EU carbon trading

EU carbon trading - CaseStudy TheEuropeanUnion (ETS...

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Case Study: The European Union Emissions Trading Scheme (ETS)
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Previous History
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European Mechanisms Before ETS A combinaBon of: Taxes Direct government regulaBons Government directed investment.
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Why ETS? Taxes: at EU level, REQUIRES UNANIMITY. Meant that any one government could block any change. U.K. a parBcular problem. Broadened poliBcal support (market‐friendly types supported cap‐and‐trade.) Success of U.S. SO 2 market as example.
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Overview Covers more than 10,000 installaBons with a net heat excess of 20 MW in the energy and industrial sectors which are CollecBvely responsible for close to half of the EU's emissions of CO 2 and 40% of its total greenhouse gas emissions.
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Basic Plan Large emi\ers of carbon dioxide within the EU must monitor and annually report their CO 2 emissions. They are obliged every year to return an amount of emission allowances to the government that is equivalent to their CO 2 emissions in that year.
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“Trading Period” To control for exogenous shocks (e.g.,
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