beneficial effect had not been reliably quantified. On the empirical evidence they assessed, Barker et al. Under the EU ETS rules Carbon Leakage Exposure Factor is used to determine the volumes of free allocation of emission permits to industrial installations. To understand carbon trading, it is important to understand the products that are being traded. The primary product in carbon markets is the trading of GHG emission permits. Under a cap-and-trade system, permits are issued to various entities for the right to emit GHG emissions that meet emission reduction requirement caps. One of the controversies about carbon mitigation policy is how to "level the playing field" with border adjustments. Besides issues of compliance with the General Agreement on Tariffs and Tradesuch border adjustments presume that the producing countries bear responsibility for the carbon emissions. A general perception among developing countries is that discussion of climate change in trade negotiations could lead to "green protectionism " by high-income countries World Bank, p. World Bank commented that introducing border tariffs could lead to a proliferation of trade measures where the competitive playing field is viewed as being uneven. Tariffs could also be a burden on low-income countries that have contributed very little to the problem of climate change. As the Intergovernmental Panel on Climate Change IPCC reports came in over the years, they shed abundant light on the true state of global warming and they gave support to the environmental effort to address this unprecedented problem. However, the same discussions that started decades back had never ceased and the crusade for a tangible solution to global climate change had gone on all the while. In the Kyoto Protocol was adopted. The Kyoto Protocol is a international treaty that came into force in In the treaty, most developed nations agreed to legally binding targets for their emissions of the six major greenhouse gases. The United States is the only industrialized nation under Annex I that has not ratified the treaty, and is therefore not bound by it. The IPCC has projected that the financial effect of compliance through trading within the Kyoto commitment period will be limited at between 0. Despite the failure of the United States and Australia to ratify the protocol, the agreement became effective inonce the requirement that 55 Annex I predominantly industrialized countries, jointly accounting for 55 percent of Annex I emissions, ratify the agreement was met. The Protocol defines several mechanisms " flexible mechanisms " that are designed to allow Annex I countries to meet their emission reduction commitments caps with reduced economic impact. Annex I Parties may also use International Emissions Trading IET. Under the treaty, for the 5-year compliance period from until[75] nations that emit less than their quota will be able to sell assigned amount units each AAU representing an allowance to emit one metric tonne of CO 2 to nations that exceed their quotas. These projects generate tradable carbon credits that can be used by Annex I countries in meeting their caps. The project-based Kyoto Mechanisms are the Clean Development Mechanism CDM and Joint Implementation JI. There are four such international flexible mechanisms, or Kyoto Mechanism, [77] written in the Kyoto Protocol. Article 17 if the Protocol authorizes Annex 1 countries that have agreed to the emissions limitations to take part in emissions trading with other Annex 1 Countries. Article 4 authorizes such parties to implement their limitations jointly, as the member states of the EU have chosen to do. Article 6 provides that such Annex 1 countries may take part in joint initiatives JIs in return for emissions reduction units ERUs to be used against their Assigned Amounts. Art 12 provides for a mechanism known as the clean development mechanism CDM[78] under which Annex 1 countries may invest in emissions limitation projects in developing countries and use certified emissions reductions CERs generated against their own Assigned Amounts. The CDM covers projects taking place in non-Annex I countries, while JI covers projects taking place in Annex I countries. CDM projects are supposed to contribute to sustainable development in developing countries, and also generate "real" and "additional" emission savings, i. In the New South Wales NSW state government unilaterally established the NSW Greenhouse Gas Abatement Scheme [80] to reduce emissions by requiring electricity generators and large consumers to purchase NSW Greenhouse Abatement Certificates NGACs. This has prompted the rollout of free energy-efficient compact fluorescent lightbulbs and other energy-efficiency measures, funded by the credits. This scheme has been criticised by the Centre for Energy and Environmental Markets CEEM of the UNSW because of its lack of effectiveness in reducing emissions, its lack of transparency and its lack of verification of the additionality of emission reductions. Both the incumbent Howard Coalition government and the Rudd Labor opposition promised to implement an emissions trading scheme ETS before the federal election. Labor won the election, with the new government proceeding to implement an ETS. The government introduced the Carbon Pollution Reduction Schemewhich the Liberals supported with Malcolm Turnbull as leader. Tony Abbott questioned an ETS, saying the best way to reduce emissions is with a "simple