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

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Csutora M. - Zilahy, Gy. (1998): Economic Analyses of Greenhouse Gas Mitigation Options in Hungary in: The Future in the Present - Changing Society, New Scientific Issues, Budapest, pp. 35-46. Csutora M. - Kerekes S. (2004): Corporate environmental management tools (A környezetbarát vállalatirányítás eszközei) KJK Kerszöv, Budapest Csutora M. - Kerekes S. - Harangozó G. - Németh P. - Zsóka Á. (2006): Influence on companies’ environmental performance (Befolyásunk a vállalatok környezetvédelmi magatartására) in: Környezeti Néz"pontok, Budapesti Corvinus Egyetem, pp. 124-139 Aula kiadó, Budapest Dales, J. H. (1968): Pollution, Property and Prices, University of Toronto Press, Toronto Daly, H. (1992): Allocation, distribution and scale: towards an economics that is efficient, just and sustainable, Ecological Economics 6, pp.185–193. DEFRA (2006a): Guidance on Annual Verification, Department of Environment, Food and Rural Affairs, UK DEFRA (2006b): Guidance on baseline data verification, Updated for Phase II to incorporate guidance on verification of Allocation Methodology rule applications and benchmark input data, Department of Environment, Food and Rural Affairs, UK del Rio Gonzalez, P. - Hernandez, F. - Gual, M. (2005): The implications of the Kyoto project mechanisms for the deployment of renewable electricity in Europe, Energy Policy 33(15),pp. 2010-2022. del Rio Gonzalez, P. (2007): The interaction between emissions trading and renewable electricity support schemes. An overview of the literature Mitig Adapt Strat Glob Change 12 pp. 1363– 1390 Deloitte (2007): ”We have the potential to reduce”, Regional analysis on carbon dioxid reduction (”Van még csökkenteni valónk”) Press release, Budapest, September 18. Deloitte (2008): Do renewable energy sources mean the solution? (”A megújuló energiaforrások jelenthetik a megoldást?”) Press release, Budapest, September 25. Demailly, D. - Quirion, P. (2006): CO2 abatement, competitiveness and leakage in the European cement industry under the EU ETS: grandfathering versus output-based allocation. Climate Policy 6, pp.93-113 Demailly, D. - Quirion, P. (2007): European Emissions Trading Scheme and competitiveness: a case study on the iron and steel industry. Energy Economics doi:10.1016/j.eneco.2007.01.020 Demsetz, H. (1964): The Exchange and Enforcement of Property Rights, Journal of Law and Economics 7, pp.11-26 Dorfman, R. - Dorfman, N. S. (1977): Economics of the Environment, W.W. Norton and Company. Dornau, R.(2004): The Emissions Trading Scheme of the European Union, Carbon Expo background information (http://www.carbonexpo.com/wEnglisch/carbonexpo2/img/dokumente/040316_Hintergrundinfo rmation_e_Carbon_Expo.pdf) Downing, P.B. - White, L.J. (1986): Innovation in pollution control. Journal of Environmental Economics and Management 13(1) EBRD (1999): Transition report 1999. Ten years of transition, European Bank for Reconstruction and Development, London. EBRD (2002): Transition report 2002. Agriculture and rural transition, European Bank for Reconstruction and Development, London. 214
EEA (2006): Greenhouse gas emission trends and projections in Europe 2006. European Environment Agency Report No 9/2006 EEA (2007): Application of the Emissions Trading Directive by EU Member States, reporting year 2007. European Environment Agency Technical report No 3/2008 EEA (2008): Greenhouse gas emission trends (CSI 010), European Environment Agency Egenhofer, C. (2002): The Compatibility of the Kyoto Mechanisms with Traditional Environmental Instruments. in C. Carraro and C. Egenhofer (eds), Firms, Governments and Climate Policy: Incentive Based Policies for Longterm Climate Change, Cheltenham, Edward Elgar. Egenhofer, C. (2007): The Making of the EU Emissions Trading Scheme: Status, Prospects and Implications for Business. European Management Journal, 25(6) pp.453-463 Ellerman, A. D. (2000): Markets for Clean Air: The U.S. Acid Rain Program. New York: Cambridge University Press. Ellerman, A. D. (2005): A Note on Tradeable Permits, Environmental & Resource Economics 31 pp. 123–131. Ellerman, A. D. - Buchner, B. K. (2007): European Union Emissions Trading Scheme: Origins, Allocation, and Early Results. Review of Environmental Economics and Policy 1(1) pp.66-87 Ellerman, A. D. - Buchner, B. K. - Carraro, C. (2006): The Allocation of European Union Allowances: Lessons, Unifying Themes and General Principles. Working Papers 2006.116, Fondazione Eni Enrico Mattei. Ellerman, A. D. - Buchner, B. K. (2006): Over-Allocation or Abatement? A Preliminary Analysis of the EU ETS Based on the 2005 Emissions Data. Working Papers 0616, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research Ellerman, A. D. - Buchner, B. K. (2007): The European Union emissions trading scheme: Origins, allocation, and early results. Review of Environmental Economics and Policy. 2007(1) pp.66-87 Ellerman, A. D. - Buchner, B. K. (2008): Over-Allocation or Abatement? A Preliminary Analysis of the EU ETS Based on the 2005–06 Emissions Data. Environmental and Resource Economics 41(2) pp.267-287 Ellerman, A. D. (2003): Ex Post Evaluation of Tradable Permits, The U. S. SO2 Cap-and-Trade Program, Working Papers 0303, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. Ellerman, A. D. - Decaux, A. (1998): Analysis of Post-Kyoto CO2 Emissions Trading Using Marginal Abatement Curves, MIT Joint Program on the Science and Policy of Global Change, Report no 40, Cambridge, MA. Ellerman, A. D. (2006): New Entrant and Closure Provisions: How do they distort? MIT Center for Energy and Environmental Policy Research (CEEPR) Working paper 06-013 Ellerman, A. D (2008): The EU Emission Trading Scheme: Prototype of a Global System, The Harvard Project on International Cilate Agreements, Discussion Paper 08-02 Ellerman, A. D. - Trotignon, R. (2008): Deciphering the CITL Surrender Data. Presentation at the 3rd EU ETS Ex Post Evaluation Workshop in Paris, France. September 18, 2008. EPA (2003): Tools of the Trade: A Guide To Designing and Operating a Cap and Trade Program For Pollution Control. United States Environmental Protection Agency Office of Air and Radiation. EPA430-B-03-002 European Commission - McKinsey - Ecofys (2005): Review of Emissions Trading scheme: Survey highlights, Brussels and Utrecht 215
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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
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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 and 212: VII. REFERENCES Ahman, M. - Burtraw
Page 213: Burtraw, D. - Palmer, K. - Bharvirk
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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