Suchergebnisse

To improve risk management in the European Union Emissions Trading Scheme (EU ETS), the European Climate Exchange (ECX) has introduced option instruments in October 2006 after regulatory authorization. The central question we address is: can we identify a potential destabilizing effect of the introduction of options on the underlying market (EU ETS futures)? Indeed, the literature on commodities futures suggest that the introduction of derivatives may either decrease (due to more market depth) or increase (due to more speculation) volatility. As the identification of these effects ultimately remains an empirical question, we use daily data from April 2005 to April 2008 to document volatility behavior in the EU ETS. By instrumenting various GARCH models, endogenous break tests, and rolling window estimations, our results overall suggest that the introduction of the option market had no effect on the volatility in the EU ETS. These finding are robust to other likely influences linked to energy and commodity markets.

Zweifellos stellt eine der größten globalen Herausforderungen für die nächsten Jahrzehnte auf dem Gebiet des Umweltschutzes, "die Reduktion des durch den Menschen verursachten Treibhauseffektes" dar und des damit einhergehenden, durch den Menschen beeinflussten Klimawandels, welcher als Faktum durch den Weltklimagipfel der Vereinten Nationen 1992 in Rio de Janeiro anerkannt wurde.Aus diesem Grund wird es unumgänglich sein, Reduktionsschritte auf internationaler und nationaler Ebene weiter zu forcieren, damit das durch den Klimavertrag von Paris geforderte Zwei-Grad-Ziel erreicht werden kann. Es muss daher alles darangesetzt werden, dass sich die Treibhausgaskonzentration in der Atmosphäre auf einem Niveau stabilisiert, das eine natürliche Anpassung der Ökosysteme an die klimatischen Veränderungen ermöglicht.Beispielsweise waren 2015 allein die Sektoren der Energie und Industrie für 45,4 % aller THG-Emissionen in Österreich verantwortlich. Rund 45 % der emittierenden Anlagen, inklusive Flugverkehr, werden durch das EU-ETS erfasst. Der Rest, in etwa 55 % der Anlagen zählt zu dem vom Emissionshandel ausgenommen Bereich, dem sogenannten NON-ETS Bereich.Die vorliegende Arbeit beleuchtet kritisch den NON-ETS Bereich des Anlagenrechts und geht der Frage nach, wie in diesem der Klimaschutz berücksichtigt wird. Zu Beginn werden die völkerrechtlichen Vertragswerke skizziert, die sich auf den Klimawandel beziehen. Anschließend wird auf die klimapolitischen Strategiepapiere der EU eingegangen sowie darauf, wie aus diesen klimaschutzrelevante VO und RL entstanden sind. Abschließend wird dargelegt, wie der österreichische Gesetzgeber diese in Bezug auf Genehmigung und Betrieb von Anlagen berücksichtigt. Exemplarisch werden dazu drei Materiengesetze im Hinblick auf ihre Würdigung des Klimaschutzes untersucht. ; Undoubtedly, one of the greatest global challenges in the field of environmental protection for the next decades will be the reduction of man-made greenhouse effects and the associated man-made climate change, which was agreed upon to be a fact by the United Nations World Climate Summit in 1992 Rio de Janeiro.Therefore, it will be inevitable to push the reduction steps further on an international and national level to achieve the two-degree target demanded by the Paris Climate Agreement. Everything must be done in order to ensure that the greenhouse gas concentration in the atmosphere stabilizes to a level that the ecosystems can naturally adapt to climatic changes.For example, the energy and industry sectors alone were responsible for 45.4% of all greenhouse gas emissions in Austria in 2015. Around 45% of the just mentioned emitting sectors, including air traffic, are covered by the European Emission Trading Scheme. The rest, around 55%, belongs to the area excluded from emissions trading, the so-called NON-Emission Trading Scheme.The present paper critically examines industrial plants belonging to the NON-Emission Trading Scheme and how climate protection is taken into account in plant related legislation. At the beginning, the international treaties which deal with climate change will be outlined. Then the European Unions climate policy strategy papers will be discussed and how climate protection relevant regulations and directives have emerged from it. Finally, it is shown how the Austrian legislature takes this into consideration with regard to permitting and operating such industrial plants. In an exemplary way, three special administrative laws are presented and evaluated and in which way they pay tribute to climate protection. ; vorgelegt von Martin Lippitsch ; Abweichender Titel laut Übersetzung des Verfassers/der Verfasserin ; Karl-Franzens-Universität Graz, Diplomarbeit, 2020 ; (VLID)5815741

The political debate on raising EU's greenhouse gas (GHG) emission reduction target for 2030 from at least 40 percent up to 55 percent or even higher is in full swing. While the European Commission has proposed to reduce emissions by at least 55 percent below 1990 levels, the European Parliament went a step further and adopted a target of 60 percent emissions reductions. This paper intends to enrich ongoing debates on the "how" the EU could commit to a 2030 mitigation objective, with the highest ambition possible as committed to the Paris Agreement.

