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

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Appendix IV. – National fees for the EU ETS Certain activities relating to the emission of greenhouse gases and the amount of the administrative service provision fee Serial No. Name of activities subject to administrative service provision fees relating to greenhouse gas emissions 200 The amount of administrative service provision fees (HUF) (section) subsection 1. Emission permit for activities resulting in the emission of greenhouse gases [Article 3 of Government Decree 272/2004. (IX. 29.)] 1.1. annual emissions
Appendix V. – Overview and main features of the auctions implemented in the pilot phase Number of auctions Date of auctions January 27, 2006 December, 2006 March 6, 2008 Ireland Hungary Lithuania 2 2 1 December 11, 2006 and March 27, 2007 201 September 10, 2007 Reserved for auctioning (EUA) Reserved for 502,201 791,523 552,000 auctioning (%) 0.75% 2.5% 1.5% Total auctioned January 2006: 250,000 December 2006: 1,197,000 (EUA) Total auctioned December 2006: 963,000 March 2007: 1,177,500 552,000 (%) 2.47% 7.5% 1,.% Lot size 500 in January 2006 1000 in December 2006 500 1,000 Deposit 3000 in January 2006 15000 in December 2006 100% collateral 100% collateral Auction design Sealed bid Sealed bid Sealed bid Minimum bid 500 in January 2006 (EUA) Minimum bid 1,000 in December 2006 1,000 1,000 increment n.a. 1 eurocent Dec.06: set at the Point Carbon 2007 EUA closing price index of the day before the auction minus 90 cents 1 eurocent Minimum price March 07: 85% of the closing Dec.07 forward price for the day before the particular auction round rounded off to 85% of the n.a. 2 decimals. market price Registry Participants Registry account owners Registry account owners account owners listed on CTL listed on CTL listed on CTL Auction type Uniform-price auction Uniform-price auction Uniform-price auction Reserve price Undisclosed Undisclosed Undisclosed Settlement time 5 days in Jan, 2 days in Dec 1 day 1 day Pre-qualification on-line, website not needed not needed Clearing price 26.32 in January 2006 (# per tonne) 6.87 in December 2006 Source: Fazekas, 2008 7.42 in December 2006, 0.88 in March 2007 0.06
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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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allowance surplus, and then increas
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agent. 23 Denmark sold 2,762 thousa
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and Water prepared its proposal on
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What was the reason for this anomal
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considered a “transfer.” Apart
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When allowances are recognized as g
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provision is to be formed against t
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the model shall be supplemented wit
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Participants of the Hungarian EU ET
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program, full sets of emissions dat
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Figure 27. The Concentration of the
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Figure 30. The Hungarian EU ETS mar
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Figure 32. Positions of Hungarian E
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Figure 40 below shows the allocatio
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3.2. The Impact of the EU ETS on Hu
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interviews, that companies looked u
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neither emissions-reduction targets
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was considered, since they all obta
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spillover effect; this, however, co
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During the pilot period, Hungarian
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to comply shall have their names pu
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eact efficiently to regulations. Th
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ensuring great enough profit, it sw
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combined with an internal price tha
Page 149 and 150: Were Emissions Actually Reduced? Co
Page 151 and 152: column) and the verified emissions
Page 153 and 154: Figure 38. Hungarian reference peri
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: Appendix III. - Accounting Aspects
Page 203 and 204: Appendix VII. - Foreign emission al
Page 205 and 206: Hungária Cementipari Rt. 2006 HU 5
Page 207 and 208: Reductions Clean Development Mechan
Page 209 and 210: Linking Directive from project acti
Page 211 and 212: VII. REFERENCES Ahman, M. - Burtraw
Page 213 and 214: Burtraw, D. - Palmer, K. - Bharvirk
Page 215 and 216: EEA (2006): Greenhouse gas emission
Page 217 and 218: Hahn, R. - Stavins, R. (1999): What
Page 219 and 220: Kaderják, P. (1997): Economics for
Page 221 and 222: Montero, J. P. (1997): Marketable P
Page 223 and 224: Philibert, C. (2006): Certainty ver
Page 225 and 226: Tietenberg, T. (1992): Relevant Exp
Page 227 and 228: Woerdmann, E. (2003): Developing ca
Page 229 and 230: Hungarian law - Hungarian governmen
Page 231 and 232: Oxford University Press, USA http:/
Page 233: Author’s Publications related to
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