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

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Evans M. (2003): Emission Trading in Transition Economies: The Link between International and Domestic Policy. Energy Policy, 31(9), pp.879-886 Fankhauser, S. - Lavric L. (2003): The investment climate for climate investment: Joint Implementation in transition countries. Climate Policy, 3(4) pp. 417-434. Fazekas, D. (2008a): Carbon Market Implications for the new EU Member States, Association for Promoting Research on Carbon Economy - APREC working paper, Paris, France Fazekas, D. (2008b): Auction Design for Selling CO2 Emission Allowances under the EU ETS, Emissions Trading in Europe: Initial Experiences and Lessons for the Future. ed. Michael Rodi, pp.125-140. Der Juristische Verlag, 2008. Berlin Feiler, J. - Rabai, M. (2007): Green Investment Scheme in Hungary, Briefing. Hungarian Ministry of Environment and Water Figyel" (2003): Leveg"-vétel, article in the Hungarian newspaper Figyel" on July 17, 2003. Fischer, C. - Kerr, S. et al. (1998): Using Emissions Trading to Regulate US Greenhouse Gas Emissions: An Overview of Policy Design and Implementation Issues. National Tax Journal 51(3) pp.453-464. Fischer, C. (2002): Incentives for Innovation under Different Emissions Permit Allocation Schemes: Auctions, Grandfathering, and Output-Based. Resources for the Future, Washington, DC Fisher, C. (2003): Combining Rate-Based and Cap-and-Trade Emissions Policies. Discussion Paper 03–[32] Resources for the Future, Washington, D.C. Fogarassy, Cs. - Lukacs, A. - Nagy, H. (2008): Potential benefits of linking the Green Investment Scheme of the Kyoto Protocol with institutionalised voluntary markets like the Chicago Climate Exchange. Presentation at Royal Society ENVECON 2008. on March 14, 2008 in London, UK Freeman, J. - Kolstad, C. D. (2006): Moving to Markets in Environmental Regulation: Lessons from Twenty Years of Experience. Oxford University Press, USA Gagelmann, F. - Frondel, M. (2005): The Impact of Emission Trading on Innovation - Science Fiction or Reality?. European Environment 15, 203. Gassan-zade, Olga (2003): Economies in Transition: At the Crossroads of Development. Centre for Clean Air Policy, Kiev, Ukraine Gervasoni, G. (2008): Carbon Asset Management. Presentation at the ClimexMaster Class. February 14, 2008. Amsterdam Goulder, L. H. - Parry, I. W. H. et al. (1999): The Cost-Effectiveness of Alternative Instruments for Environmental Protection in a Second-Best Setting. Journal of Public Economics 72(3) pp.329- 360. Greening, L. - Greene, D.L. - Difiglio, C.(2000): Energy efficiency and consumption—the rebound effect—a survey, Energy Policy 28 pp.389-401. Grubb, M. - Neuhoff, K. (2006): Allocation and Competitiveness in the EU Emissions Trading Scheme: Policy Overview, Climate Policy (6) pp.7-30. Gustafsson, B. (1998): Scope and limits of the market mechanism in environmental management, Ecological Economics 24 pp.259-274. Hahn, R. - Stavins, R. (1992): Economic Incentives for Environmental Protection: Integrating Theory and Practice. The American Economic Review, 82(2), Papers and Proceedings of the Hundred and Fourth Annual Meeting of the American Economic Association. pp. 464-468. 216
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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
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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 and 214: Burtraw, D. - Palmer, K. - Bharvirk
Page 215: EEA (2006): Greenhouse gas emission
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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