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

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Personal interviews Berki Ferenc, a Vértesi Er"m! Rt. energetikai igazgatója és Nagy László, kereskedelmi vezet", 2008. május 28. Bodroghelyi Csaba, az SGS Hungária vezet" hitelesít"je, 2008. június 2. Briglovics Gábor, a Csepeli Áramtermel" Kft. kereskedelmi igazgatója, 2008. május 30. Caneill, Jean-Yves Dr., az EDF Fenntartható Fejl"dés divíziójának projekt menedzsere, 2008. jún. 6. Chmelik, Tomas a CEZ Környezetvédelmi termékek vezet"je, 2008. június 6. Civin Vilmos, a Magyar Villamos M!vek Zrt. környezeti osztályvezet"je, 2008. május 21. Csikesz Mariann, a Vertis Kft. Kommunikációs menedzsere, 2008. június 6. Ellerman, A. Denny, az MIT közgazdász professzora, 2008. június 6. Feiler József, a Környezetvédelmi és Vízügyi Minisztérium Klímavédelmi és Energia Osztály volt osztályvezet"je, 2008. október 31. Dr. Hilger Miklós, a Magyar Cementipari Szövetség alelnöke, 2008. május 23. Hohol Gábor, az AES Tisza Er"m! Kft. szilárd tüzel"anyag menedzsere, 2008. május 27. Horváth Dániel, az E.ON Hungária Zrt. energiakeresked"je és Czinege Kornél, az Energiabeszerzés támogató szervezet vezet"je, 2008. május 26. Juhász András, JI tanácsadó, 2008. június 3. Kuhl Tibor, a Dunamenti Er"m! Zrt. vezérigazatója, 2008. május 29. Lukács Péter, az ISD Dunaferr Dunai Vasm! Zrt. stratégiai-m!szaki vezérigazató helyettese, 2008. május 29. Reiniger Róbert, a Deloitte Zrt. környezetvédelmi tanácsadás üzletág igazgatója, 2008. június 9. Rudolf Viktor, a Budapesti Er"m! Zrt., igazgató f"mérnöke, 2008. május 26. Dr. Tardy Pál, a Magyar Vas és Acélipari Egyesülés elnöke, 2008. május 23. Trenka Ervin, Bakonyi Er"m! Zrt. tanácsadó, 2008. május 22. Varró László, a MOL Nyrt. vezet" közgazdásza, 2008. május 26. és 2008. július 14. Wiltner Lilla, a Mátrai Er"m! ZRt. vegyészeti és környezetvédelmi osztályvezet"-helyettese, 2008. május 27. Zylicz, Tomasz a Varsói Egyetem professzora, 2008. június 6. 232
Author’s Publications related to the Thesis Hungarian-Language Publications Book Chapter Fazekas, D. (2008): Carbon-dioxide market (“Szén-dioxid piac”). In: „...Hogy m#velje és !rizze meg” Tanulmánygy!jtemény a környezettudatos gondolkodáshoz. pp. 67-71. Szent István Társulat Kiadó, Budapest Article in Referred Journals Andor, Á. – Fazekas, D. (2008): Accounting Aspects of Emission Trading (“A szennyezési jogok kezelése a gazdálkodó szemszögéb"l: számviteli kérdések”) Budapest Management Review (Vezetéstudomány) XXXIX (3.) pp. 44-59. Budapest Article in Other Journals Fazekas, D. (2007): Environmental tools against climate change - Emission trading (“Hogyan m!ködik az emissziókereskedelem? – Gazdasági eszközökkel a klímaváltozás ellen”) Facility Management, 2007/1. pp. 30-32. Budapest Fazekas, D. (2008): Series of articles on emission trading In: Steps toward Sustainability (“Lépések a fenntartható fejl!dés felé”) Joint journal of KÖVET and TTMK, Budapest Emission trading („Emissziókereskedelem”) Vol. 11. Issue 1. (27) pp. 6-7. Emission trading - CO2 carbon exchange launched („Emissziókereskedelem - Megindult a CO2 t"zsde”) Vol. 11. Issue 2. (28) p. 4. Emission trading („Emissziókereskedelem: CO2 hitelesítés”) Vol. 11. Issue 3. (29) p. 6. CO2 accounting, book keeping of allowances („CO2 számvitel, kvótakönyvelés”) Vol. 11. Issue 4. (30) p. 8. Emission trading („Emissziókereskedelem”) Vol. 12. Issue 1. (31) p. 17. National Climate Change Strategy is under construction („Készül a Nemzeti Éghajlatváltozási Stratégia”) Vol. 12. Issue 2. (32) pp. 17-18. Joint Implementation („Együttes végrehajtás”) Vol. 12. Issue 3. (33) p. 21. Clean Development Mechanism („Tiszta Fejlesztési Mechanizmus”) Vol. 12. Issue 4. (34) p. 20. English-Language Publications Book Chapter Fazekas, D. (2008): Auction Design for Selling CO2 Emission Allowances. In: Emissions Trading in Europe: Initial Experiences and Lessons for the Future. ed. Michael Rodi, pp.125-140. Der Juristische Verlag, Berlin Conference Paper Fazekas, D. (2008): Carbon Market Implications for the New EU Member States. Association for Promoting Research on Carbon Economy, Paris Working Paper Fazekas, D. (2007): Assessment of the EU Emissions Trading Scheme. Managing Carbon Constraints, ETH 2007, Zürich 233
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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
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Figure 42. Hungarian transactions d
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phase. CITL Data The transaction da
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International Transfers The author
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Based on these numbers, it may be c
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The two right-hand side columns in
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sales, and how much was accounted f
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the CITL only contains data on wher
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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 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: Oxford University Press, USA http:/
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