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  Raising climate ambition in emissions trading systems: The case of the EU ETS and the 2021 review

Quemin, S. (2022): Raising climate ambition in emissions trading systems: The case of the EU ETS and the 2021 review. - Resource and Energy Economics, 68, 101300.
https://doi.org/10.1016/j.reseneeco.2022.101300

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 Urheber:
Quemin, Simon1, Autor              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              

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Schlagwörter: Emissions trading Rolling horizon Market stability reserve EU ETS Climate ambition
 Zusammenfassung: We provide a quantitative assessment of policy options to inform the 2021 review of the EU Emissions Trading System (ETS) and raise climate ambition. We use a permit trading model in which firms utilize rolling finite planning horizons, which replicates historical price and banking developments well compared to an infinite horizon. When firms have bounded foresight, indirectly raising ambition through the Market Stability Reserve (MSR) is not equivalent to directly raising ambition through the emissions cap trajectory. Leveraging the MSR turns out to be efficiency improving as it compensates for firms’ bounded foresight by frontloading abatement efforts. We analyze the MSR interaction with the cap trajectory to exploit synergies and minimize the cost of raising ambition. We also provide a comparative assessment of a complete suite of changes in the MSR parameters. Whatever its parameters, MSR-induced resilience to demand shocks remains limited by design: the MSR acts more as an unconditional price support provider than as a responsive price stabilizer.

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Sprache(n): eng - Englisch
 Datum: 2021-05-022022-03-212022-04-082022-05
 Publikationsstatus: Final veröffentlicht
 Seiten: 23
 Ort, Verlag, Ausgabe: -
 Inhaltsverzeichnis: -
 Art der Begutachtung: Expertenbegutachtung
 Identifikatoren: DOI: 10.1016/j.reseneeco.2022.101300
MDB-ID: No data to archive
PIKDOMAIN: RD3 - Transformation Pathways
Organisational keyword: RD3 - Transformation Pathways
Model / method: Qualitative Methods
Model / method: Quantitative Methods
Regional keyword: Europe
Research topic keyword: Carbon Pricing
Research topic keyword: Policy Advice
Research topic keyword: Economics
OATYPE: Hybrid Open Access
 Art des Abschluß: -

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Titel: Resource and Energy Economics
Genre der Quelle: Zeitschrift, SCI, Scopus
 Urheber:
Affiliations:
Ort, Verlag, Ausgabe: -
Seiten: - Band / Heft: 68 Artikelnummer: 101300 Start- / Endseite: - Identifikator: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/Resource-Energy-Economics
Publisher: Elsevier