Evaluating Links between Emissions Trading Schemes: An Analytical Framework

Emission trading systems (ETS) have been or will be implemented in more and more states and regions around the world. The objectives of such trading systems, however, can only be reached to full extend if a worldwide ETS comes into effect. Therefore, ETS are forced to join. Against that backdrop, linking of two or more ETS can be an important step towards a global ETS. This article examines whether differences between existing and planned ETS are obstacles for successful linking; to that end, it provides an analytical framework for discussion. It starts with an overview of the development of different ETS (I.), presents evaluation criteria for the assessment of linkages (II.), describes possible types of links (III.), categorises the basic decisions regarding the substantive requirements and scope of application of an ETS (IV.), and examines how different ETS designs affect the chances of a link (V.).

In terms of the criteria set out earlier in this article, that is: market functioning, emissions reductions, innovation incentives and competitiveness, few design characteristics are critical for the successful linking of ETS. In particular, this applies to the nature of allowances, the obligations of participants, the trading period, monitoring and verification, registry systems, sanctions and the availability of market interventions. Regarding these characteristics, it is not, however, essential that the systems to be linked are entirely identical. Still, the systems should be similar enough for the objectives of one system not to be compromised by differences in the design of another system.

Copyright: © Lexxion Verlagsgesellschaft mbH
Quelle: Issue 4/2008 (Januar 2009)
Seiten: 12
Preis inkl. MwSt.: € 41,65
Autor: Prof. Dr. Alexander Roßnagel

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