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dc.contributor.authorChevallier, Julien
HAL ID: 7536
dc.date.accessioned2010-07-20T09:05:30Z
dc.date.available2010-07-20T09:05:30Z
dc.date.issued2011
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/4612
dc.language.isoenen
dc.subjectEmissions Marketsen
dc.subjectGreenhouse Gases Reductionsen
dc.subjectEU Emissions Trading Schemeen
dc.subjectClean Development Mechanismen
dc.subjectKyoto Protocolen
dc.subjectEU ETSen
dc.subjectCDMen
dc.subject.ddc333en
dc.subject.classificationjelQ58en
dc.subject.classificationjelQ48en
dc.subject.classificationjelQ57en
dc.subject.classificationjelQ54en
dc.titlePrice relationships in the EU emissions trading systemen
dc.typeChapitre d'ouvrage
dc.description.abstractenThe Emissions Trading Scheme (ETS) constrains industrial polluters to buy/sell CO2 allowances depending on a regional depolluting objective of -8% of CO2 emissions by 2012 compared to 1990 levels. Companies may also buy carbon offsets from developing countries, funding emissions cuts there instead, under a Kyoto Protocol Clean Development Mechanism (CDM). This article critically analyzes the price relationships in the EU emissions trading system. The United Nations Framework Convention on Climate Change (UNFCCC) delivers credits that may be used by European companies for their compliance needs. Certified Emissions Reductions (CERs) from CDM projects are credits flowing into the global compliance market generated through emission reductions. EUAs (EU Allowances) are the tradable unit under the EU ETS. Besides, the EU Linking Directive allows the import for compliance into the EU ETS up to 13.4% of CERs on average. This article details the idiosyncratic risks affecting each emissions market, be it in terms of regulatory uncertainty, economic activity, industrial structure, or the impact of other energy markets. Besides, based on a careful analysis of the EUA and CER price paths, we assess common risk factors by focusing more particularly on the role played by the CER import limit within the ETS.en
dc.identifier.citationpages212-220
dc.relation.ispartoftitleGreen Finance and Sustainability : Environmentally-Aware Business Models and Technologiesen
dc.relation.ispartofeditorLuo, Zongwei
dc.relation.ispartofpublnameIGI Globalen
dc.relation.ispartofdate2011
dc.relation.ispartofpages568
dc.relation.ispartofurlhttp://dx.doi.org/10.4018/978-1-60960-531-5
dc.identifier.urlsitehttp://halshs.archives-ouvertes.fr/halshs-00458728/fr/en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie de la terre et des ressources naturellesen
dc.relation.ispartofisbn978-1-60960-531-5


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