Emissions Trading: Fighting climate change with the market
The EU ETS is described by the European Commission as the cornerstone of its strategy to combat climate change and it is the main policy instrument for reaching the EU’s climate objectives. The EU ETS has also been widely criticised with arguments worth regarding. This book aims at putting emissions trading into perspective, in the EU and the world, to the interested but not necessarily specialist reader.
Ever since the EU ETS was first established in 2005 it has been surrounded by rumours about its imminent decease, and the list of events that has made the emissions trading subject to criticism is long. There has been ongoing discussion on how to reform it. But the EU ETS has survived and will probably remain a cornerstone of the European climate policy. A functioning EU ETS is therefore not only important for Europe, but also important for carbon pricing all over the world.
This book leads you through the history of EU ETS since its introduction in 2005 until today, it goes through the main features of the latest EU ETS reform concluded in 2018 and looks at the effects of overlapping climate policies with the EU ETS, discussing whether the latest EU ETS reform will deal with these effects. We look at emissions trading in other parts of the world, linkages between them, and in the Paris Agreement.
At the end of each chapter, the authors set out their policy recommendations for the future. It is hoped that this book will be valuable to those involved in policymaking, as well as the academic reader, and inspire further interest in emissions trading and market-based solutions to climate change.