لایب سان

Author(s): Simone Borghesi, Massimiliano Montini, Alessandra Barreca (auth.)

Series: SpringerBriefs in Environmental Science

Publisher: Springer International Publishing, Year: 2016

ISBN: 978-3-319-31185-2, 978-3-319-31186-9

Contents 1 The EU ETS: The Pioneer—Main Purpose, Structure and Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.2 The Current EU ETS Legislative Framework. . . . . . . . . . . . . . . 2 1.3 EU ETS Purpose and Scope . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1.4 The Actors of the EU ETS: The Duties of the Operators and of the Participating States and the Sanctions Against Non-compliant Operators . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.5 Allocation Regime and Validity of the European Union Allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1.5.1 General Rules for Allocation of EUAs . . . . . . . . . . . . . 6 1.5.2 The EU-Wide Cap for Stationary Installations and for Aircraft Operators . . . . . . . . . . . . . . . . . . . . . . 6 1.5.3 The Allocation Rules for EUAs to Stationary Installations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.5.4 The Benchmarks and the Special Regime for Manufacturing and Risk of Carbon Leakage . . . . . . . . . 8 1.6 The New Entrants Reserve (NER) and the NER300 Programme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1.7 Article 27 of the EU ETS Directive: The Exclusion of Small Installations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 1.8 The Auctioning Regime . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 1.8.1 The Rules on Timing, Administration and Other Aspects of the Auctioning of GHG Emission Allowances According to EC Directive 2003/87 and EC Regulation 1031/2010 . . . . . . . . . . . . . . . . . . . 13 1.8.2 The Auction Revenues . . . . . . . . . . . . . . . . . . . . . . . . 15 1.9 The Union Registry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 vii 1.10 Carbon Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1.11 Incentives to Eco-Innovation and Technological Effectiveness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1.12 Back-Loading and Proposals for Other Structural Reforms of the EU ETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 2 California, RGGI, Quebec: The Followers. . . . . . . . . . . . . . . . . . . . 29 2.1 The California Cap and Trade Scheme . . . . . . . . . . . . . . . . . . . 29 2.1.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2.1.2 The California ETS: Main Scope, Purpose, Structure and Features . . . . . . . . . . . . . . . . . . . . . . . . 30 2.1.3 Duties of the Covered Entities and Competences of the California Air Resource Board (CARB) Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 2.1.4 Sanctions Against Non-compliant Entities . . . . . . . . . . . 33 2.1.5 The Allocation Regime of the California Allowances . . . 33 2.1.6 The California Instruments Tracking System (CITSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 2.1.7 Carbon Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 2.1.8 Auction Revenues and Incentives to Environment-Friendly Technologies . . . . . . . . . . . . . 39 2.1.9 Compliance Cost Assessment . . . . . . . . . . . . . . . . . . . 41 2.1.10 Environmental Performance: Preliminary Evaluation . . . . 43 2.2 The Regional Greenhouse Gas Initiative (RGGI) . . . . . . . . . . . . 44 2.2.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 2.2.2 The RGGI: Main Scope, Purpose, Structure and Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 2.2.3 Duties of the Covered Operators and Competences of the Regulatory Agency . . . . . . . . . . . . . . . . . . . . . . 45 2.2.4 Sanctions Against Non-compliant Operators . . . . . . . . . 48 2.2.5 The Allocation Regime of the RGGI Allowances . . . . . . 48 2.2.6 The RGGI CO 2 Allowance Tracking System (COATS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 2.2.7 Carbon Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 2.2.8 Auction Revenues and Incentives to Environment-Friendly Technologies . . . . . . . . . . . . . 57 2.2.9 Compliance Cost Assessment . . . . . . . . . . . . . . . . . . . 58 2.2.10 Environmental Performance: Preliminary Evaluation . . . . 60 2.3 The Quebec Cap and Trade System . . . . . . . . . . . . . . . . . . . . . 61 2.3.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 2.3.2 The Quebec Cap and Trade: Main Scope, Purpose, Structure and Features . . . . . . . . . . . . . . . . . . . . . . . . 61 2.3.3 Duties of the Covered Operators and Competences of the Ministry for the Environment of Quebec . . . . . . . 62 viii Contents 2.3.4 Sanctions Against Non-compliant Operators . . . . . . . . . 63 2.3.5 The Allocation Regime of the Quebec Allowances . . . . . 64 2.3.6 The Quebec Compliance Instrument Tracking System Service (CITSS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 2.3.7 Carbon Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 3 Comparing the EU ETS with Its Followers . . . . . . . . . . . . . . . . . . . 71 3.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 3.2 Evolution of the Emission Trading Schemes . . . . . . . . . . . . . . . 72 3.3 The EU ETS: Lessons Learnt . . . . . . . . . . . . . . . . . . . . . . . . . 73 3.4 The EU ETS, Eco-Innovation and Environmental Effectiveness: Early Experiences . . . . . . . . . . . . . . . . . . . . . . . 78 3.5 The Other ETSs: Differences and Similarities . . . . . . . . . . . . . . 80 3.6 A Few Emerging Trends from the Comparative Analysis . . . . . . 85 3.7 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 4 Linking Emission Trading Schemes . . . . . . . . . . . . . . . . . . . . . . . . 91 4.1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 4.2 Exploring Different Types of Linking . . . . . . . . . . . . . . . . . . . . 92 4.3 The Proper Legal Framework for Linking . . . . . . . . . . . . . . . . . 94 4.4 Linking ETSs: Main Drivers, Pros and Cons . . . . . . . . . . . . . . . 95 4.5 Linking ETSs: Necessary and Optional Features . . . . . . . . . . . . 97 4.5.1 Necessary Features . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 4.5.2 Optional Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 4.6 Options for Linking: A Critical Assessment. . . . . . . . . . . . . . . . 102 4.6.1 Option 1: A Global Single ETS . . . . . . . . . . . . . . . . . . 102 4.6.2 Option 2: A Multilateral Agreement Among Regional/Domestic ETS Regimes . . . . . . . . . . . . . . . . . 104 4.6.3 Option 3: One or More Bilateral Agreements Between Regional/Domestic ETSs . . . . . . . . . . . . . . . . 105 4.7 Beyond Linking? Risks and Opportunities of the ETS Financialisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 4.8 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Contents ix

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