Issue 2/2009

- Regulatory Challenges for Financial and Carbon Markets
- Lessons Learned from the Financial Crisis
- Securitising Risk and the Clean Development Mechanism
- ...

Climate Policy and Economic Bust: The European Challenges to Create Green Stimulus
Dr. Susanne Droege
The financial and economic crisis has hit European countries at a time where their climate policy agenda foresees decisive steps at the national and at the international level. While the EU and its member states translate their ambitious unilateral 2007 targets into legislative packages, the international agenda under the UNFCCC is set to reach a new global agreement by the end of 2009. The EU is one of the major drivers for an ambitious deal.
External Reporting of the Risks Linked to the EU ETS – an Exploratory Study of German HDAX Non-Financial Corporations
Nele Glienke
Companies subject to the European Emission Trading Scheme (EU ETS) are faced with a wide range of challenges that might negatively affect their business objectives. All of these challenges are afflicted with uncertainties and therefore represent company risks. These should be integrated into existent risk management practices. This exploratory study analyses to what extent German non-financial corporations listed in the HDAX disclose the risks that are linked to the EU ETS in their risk reports for the year 2007 or for the period 2007/2008, respectively.
Lessons Learned from the Financial Crisis: Designing Carbon Markets for Environmental Effectiveness and Financial Stability
Michelle Chan
The spectacular market and regulatory failures we have witnessed in the current financial crisis provide a cautionary tale for any future carbon trading program. The crisis has highlighted the importance of preventing speculative bubbles and excessive risk-taking, how failures in one market can pose broader risks to the financial system, and the need for robust financial regulation. This article explores particular areas of concern for carbon market regulation, and examines various policy approaches for governing U.S. carbon markets. It concludes that, in order to ensure environmental and financial integrity in the carbon markets, not only must they be well-regulated, but they should also be designed to be simpler, smaller and more stable.
Regulatory Challenges for Financial and Carbon Markets
Larry Lohmann
Concurrent crises in finance and in climate are today concentrating official minds on fundamental issues of economics and regulation as seldom before. This article suggests that there may be advantages in considering the problems of regulation of carbon markets and of financial markets together, and proposes a way of classifying policies relating to both that may help decision-making in each.
Securitising Risk and the Clean Development Mechanism
Sriram Rajan
Delivery risk is central to pricing carbon offsets, but has been the focus of limited attention in the carbon markets. At the same time, remote regions and promising technologies – desperate for investment – have been underserved by the carbon markets. This paper proposes that the current policy objectives and functions of the Clean Development Mechanism (CDM) be expanded to include arrangements for the securitisation of CDM investments. This approach provides investment incentives for both compliance-bound investors as well as those seeking financial returns. It proposes a CDM guarantee trust that would enable the CDM to target certain project categories, while at the same time distributing risks and returns among these classes of investors.
Financial Impacts of Climate Change Mitigation: Global Resource Requirements and Proposals for International Burden Sharing
Arno Behrens
The global fight against climate change will require considerable financial resources. The scale of financial requirements and the burden sharing will be one of the key questions in the upcoming climate change negotiations in Copenhagen at the end of 2009. However, the scientific basis on which such decisions could be made is currently rather weak. Numerous studies have addressed the finance of climate change in the past. All of these studies differ in methodology and their selection of GHG reduction targets, base years and time horizons.
On the Re-regulation of the Liberalised Power Market in Europe
Dr. Sven Bode, Dr. Helmuth-M. Groscurth
For many decades now, energy policy has pursued a number of objectives that partly contradict each other (see Figure 1). Over time, the focus has shifted: economic efficiency has become a central aspect for the liberalisation of the electricity market. This development was initiated at the end of the last century with the EU directive concerning the internal market in electricity. Many motivating factors underlie this development; paragraph 4 of the directive provides an overview.
Suspension of Eligibility to Use of the Kyoto Flexible Mechanisms: A Review of Substantive Issues (Part 1)
Uloma Onuma
Climate change has attracted attention at the level of academia, the media, science and policy making, assuming renewed urgency with the release of the 4th Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) in 2007. Despite the 5% emission reduction commitment (relative to 1990 levels) entered by Annex 1 country Parties, the report indicated the need for further drastic reductions amounting to a cut of 25–40% in the near term by Annex 1 country Parties to ensure a meaningful reduction in greenhouse gas emissions.


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