tax". This left the government unable to secure passage of the bill and it was subsequently withdrawn. Julia Gillard defeated Rudd in a leadership challenge and promised not to introduce a carbon tax, but would look to legislate a price on carbon [83] when taking the government to the election. In the first hung parliament result in 70 years, the government required the support of crossbenchers including the Greens. One requirement for Greens support was a carbon price, which Gillard proceeded with in forming a minority government. A fixed carbon price would proceed to a floating-price ETS within a few years under the plan. The fixed price lent itself to characterisation as a carbon tax and when the government proposed the Clean Energy Bill in February[84] the opposition claimed it emission be a broken election promise. The bill was passed by the Lower House in October [86] and the Upper House in November The New Zealand Emissions Trading Scheme NZ ETS is a partial-coverage all-free allocation uncapped highly internationally linked emissions trading scheme. The NZ ETS was first legislated in the Climate Change Response Emissions Trading Amendment Act in September under the Fifth Labour Government of New Zealand [91] [92] and then amended in November [93] and in November [94] by the Fifth National Government of New Zealand. The NZ ETS covers forestry a net sinkenergy Individual sectors of the economy have different entry dates when their obligations to report emissions and surrender emission units take effect. Forestry, which contributed net removals of The waste sector landfill operators entered on 1 January From Novemberagriculture was to enter the NZ ETS on 1 January [96]. The NZ ETS is highly linked to international carbon markets as it allows the importing of most of the Kyoto Protocol emission units. However, as of Junethe scheme will effectively transition into a domestic scheme, with restricted access to international Kyoto units CERs, ERUs and RMUs. The commercial fishery sector who are not participants have a free allocation of units on a historic basis. For this sector, there is no set limit on the number of units that may be allocated. Some stakeholders have criticized the New Zealand Emissions Trading Scheme for its generous free allocations of emission units and the lack of a carbon price signal the Parliamentary Commissioner for the Environment[] and for being ineffective in reducing emissions Greenpeace Aotearoa New Zealand. The NZ ETS was reviewed in late by an independent panel, which reported to the Government and public in September The European Union Emission Trading Scheme or EU ETS is the largest multi-national, greenhouse gas emissions trading scheme in the world. It is one of the EU's central policy instruments to meet their cap set in the Kyoto Protocol. After voluntary trials in the UK and Denmark, Phase I began operation in January with all 15 member states of the European Union participating. Credits are gained by investing in clean technologies and low-carbon solutions, and by certain types of emission-saving projects around the world to cover a proportion of their emissions. During Phases I and II, allowances for emissions have typically been given free to firms, which has resulted in them getting windfall profits. A number of design flaws have limited the effectiveness of the scheme. This drove the carbon price down to zero in This oversupply was caused because the allocation of allowances by the EU was based on emissions data from the European Environmental Agency in Copenhagen, which uses a horizontal activity-based emissions definition similar to the United Nations, the EU ETS Transaction log in Brussels, but a vertical installation-based emissions measurement system. Phase II saw some tightening, but the use of JI and CDM offsets was allowed, with the result that no reductions in the EU will be required to meet the Phase II cap. In JanuaryNorway, Iceland, and Liechtenstein joined the European Union Emissions Trading System EU ETSaccording to a publication from the European Commission. Based on figures for by the European Environment Agency, EU emissions averaged This means the EU over-achieved its first Kyoto target by a wide margin. The Japanese city of Tokyo is like a country in its own right in terms of its energy consumption and GDP. Tokyo consumes as much energy as "entire countries in Northern Europe, and its production matches the GNP of the world's 16th largest country". A scheme to limit carbon emissions launched in April covers the top 1, emitters in Tokyo, and is enforced and overseen by the Tokyo Metropolitan Government. Japan had an ineffective voluntary emissions reductions system for years, [] but no nationwide cap-and-trade program. An early example of an emission trading system has been the SO 2 trading system under the framework of the Acid Rain Program of the Clean Air Act in the U. Under the CSAPR, the national SO 2 trading program was replaced by four separate trading groups for SO 2 and NO x. Inthe State of Illinois adopted a trading program for volatile organic compounds in most of the Chicago area, called the Emissions Reduction Market System. InNew York State proposed and attained commitments from nine Northeast states to form a cap-and-trade carbon dioxide emissions program for power generators, called the Regional Greenhouse Gas Initiative RGGI. Also inU. In Augustthe Exchange announced a mechanism to create emission offsets for projects