Comunicação apresentada no World Congress of Environmental and Resource Economists 4th Edition, Montréal, Canada, 2010 ; The present paper is the first to simultaneously include rules and parameters that try to parallel the EU ETS in the laboratory. To study the adequacy of the institution chosen for the EU ETS is our goal as well as testing the impact of changing the initial allocation rule: auctioning instead of grandfathering, in two different experimental treatments. The use of auctions as a rule for the initial allocation method for CO2 emission permits, in the next stages of the EU ETS (European Union Emissions Trading Scheme) is a subject the European Commission and its Member-States are currently discussing and evaluating. This paper is the first to experimentally test the Ausubel (2004) auction for the case of CO2 emission permits in the EU ETS, a theoretically efficient dynamic design for multiple units with results equivalent to the Vickrey auction. Our experimental results suggest that the Ausubel auction does not allocate CO2 emission permits efficiently but at the end total abatement cost minimization is still achieved in the auctioning treatment. The importance of the secondary market, and its functioning rules, is highlighted in this experimental treatment. Moreover, we conclude efficiency is the same whether emission permits are initially auctioned or grandfathered. ; info:eu-repo/semantics/publishedVersion

Carbon leakage is central to the discussion on how to mitigate climate change. The current carbon leakage literature focuses largely on industrial production, and less attention has been given to carbon leakage from the electricity sector (the largest source of carbon emissions in China). Moreover, very few studies have examined in detail electricity regulation in the Chinese national emissions trading system (which leads, for example, to double counting) or addressed its implications for potential linkage between the EU and Chinese emissions trading systems (ETSs). This article seeks to fill this gap by analysing the problem of carbon leakage' from the electricity sector under the China ETS. Specifically, a Law & Economics approach is applied to scrutinize legal documents on electricity/carbon regulation and examine the economic incentive structures of stakeholders in the inter-/intra-regional electricity markets. Two forms of electricity carbon leakage' are identified and further supported by legal evidence and practical cases. Moreover, the article assesses the environmental and economic implications for the EU of potential linkage between the world's two largest ETSs. In response, policy suggestions are proposed to address electricity carbon leakage, differentiating leakage according to its sources.Key policy insights Electricity carbon leakage in China remains a serious issue that has yet to receive sufficient attention.Such leakage arises from the current electricity/carbon regulatory framework in China and jeopardizes mitigation efforts.With the US retreat on climate efforts, evidence suggests that EU officials are looking to China and expect an expanded carbon market to reinforce EU global climate leadership.Given that the Chinese ETS will be twice the size of the EU ETS, a small amount of carbon leakage in China could have significant repercussions. Electricity carbon leakage should thus be considered in any future EU-China linking negotiations.

In Ergänzung zum EU-ETS 1 soll ein separates Emissionshandelssystem (EU-ETS 2) innerhalb des Anwendungsbereichs der Effort Sharing Regulation (ESR) für den Verbrauch fossiler Energien im Bereich Gebäude, Straßenverkehr sowie in zusätzlichen Sektoren geschaffen werden. Dieser EU-ETS 2 soll im Jahr 2027 starten und ist analog zum deutschen nationalen Emissionshandel (nEHS) als Upstream System ausgestaltet.

Linking the European Union Emissions Trading System (EU ETS) to the Chinese national ETS promises considerable economic and political benefits. However, different policy choices regarding cap setting between the systems are likely to impede a potential linking. A striking distinction is that the EU ETS relies upon an absolute cap, while the Chinese national ETS appears to apply an 'intensity-based cap' during the early stages. The current linking literature focuses on mapping legal barriers in general and has not yet focused on EU and China, let alone the intricacies of policy design. This article seeks to fill this gap by concentrating on (static and dynamic) efficiency and environmental effectiveness implications of linking and cap design. From the analysis of the cap we derive policy implications for a hypothetical ETS linking between the EU and China. In response, comprehensive and predictable regulation is needed to ensure the attainment of ETS targets and thus facilitate better regulation.