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  Emissions Trading with Clean-up Certificates: Deterring Mitigation or Increasing Ambition?

Lessmann, K., Gruner, F., Kalkuhl, M., Edenhofer, O. (2024): Emissions Trading with Clean-up Certificates: Deterring Mitigation or Increasing Ambition?, (CEPA Discussion Papers ; 79), Potsdam : University of Potsdam, Center for Economic Policy Analysis, 37 p.
https://doi.org/10.25932/publishup-64136

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Datensatz-Permalink: https://publications.pik-potsdam.de/pubman/item/item_29994 Versions-Permalink: https://publications.pik-potsdam.de/pubman/item/item_29994_1
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 Urheber:
Lessmann, Kai1, Autor              
Gruner, Friedemann1, Autor              
Kalkuhl, Matthias1, Autor              
Edenhofer, Ottmar1, Autor              
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1Potsdam Institute for Climate Impact Research, ou_persistent13              

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 Zusammenfassung: We analyze how conventional emissions trading schemes (ETS) can be modified by introducing “clean-up certificates” to allow for a phase of net-negative emissions. Clean-up certificates bundle the permission to emit CO2 with the obligation for its removal. We show that demand for such certificates is determined by cost-saving technological progress, the discount rate and the length of the compliance period. Introducing extra clean-up certificates into an existing ETS reduces near-term carbon prices and mitigation efforts. In contrast, substituting ETS allowances with clean-up certificates reduces cumulative emissions without depressing carbon prices or mitigation in the near term. We calibrate our model to the EU ETS and identify reforms where simultaneously (i) ambition levels rise, (ii) climate damages fall, (iii) revenues from carbon prices rise and (iv) carbon prices and aggregate mitigation cost fall. For reducing climate damages, roughly half of the issued clean-up certificates should replace conventional ETS allowances. In the context of the EU ETS, a European Carbon Central Bank could manage the implementation of cleanup certificates and could serve as an enforcement mechanism.

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Sprache(n): eng - Englisch
 Datum: 2024-06-172024-06-17
 Publikationsstatus: Final veröffentlicht
 Seiten: 37
 Ort, Verlag, Ausgabe: Potsdam : University of Potsdam, Center for Economic Policy Analysis
 Inhaltsverzeichnis: -
 Art der Begutachtung: -
 Identifikatoren: DOI: 10.25932/publishup-64136
Organisational keyword: Director Edenhofer
PIKDOMAIN: Director / Executive Staff / Science & Society
Organisational keyword: RD3 - Transformation Pathways
PIKDOMAIN: RD3 - Transformation Pathways
Research topic keyword: Carbon Pricing
MDB-ID: pending
 Art des Abschluß: -

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Titel: CEPA Discussion Papers
Genre der Quelle: Reihe
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Seiten: - Band / Heft: 79 Artikelnummer: - Start- / Endseite: - Identifikator: -