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A growing number of GHG emissions trading schemes are being implemented at regional or national levels. However, even as the number of different schemes grows, few linkages exist between them. Major cap-and-trade proposals are currently at important stages in their development, especially in the United States, Japan and Australia, some of which explicitly emphasize the aim of linking with other schemes. One of the strategic goals of European climate policy is linking the EU ETS with other comparable schemes. The research presented in this volume is on actual economic, political and institutional constraints and implications. It examines the role of linking trading schemes for the development of the post-Kyoto climate architecture and for increasing linkage between schemes. This essential research will be relevant to both the scientific community and for policymakers who are involved in the design of emerging trading schemes and offset mechanisms, as well as in designing the post Kyoto climate regime.This volume focuses specifically on: o Economic, institutional/regulatory and legal dimensions of linkingo Implications of linking on the design of emerging trading schemeso The role of linking trading schemes for the development of the post-Kyoto climate regim
Asia and the Pacific has achieved rapid economic expansion in the recent years and has become a major source of greenhouse gas (GHG) emissions. With more than half of the world’s population and high rates of economic growth, the region is especially vulnerable to the effects of climate change and therefore must play its part in cutting GHG emissions. The Paris Agreement adopted last December 2015 at the United Nations Framework Convention on Climate Change COP21 aims to restrict global warming to well below 2°C above preindustrial levels and to pursue efforts to reach 1.5°C---which is especially relevant to Asia and the Pacific region given its vulnerability. This knowledge product highlights how robust policies on emissions trading systems (ETS) can be important tools in reducing GHG emissions in a cost-effective manner, as well as supporting the mobilization of finance together with deployment of innovative technologies. There are currently 17 ETSs in place in four continents and account for nearly 40% of global gross domestic product. In Asia and the Pacific region, there are 11 systems operating, with more being planned. The growing wealth of experience on ETSs can be valuable to support DMCs that are planning and designing new systems of their own. This knowledge product summarizes some of the most significant learning experiences to date and discusses some of the solutions to alleviate challenges that have been faced. It also examines the possibilities for future linked carbon markets in the region.
This book focuses on the linking of the European Union Emissions Trading System (EU ETS) with other independent regional ETS. While rich practical and academic research has evolved on the economic and technical side of ETS linking, political drivers and barriers have so far been underrepresented in this debate. Filling this lacuna and based on international relations theory, existing research and qualitative fieldwork, this book introduces the range of political conditions that influence linking, such as political leadership and stakeholder activity. Specifically, it analyzes which of these aspects have played a role in three different linking activities of the EU: (1) a failed linking attempt: EU ETS–California Cap-and-Trade Program; (2) a successful linking treaty: EU ETS–Switzerland Emissions Trading System; and (3) an agreed-upon but not realized link: EU ETS–Australia Carbon Pricing Mechanism. Through an interrogation of these examples, Dr. Unger concludes that it is not only the technical challenges or the overall economic benefit but rather domestic interests, structural aspects, and external international political developments that have jointly dominated linking activities, especially those in which the EU takes part. This book will be of great interest to scholars and policy-makers working in climate policy and EU environmental politics.
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Paying the Carbon Price analyses the practice of freely allocating permits in Emissions Trading Schemes (ETSs) and demonstrates how many heavy polluters participating in ETSs are not yet paying the full price of carbon. This innovative book provides a framework to assist policymakers in the design of transitional assistance measures that are both legally robust and will support the effectiveness of the ETSs whilst limiting negative impacts on international trade.
For decades, the world’s governments have struggled to move from talk to action on climate. Many now hope that growing public concern will lead to greater policy ambition, but the most widely promoted strategy to address the climate crisis – the use of market-based programs – hasn’t been working and isn’t ready to scale. Danny Cullenward and David Victor show how the politics of creating and maintaining market-based policies render them ineffective nearly everywhere they have been applied. Reforms can help around the margins, but markets’ problems are structural and won’t disappear with increasing demand for climate solutions. Facing that reality requires relying more heavily on smart regulation and industrial policy – government-led strategies – to catalyze the transformation that markets promise, but rarely deliver.
The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions.
Analysing the interactions between institutions in the climate change and energy nexus, including the consequences for their legitimacy and effectiveness. Prominent researchers from political science and international relations compare three policy domains: renewable energy, fossil fuel subsidy reform, and carbon pricing. This title is also available as Open Access on Cambridge Core.
The promise of harnessing market forces to combat climate change has been unsettled by low carbon prices, financial losses, and ongoing controversies in global carbon markets. And yet governments around the world remain committed to market-based solutions to bring down greenhouse gas emissions. This book discusses what went wrong with the marketisation of climate change and what this means for the future of action on climate change. The book explores the co-production of capitalism and climate change by developing new understandings of relationships between the appropriation, commodification and capitalisation of nature. The book reveals contradictions in carbon markets for addressing climate change as a socio-ecological, economic and political crisis, and points towards more targeted and democratic policies to combat climate change. This book will appeal to students, researchers, policy makers and campaigners who are interested in climate change and climate policy, and the political economy of capitalism and the environment.
The first detailed description and analysis of the European Union Emissions Trading Scheme.