Dóra Fazekas Carbon Market Implications for new EU - UniCredit ...

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Figure 37. Hungary’s reference emissions, allocations and verified emissions, shown by sector Source: author’s calculation based on NAP and CITL data (Mt) So that correlations between emissions during the base period, allocations, and verified emissions quantities may be shown more clearly, the chart below is included for the six ETS sectors which had base period data to rely on. The darker diamond shapes show allocations, lighter squares compare verified emissions data to the base period for these six sectors, and the final set of data shows the average ratio. It is quite apparent that the average of the emissions data verified for 2005- 2007 surpasses base period data in the case of two sectors (energy production and cement manufacturing), meaning that the six Hungarian EU ETS sectors surpassed the pre-system change levels by 3.7%, while other sectors emitted less than during the base period. The allocation was greater, in the case of every sector, than the average emissions during 1985-1987. The metal ore, steel and iron production sector received the greatest surplus of allowances in this context (47.5% more), while the glass producing industry got the least number of extra allowances (1.3% more) as compared to their emissions during the base period. Taken together, these six sectors obtained over 20% more allowances than the reference level. 152
Figure 38. Hungarian reference period emissions, allocations and verified emissions Source: author’s calculation based on NAP and CITL data (Mt) As the figures show, the emissions data verified during the pilot phase was not always greater than the base period data; this matches other previous conclusions, when the authors compared allocations to verified emissions and found that not every sector and every installation was long in the Hungarian market. On the whole, carbon dioxide emissions of EU ETS sectors during the pilot phase increased by 2.5% from 2005 to 2007. The drop of 1.2% seen during the first year was offset by an increase of almost 4% during the second year. The greatest drop was seen in the paper production industry (- 10.13%); the greatest increase occurred in the coking sector, but this was still negligible on a national level due to the low quantity of production and the small number of installations involved. Figure 22 shows that emissions dropped during the second year in the paper, ceramics, iron and steel and metal ore industries, as well as in energy production and overall; the third year then showed an increase, with the exception of metal ore production, which saw a decrease each year. On the other hand, glass and cement manufacturing and oil refining increased their emissions each year, but not always substantially. 153
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PhD Program in Management and Busin
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List of figures Figure 1. Optimal l
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„If you want to understand today,
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Neither the theory nor the empirica
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Table 1. Installations receiving th
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oth on national and corporate level
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1. Climate Change Regulation The fi
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approaches, activities that are not
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In Europe the United Kingdom and De
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(2) Allocating emission rights is d
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Figure 2. The cap determines the ma
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Table 5. Tradeable certificates (ba
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value, sectoral and spatial coverag
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with their quantified reduction tar
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* * * Several authors (Hahn and Sta
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EU ETS Within the context of the UN
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establishing an international marke
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(c) Allowances can also be distribu
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• ETS in New Zealand; • Volunta
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emissions trading schemes, making i
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end of the pilot phase. Since Augus
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Figure 10. Distance to burden-shari
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Early attitude of companies towards
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high quality, differentiated produc
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investments needed in the industry.
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3.2. Emission Trading in the new EU
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environmental benefits at a relativ
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well below their Kyoto target (EEA,
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lawsuits against the Commission for
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The most active countries to host J
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Figure 14. Hot air as supply for AA
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There have been three proposals on
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transparency of AAU transfers; redu
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Figure 18. Tradeable Hungarian AAU
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“Think Globally, Act Locally” I
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At the same time, this relatively f
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processes on the whole act a sink,
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directly from CO2 emissions are ess
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1.2. A Review of the Hungarian Lite
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2. Introducing the EU ETS in Hungar
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databases containing common data el
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instances where inconsistent decisi
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emissions each calendar year Non-tr
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is found to be in order, they may s
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economy to a market economy, as is
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the EU ETS. Many observers believe
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Emissions allowances to be allocate
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2005 2006 2007 Installation Alloc.
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Finance is putting much of the reve
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conclusion. It is safe to conclude
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Page 107 and 108: What was the reason for this anomal
Page 109 and 110: considered a “transfer.” Apart
Page 111 and 112: When allowances are recognized as g
Page 113 and 114: provision is to be formed against t
Page 115 and 116: the model shall be supplemented wit
Page 117 and 118: Participants of the Hungarian EU ET
Page 119 and 120: program, full sets of emissions dat
Page 121 and 122: Figure 27. The Concentration of the
Page 123 and 124: Figure 30. The Hungarian EU ETS mar
Page 125 and 126: Figure 32. Positions of Hungarian E
Page 127 and 128: Figure 40 below shows the allocatio
Page 129 and 130: 3.2. The Impact of the EU ETS on Hu
Page 131 and 132: interviews, that companies looked u
Page 133 and 134: neither emissions-reduction targets
Page 135 and 136: was considered, since they all obta
Page 137 and 138: spillover effect; this, however, co
Page 139 and 140: During the pilot period, Hungarian
Page 141 and 142: to comply shall have their names pu
Page 143 and 144: eact efficiently to regulations. Th
Page 145 and 146: ensuring great enough profit, it sw
Page 147 and 148: combined with an internal price tha
Page 149 and 150: Were Emissions Actually Reduced? Co
Page 151: column) and the verified emissions
Page 155 and 156: * * * The effects of the EU ETS on
Page 157 and 158: (2) Transfer account of allowances,
Page 159 and 160: In an EU-context, Hungary held its
Page 161 and 162: installations the author spoke to w
Page 163 and 164: Companies, which were certain of th
Page 165 and 166: Figure 42. Hungarian transactions d
Page 167 and 168: phase. CITL Data The transaction da
Page 169 and 170: International Transfers The author
Page 171 and 172: Based on these numbers, it may be c
Page 173 and 174: The two right-hand side columns in
Page 175 and 176: sales, and how much was accounted f
Page 177 and 178: the CITL only contains data on wher
Page 179 and 180: approximately two-fifths of the vol
Page 181 and 182: (3) Installations that had shut dow
Page 183 and 184: production, one-fifth represented t
Page 185 and 186: IV. EXPERIENCES OF THE EU ETS PILOT
Page 187 and 188: starting in 2012, the European Unio
Page 189 and 190: originally allocated. Based on thes
Page 191 and 192: economic development rather than as
Page 193 and 194: Hungary has still to learn to opera
Page 195 and 196: Appendix I. - Questionnaire 3.c. Cl
Page 197 and 198: Had surplus but did not sell EUAs ,
Page 199 and 200: Appendix III. - Accounting Aspects
Page 201 and 202: Appendix V. - Overview and main fea
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Appendix VII. - Foreign emission al
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Hungária Cementipari Rt. 2006 HU 5
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Reductions Clean Development Mechan
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Linking Directive from project acti
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VII. REFERENCES Ahman, M. - Burtraw
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Burtraw, D. - Palmer, K. - Bharvirk
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EEA (2006): Greenhouse gas emission
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Hahn, R. - Stavins, R. (1999): What
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Kaderják, P. (1997): Economics for
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Montero, J. P. (1997): Marketable P
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Philibert, C. (2006): Certainty ver
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Tietenberg, T. (1992): Relevant Exp
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Woerdmann, E. (2003): Developing ca
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Hungarian law - Hungarian governmen
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Oxford University Press, USA http:/
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