| 1. |
- Burtraw, Dallas, et al.
(författare)
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Climate Policy Options and Consequences in the International Spotlight: A Report for Industry on the Implications of Domestic Policy Design and Global Negotiations
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Following the 2009 Copenhagen Summit, momentum for mitigating global climate change has been spurred by the idea that success at the international level must be built around existing national policies. The Mistra Indigo research program —a collaboration among IVL Swedish Environmental Research Institute, the University of Gothenburg’s Department of Economics, and Resources for the Future—was created to analyze this bottom-up approach to climate policy. From 2012-2015 the program brought together leading experts in economics and environmental policy, with the goal of understanding how to design and select environmental policy instruments to promote longterm, cost-effective global climate change mitigation change while taking into account the uncertain ties of international policy.
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| 2. |
- Coria, Jessica, 1979, et al.
(författare)
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The progress of GHG markets : opportunities and risks
- 2010
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The climate negotiations at the COP15 in December 2009 did not produce a new international treaty with binding emissions commitments but the Copenhagen Accord for dealing with post-2012 climate change. Given the current climate negotiation process it is unlikely that we will see a global climate agreement soon on a global cap between all Convention members participating in a single carbon market. We may be more likely to see a stepwise process moving towards this scenario, most likely involving linkages between different national policy programs when it comes to mitigation as well as offsetting emissions. In such a process countries will offer commitments based on their domestic abilities, preferences and policies, norms and institutions. National and sub-national policies are thus likely to be the de-facto building blocks of nations' abilities to make and fulfill international commitments. However, also with multilateral mitigation programs without binding commitments, carbon markets will be needed as well as international authorities that support measurement, reporting and verification rules and the international registries. Such markets will necessarily be complicated and temporary in a world without an overarching binding agreement. There will be numerous tradeoffs between different kinds of second-best arrangements. The purpose of this report is to build knowledge about the effects of the development of regional and international carbon markets and the auxiliary technology agreements that might be needed. Among the topics we address are: the evolution and integration of carbon markets, the impacts of policy and technology cost uncertainty on the cost of meeting targets through a carbon market mechanism, the effect of banking, price floors and ceilings, institutional constraints and technological change in the further development of carbon markets and their links to other environmental policy instruments, and the potential of REDD-plus to encourage sustainable forest development and climate mitigation.
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| 3. |
- Löfgren, Åsa, 1972, et al.
(författare)
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Architecture of the EU Emissions Trading System in Phase 3 and the Distribution of Allowance Asset Values
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Recent changes to the EU Emissions Trading System introduce structural changes regarding the initial distribution of emissions allowances, which are worth tens of billions of euros. A key change is the expanding role for auctions, which account for about half of the allowance allocation now and will be a growing share going forward. The use of revenue from auctions is a decision left to EU Member States and appears increasingly important. Well over half of auction revenue to date has been directed to energy and climate related purposes. Further, we do not find evidence that Member States have used state aid to electricity-intensive firms to strategically support domestic industry. The trading system is evolving in a way that is likely to improve its performance, but there remain important questions related the future price of allowances and the distribution and use of asset value created under the trading system.
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| 4. |
- Löfgren, Åsa, 1972, et al.
(författare)
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The Effect of EU-ETS on Swedish Industry's Investment in Carbon Mitigating Technologies
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The European Union’s Emissions Trading Scheme (EU-ETS) is so far the largest emissions trading system in the world. It covers about 12000 installations, representing approximately 45% of EU emissions of CO2, with the objective to establish a carbon price creating incentives for cost efficient reductions of emitted green house gases. In this article we perform an expost analysis where we use detailed firm level data to analyse the effect of the EU ETS on firms’ investment decisions in carbon reducing technologies. In addition we draw on the existing literature and control for firm specific characteristics that has previously been shown to be determinants of firms’ investment in clean technology.
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| 5. |
- Löfgren, Åsa, 1972, et al.
(författare)
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Why the EU ETS needs reforming: an empirical analysis of the impact on company investments
- 2014
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Ingår i: Climate Policy. - : Informa UK Limited. - 1469-3062 .- 1752-7457. ; 14:5, s. 537-558
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Tidskriftsartikel (refereegranskat)abstract
- The European Union's Emissions Trading Scheme (EU ETS) is so far the largest emissions trading system in the world. A rigorous ex post empirical analysis of the scheme is presented. The effect of the scheme on firms' investment decisions in carbon-reducing technologies is analysed by using detailed firm-level data from Swedish industry. Based on difference-in-difference estimation as well as a before–after difference estimation, the results reveal that the EU ETS has not had a significant effect on firms’ decisions to invest in carbon-mitigating technologies. However, although the EU ETS appears to have no direct effect on investments, it is too early to dismiss the system. Consideration is given to how the EU ETS can realize its potential to become an effective tool in the EU climate and energy policy portfolio.Policy relevanceA thorough analysis and discussion considers the ability of the EU ETS to create strong incentives for investment in carbon-reducing measures. The empirical results (using detailed firm-level data from Swedish industry) add to earlier findings in the literature showing the limitations of the EU ETS to influence investments and innovation. This is a critical and pressing issue for policy makers. With even modest reforms such as the back-loading of allowances meeting strong resistance from some Member States, the future of the EU ETS is rightly put in question. A key question is whether the EU ETS can and should be reformed in a way so that it can have a real impact on investments, or whether other policy instruments should take an increasing role for long-term transformation of the energy system.
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