within the United States that cleanly trading ozone - depleting substances. Also inthe Environmental Protection Agency EPA began to administer the NOx Budget Trading Program NBP under the NOx State Implementation Plan also known as the "NOx SIP Call". The NOx Budget Trading Program was a market-based cap and trade program created to reduce emissions of nitrogen oxides NO x from power plants and other large combustion sources in the eastern United States. NO x is a prime ingredient in the formation of ground-level ozone smoga pervasive air pollution problem in many areas of the eastern United States. The NBP was designed to reduce NO x emissions during the warm summer months, referred to as the ozone season, when ground-level ozone concentrations are highest. Inthe California Legislature passed the California Global Warming Solutions Act, ABwhich was signed into law by Governor Arnold Schwarzenegger. Thus far, flexible mechanisms in the form of project based offsets have been suggested for three main project types. The project types include: However, a recent ruling from Judge Ernest H. Goldsmith of San Francisco's Superior Court states that the rules governing California's cap-and-trade system were adopted without a proper analysis of alternative methods to reduce greenhouse gas emissions. If the decision is made final, the state would not be allowed to implement its proposed cap-and-trade system until the California Air Resources Board fully complies with the California Environmental Quality Act. In Februaryfive U. On 17 November President-elect Barack Obama clarified, in a talk recorded for YouTubehis intentions for the US to enter a cap-and-trade system to limit global warming. SO 2 emissions from Acid Rain Program sources have fallen from Ozone season NOx emissions decreased by 43 percent between andeven while energy demand remained essentially flat during the same period. NOx reductions due to the NOx Budget Trading Program have led to improvements in ozone and PM2. The American Clean Energy and Security Act H. The bill originated in the House Energy and Commerce Committee and was introduced by Representatives Henry A. Waxman and Edward J. Some of the emitters obtain allowances for free, which is for the electric utilities, industrial facilities and natural gas distributors, whereas some of the others have to go to the auction. South Korea's national emissions trading scheme officially launched on 1 Januarycovering entities from 23 sectors. With a three-year cap of 1. This amounts to roughly two thirds of the country's emissions. In NovemberChina approved pilot tests of carbon trading in seven provinces and cities — Beijing, Chongqing, Shanghai, Shenzhen, Tianjin as well as Guangdong Province and Hubei Province, with different prices in each region. Their successes or failures will therefore have far reaching implications for carbon market development in China in terms of trust in a national carbon trading market. When the market launched, it will be the largest carbon market in the world. Trading is set to begin in after a three-year rollout period. India has pledged a 20 to 25 per cent reduction in emissions intensity from levels by Under the scheme, annual efficiency targets will be allocated to firms. Tradable energy-saving permits will be issued depending on the amount of energy saved during a target year. Renewable Energy Certificates occasionally referred to as or "green tags" [citation required]are a largely unrelated form of market-based instruments that are used to achieve renewable energy targets, which may be environmentally motivated like emissions reduction targetsbut may also be motivated by other aims, such as energy security or industrial policy. Carbon emissions trading is emissions trading specifically for carbon dioxide calculated in tonnes of carbon dioxide equivalent or tCO 2 e and currently makes up the system of emissions trading. It is one of the ways countries can meet their obligations under the Kyoto Protocol to reduce carbon emissions and thereby mitigate global warming. Pdf can be done directly between buyers and sellers, through several organised exchanges or through the many intermediaries active in the carbon market. The price of allowances is determined by supply and demand. As many as 40 million allowances have been traded per day. In terms of dollars, the World Bank has estimated that the size of the carbon market was 11 billion USD in30 billion USD in[] and 64 billion in The Marrakesh Accords of the Kyoto protocol defined the international trading mechanisms and registries needed to support trading between countries sources can buy or sell allowances on the open market. Because the total number of allowances is limited by the cap, emission reductions are assured. However, while the USA as a nation did not ratify the Protocol, many of its states are developing cap-and-trade systems and considering ways to link them together, nationally and internationally, to find the lowest costs and improve liquidity of the market. For example, in contrast to other Kyoto-compliant systems, some states propose other types of greenhouse gas sources, different measurement methods, setting a maximum on the price of allowances, or restricting access to CDM projects. Creating instruments that are not fungible exchangeable could introduce instability and make pricing difficult. Various proposals for linking these systems across markets are being investigated, and this is being