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

Figure 40. Participation of Member States in the international carbon dioxide market
Source: Ellerman – Trotignon (2008) p. 6.
In the author’s opinion, this confirms that Hungary was an active party to the pilot phase trading of
carbon dioxide emissions allowances, even though it had no prior experience to rely on in the field
of pollution, and even though the reduction of carbon dioxide emissions was a new objective for
Hungarian environmental policy. The following section will provide a detailed overview of
Hungarian transactions.
Hungarian Market Transactions
It is quite a complex task to analyze the market activity of participants and Hungarian EUA
transactions during the pilot phase. It is challenging because it is difficult to obtain the relevant
data. The central transaction registry classifies the data of the transactions for five years, making
analysis all but impossible. It would be important to provide for greater transparency of the
information, including making the database more accessible and easier to work with. Unlike the
EU’s carbon dioxide trading system, all information on the U.S. SO2 market was made available
one day after trading – which proves that publishing this kind of information does not impinge upon
participants’ interests. Unfortunately, euets.com, the exchange which handles the majority of
Hungarian transactions, did not provide the author with any information; the representatives of the
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