Carmen Bunzl - Universidad Pontificia Comillas

Chapter 4. Case Study: Spain 201
The Triptych approach allows emission growth compared to 1990 levels for
Spain.
The Equal costs approach leads to the lowest reduction targets compared to
the other approaches. It should be noted that these results depend strongly on
the marginal abatement costs assumptions.
3.3.1.2 Emissions trading
Emissions trading is determined by a country’s reduction objective – at the
same time dependant on the emission regime - as well as their abatement
potential and costs.
Spain would be a net buyer of emission allowances. Here, large reduction
objectives can result in high costs, as it would not be able to implement all
reductions domestically. Countries that could still have excess of emission
allowances in 2020 – e.g. former Soviet Union countries – would be large
suppliers, selling their emission allowances on the EU emission trading market.
Overall, the Ability to pay regime results in the largest emissions trading,
while Equal costs shows the least emission reductions traded on the EU internal
emissions trading market.
Compared to the ‘EU 20% unilateral without CDM’ scenario, emissions after
trading in the ‘EU 20% unilateral with CDM’ would be much higher and total
internal reduction is substantially lower, as a large amount of cheap emission
reductions are in this scenario achieved via CDM outside the EU.
However, the emissions trading in both the ‘EU 20% unilateral with CDM’
and the ‘EU 30% multilateral regime’ scenarios also show the same trends as in
the ‘EU 20% unilateral without CDM’ scenario.
Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008