coordinated by the International Carbon Action Partnership ICAP. The group included FordToyotaBritish AirwaysBP and Unilever. On June 9, the Group published a statement stating the need to act on climate change and stressing the importance of market-based solutions. It called on governments to establish "clear, transparent, and consistent price signals" through "creation of a long-term policy framework" that would include all major producers of greenhouse gases. Business in the UK have come out strongly in support of emissions trading as a key tool to mitigate climate change, supported by NGOs. On December 11,Rex Tillersonthe CEO of Exxonmobilsaid a carbon tax is "a more direct, more transparent and more effective approach" than a cap-and-trade program, which he said, "inevitably introduces unnecessary cost and complexity". He also said that he hoped that the revenues from a carbon tax would be used to lower other taxes so as to be revenue neutral. They argue grandfathering "would penalise airlines that took early action to modernise their fleets, while a benchmarking approach, if designed properly, would reward more efficient operations". Assuring compliance with an emissions trading scheme requires measuring, reporting and verification MRV. These measurements are reported to a regulator. For greenhouse gases, all trading countries maintain an inventory of emissions at national and installation level; in addition, trading groups within North America maintain inventories at the state level through The Climate Registry. For trading between regions, these inventories must be consistent, with equivalent units and measurement techniques. In some industrial processes, emissions can be physically measured by inserting sensors and flowmeters in chimneys and stacks, but many types of activity rely on theoretical calculations instead of measurement. Depending on local legislation, measurements may require additional checks and verification by government or third party auditorsprior or post submission to the local regulator. A firm might buy a small amount of allowances but emit a much larger amount of pollution. This creates a troublesome moral hazard problem. This problem may be solved by a centralized regulator. The regulator should perform Measuring, Reporting and Verification MRV of the actual pollution levels, and enforce the allowances. Enforcement methods include fines and sanctions for polluters that have exceeded their allowances. Concerns include the cost of MRV and enforcement, and the risk that facilities may lie about actual emissions. The net effect of a corrupt reporting system or poorly managed or financed regulator may be a discount on emission costs, and a hidden increase in actual emissions. According to Nordhaus, strict enforcement of the Kyoto Protocol is likely to be observed in those countries and industries covered by the EU ETS. Based on institutional and enforcement considerations, Kruger et al. An alternative to centralized regulation is distributed regulation, in which the firms themselves are induced to inspect the other firms and report their misbehavior. It is possible to implement such systems in subgame perfect equilibrium. Moore and Repullo [] present an implementation with unbounded fines; Kahana and Mealem and Nitzan [] present an implementation with bounded fines. Their work extends the work of Duggan and Roberts [] by adding a second component which takes care of the moral hazard. For example, in the popular science magazine New ScientistLohmann argued that trading pollution allowances should be avoided as a climate stabilization policy for several reasons. First, climate change requires more radical changes than previous pollution trading schemes such as the US SO 2 market. It requires reorganizing society and technology to "leave most remaining fossil fuels safely underground". Carbon trading schemes have tended to reward the heaviest polluters with 'windfall profits' when they are granted enough carbon credits to match historic production. Expensive long-term structural changes will not be made if there are cheaper sources of carbon credits which are often available from less developed countries, where they may be generated by local polluters at the expense of local communities. Research by Preston Teeter and Jorgen Sandberg has shown that the flexibility, and thus complexity, inherent in cap and trade schemes has resulted in a great deal of policy uncertainty surrounding these schemes. Such uncertainty has beset such schemes in Australia, Canada, China, the EU, India, Japan, New Zealand, and the US. As a result of this uncertainty, organizations have little incentive to innovate and comply, resulting in an ongoing battle of stakeholder contestation for the past two decades. Lohmann b supported conventional regulation, green taxes, and energy policies that are "justice-based" and "community-driven. Annie Leonard 's documentary The Story of Cap and Trade criticized carbon emissions trading for the free permits to major polluters giving them unjust advantages, cheating in connection with carbon offsetsand as a distraction from the search for other solutions. Forest campaigner System Kill of European environmental group FERN argued that offsets for emission reductions were not substitute for actual cuts in emissions. Kill stated that "[carbon] in trees is temporary: Trees can easily release carbon into the atmosphere through fire, disease, climatic changes, natural decay