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

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Bertram, G. (1992): Tradable Emission Permits and the Control of Greenhouse Gases. Journal of Development Studies 28(3) pp. 423-446. Betz, R. - Rogge, K. - Schleich, J. (2006): EU emissions trading: An early analysis of national allocation plans for 2008-2012, Climate Policy 6, pp. 361–394. Black-Arbelaez, T. - Nondek, L. - Mintzer, I. - Moorcroft, D. - Kalas, P. J. (2000): Contributions from the National Strategy Studies Program to COP6 Negotiations Regarding CDM and JI. Washington D.C./Lyon Boemare, C. - Quirion, P. (2002): Implementing greenhouse gas trading in Europe: lessons from economic literature and international experiences. Ecological Economics 43 pp. 213-230. Boemare, C. - Quirion, P. - Sorrell, S. (2003): The evolution of emissions trading in the EU: tensions between national trading schemes and proposed EU directive. Climate Policy 3S2. pp.105–124 Bohm, P. (1992): Distributional Implications of Allowing International Trade in CO2 Emission Quotas. The World Economy 15(1) pp. 107-114. Bohm, P. (1998): Determinants of the benefits of international carbon emissions trading: theory and experimental evidence, in: Emissions Trading – Proceedings of the Conference on Greenhouse Gas Emissions Trading (Sydney May 21-22, 1998), ABARE, Canberra, 1998 Böhrin ger, C. - Hoffmann, T. - Lange, A. - Löschel, A. - Moslener, U. (2005): Assessing emissions regulation in Europe: an interactive stimulation approach. Energy Journal 26 pp.1-22. Böhringer, C. - Hoffmann, T. - Rutherford, T.F. (2007): Alternative Strategies for Promoting Renewable Energy in EU Electricity Markets, Applied Economics Quarterly 58 Supplement, pp. 9-26. Böhringer, C. - Koschel, H. - Moslener, U. (2006): Efficiency Losses from Overlapping Economic Instruments in European Carbon Emissions Regulation, ZEW Discussion Papers 06-18, ZEW - Center for European Economic Research. Boom, J. T. (2006): International Emissions Trading: Design and Political Acceptability. Dissertation, University of Groningen (http://irs.ub.rug.nl/ppn/296948772, downloaded on Nov. 20, 2007) Boom, J. T. - Nentjes, A. (2003): Alternative design options for emissions trading: a survey and assessment of the literature. In: Faure, M. - Gupta, J. - Nentjes, A. (eds) Climate Change and the Kyoto Protocol. The Role of Institutions and Instruments to Control Global Change Boom, J. T. - Svendsen, G. T. (2000): The Political Economy of International Emissions Trading Scheme Choice: A Theoretical Analysis, Journal of Institutional and Theoretical Economics Brandt, S. – Svendsen, G. T. (2003): The Political Economy of Climate Change Policy in the EU: Auction and Grandfathering. University of Southern Denmark, Department of Environmental and Business Economics, IME Working Paper 51/03 Brewer, T. L. (2005): Business perspectives on the EU emissions trading scheme, Climate Policy 5(1), pp. 137–144. Broemly, D. W. (ed. 1995): The Handbook of Environmental Economics, Blackwell Oxford UK and Cambridge USA Buchner, B. K. - Carraro, C. (2003): Emissions Trading Regimes and Incentives to Participate in International Climate Agreements. Working Papers 2003.104, Fondazione Eni Enrico Mattei Burniaux, J. M. (1999): How important is market power in achieving Kyoto? An assessment based on the GREEN model. OECD paper. Economics Directorate, OECD, Paris 212
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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
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Were Emissions Actually Reduced? Co
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column) and the verified emissions
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Figure 38. Hungarian reference peri
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* * * The effects of the EU ETS on
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(2) Transfer account of allowances,
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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
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: VII. REFERENCES Ahman, M. - Burtraw
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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