and timber harvesting. Regulatory agencies run the risk of issuing too many emission credits, which can result in a very low price on emission permits. On the other hand, issuing too few permits can result in an excessively high permit price. However, a price-ceiling safety value removes the certainty of a particular quantity limit of emissions. If polluters receive emission permits for free "grandfathering"this may be a reason for them not to cut their emissions because if they do they will receive fewer permits in the future. This perverse incentive can be alleviated if permits are auctioned, i. Revenues from auctioning go to the government and can be system for development of sustainable technology [] or to cut distortionary taxes, thus improving the efficiency of the overall cap policy. On the other hand, allocating permits can be used as a measure to protect domestic firms who are internationally exposed to competition. This argument in favor of allocation of permits has been used in the EU ETS, where industries that have been judged to be internationally exposed, e. This method of distribution may be combined with other forms of allowance distribution. The US Congressional Budget Office CBO, examined the potential effects of the American Clean Energy and Security Act on US households. The Bill was found to protect low-income consumers, but it was recommended that the Bill be made more efficient by reducing welfare provisions for corporations, and more resources be made available for consumer relief. Distinct cap-and-trade systems can be linked together through the mutual or unilateral recognition of emissions allowances for compliance. Linking systems creates a larger carbon market, which can reduce overall compliance costs, increase market liquidity and generate a more stable carbon market. Inthe provinces of Ontario and Manitoba agreed to join the linked system between Quebec and California. The International Carbon Action Partnership brings together regional, national and sub-national governments and public authorities from around the world to discuss important issues in the design of emissions trading schemes ETS and the way forward to a global carbon market. 무료 백과 사전, 위키피디아에서. 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Trade mission Trading nation United States Argentina Pakistan Romania Vietnam India. Comparative advantage Competitive advantage Heckscher—Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa—Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade. Garnaut Climate Change ReviewCarbon Pollution Reduction Schemeand Clean Energy Bill New Zealand Emissions Trading Scheme and Climate change in New Zealand. European Union Emission Trading Pdf. Climate change in the United States and Acid Rain Program. Global warming portal Ecology portal Environment portal. Resources for the Future. How Policy Uncertainty Affects Organizational Responses to Flexible Environmental Regulations". British Journal of Management. Retrieved 25 Oct Key Terms Glossary" PDF. Center for Climate and Energy Solutions. Retrieved 27 October S Environment Protection Agency. Retrieved Oct 21, A Key Element of Emerging International Climate Policy Architecture" PDF. Lessons for Climate Change". Oxford Review of Economic Policy. Journal of Economic Theory. Acid Rain Program Results" PDF. Archived from the original PDF on 24 September UK Department of Energy and Climate Change. Economics, ethics and the environment. United States Environmental Protection Agency. Upper Saddle River, New Jersey, Agreements and Instruments" PDF. Archived from the original PDF on Carbon pricing and reducing Australia's emissions". Garnaut Climate Change Review. Retrieved 16 July Lessons from SO2 Allowance Trading". The Journal of Economic Perspectives. Blue Skies, Green Politics: Dismal reality" XIV Contemporary Economic Policy Retrieved 22 November Cap-And-Trade Experiment to End". Retrieved November 7, EU - Market with carbon credits - EUA, CER, ERU, VER, AAU-S, AAU-G". Retrieved 25 September Where greed is green". 뉴욕 타임즈. A Cost-Effectiveness Study of Particulate and SOx Emission Control in the New York Metropolitan Area. A Cost-Effectiveness Study of Air Pollution Abatement in the Greater Kansas City Area. A Cost-effectiveness Study of Air Pollution Abatement in the National Capital Area. Applications of Cost-Effectiveness Analysis to Air Pollution Control. Socio-Economic Planning Science 4: Pechan III, and William Sanjour. A Survey of Air Pollution Control Models. Ann Arbor Science Publishers. Solving the Air Pollution Control Puzzle. Environmental Science and Technology 7: The Economics of Clean AirAnnual Report of the Environmental Protection Agency to the Congress of the United States. Innovation processes in governance: Science and Public Policy Journal of Law and Economics. The Structuring of Atmospheric Pollution Control Systems. The Economics of Air Pollution. Land, Water, and Ownership. The Canadian Journal of Economics 1 4 — A Review of the First International Offset Program" PDF. Pew Center on Global Climate Change. Retrieved 26 November Offsets and Implications for Alaska" PDF. Sustainable Energy Solutions for Climate Change. How Do They Compare? Policy Research Working Paper Series. Carbon Tax and Cap-and-trade Tools: Market-based Approaches for Controlling Greenhouse Gases. Nova Science Publishers, Inc. Cap and Trade A Federal Climate Policy Primer: April 16,"Estimating Offset Supply in a Cap-and-Trade Program" PDFCongressional Research Service: Pollution hotspotsBBC map of areas that suffer from intense local pollution, BBC News, Review of Economic Studies. International Energy Agency Working Paper Series. Development and Climate Change" PDF. Contribution of Working Group III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change. Economic and Social Dimensions of Climate Change. Contribution of Working Group III to the Second Assessment Report of the Intergovernmental Panel on Climate Change PDF. Leveling The Carbon Playing Field: International Competition and U. Peterson Institute for International Pdf. Mitigation of Climate Change, Summary for Policymakers from IPCC Fourth Assessment Report" PDF. Working Group III, IPCC. Item 25, page Retrieved November 22, Emerging lessons and implications CTC ". Greenhouse Gas Reduction Scheme Administrator. An analysis of the NGAC Registry for theand Compliance Periods" PDF. The UNSW Centre for Energy and Environmental Markets CEEM. Retrieved October 12, Accessed 8 November PM Tony Abbott sees key election promise fulfilled after Senate votes for repeal". New Zealand Government Media Release. Retrieved 10 September Trading 25 January New Zealand Government Press Release. Retrieved 14 June Retrieved 12 November Ministry for the Environment. Retrieved 10 November Emissions trading bulletin No Retrieved 15 May Retrieved 22 May Questions and answers about amendments to the New Zealand Emissions Trading Scheme ETS. Retrieved 16 May Retrieved 26 July Retrieved 16 March Climate change information New Zealand. Ministry for the Environment, NZ Government Retrieved 13 August In the short term, the Government is unlikely to sell emission units because the Kyoto units allocated to New Zealand will be needed to support New Zealand's international obligations, as well as allocation to eligible sectors under the emissions trading scheme. Trading and answers about the emissions trading scheme. Ministry for the Environment, NZ Go vernment. Summary of the proposed changes to the NZ ETS - Emissions Trading Bulletin Emissions trading bulletin No 12, INFO Ministry for the Environment, NZ. Retrieved 8 August The Bill changes the allocation provisions of the existing CCRA from allocating a fixed pool of emissions to an uncapped approach to allocation. There is no longer an explicit limit on the number of New Zealand units NZUs that can be allocated to the industrial sector. Bridget Williams Books, Wellington. Parliamentary Commissioner for the Environment. Retrieved 15 October Retrieved 12 October NZ ETS Review Retrieved 4 November Economic Impact and Policy Responses". World Economic and Financial Surveys, World Economic Outlook, Globalization and Inequality. The European Union's Emissions Trading System EU ETS Archived August 30,at the Wayback Machine. Centre for Sustainability Managementp. Carbon markets and carbon price". Building a low-carbon economy — The UK's contribution to tackling climate change. Committee on Climate Change. Ten Insights from Europe on the EU Emissions Trading System" PDF. Fulton Publishing Decemberpp. Organization for Economic Co-operation and Development. Retrieved 23 October Retrieved 5 August Retrieved 25 April What are the gains from trade? United States Environment Protection Agency. Archived from the original on Retrieved 9 February The Oxford Handbook of Climate Change and Society. The billionaire brothers who are waging a war against Obama". Retrieved 20 March How the Senate and the White House missed their best chance to deal with climate change". Explaining the Failure of Cap and Trade in the United States With a Multiple-Streams Framework". The National Bureau of Asian Research Energy Security Report. Retrieved December 24, Carbon trading schemes around the world". US Environmental Protection Agency. Retrieved 26 Oct Linkage of Tradable Permit Systems in International Climate Policy Architecture. Harvard Project on International Climate Agreements. Retrieved 21 May Meeting the Energy Challenge. UK Department of Trade and Industry. International Air Transport Association. Archived from the original PDF on March 3, International Carbon Action Partnership ICAP. Building integrated photovoltaic thermal systems: Royal Society of Chemistry. Alternative Approaches to Slowing Global Warming" PDF. Review of Environmental Economics and Policy. Origins, Allocation, and Early Results" PDF. The Economics of Climate Change Mitigation: How to Build the Necessary Global Action in a Cost-Effective Manner. Economics Department Working Papers No. The Story of Stuff Project. Retrieved 30 August Policies, Measures, and Instruments". Contribution of Working Group III to the Third Assessment Report of the Intergovernmental Panel on Climate Change. Centre for Budget and Policy Priorities. A Summary of Current Research"ICAP Incremental Alignment of Cap-and-Trade Markets. To link or not to link: Climate Policy, 9 4— Linkage of Greenhouse Gas Emissions Trading Systems - Learning from Experience. Discussion Paper Resources For The Future, No. Linking emissions trading systems. Global warming and climate change. Brightness temperature Effective temperature Geologic record Hiatus Historical climatology Instrumental record Paleoclimatology Paleotempestology Proxy data Record of the past 1, years Satellite measurements. 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The EU Emissions Trading System explained.
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