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Climate Protection through Tradable Permits: The EU Proposal for an Emissions Trading System in Europe. European Environment 12

By Frank Gagelmann, Bernd Hansjürgens, Frank Gagelmann, Bernd Hansjürgens and The Eu Proposal For A

Abstract

The authors would like to thank Peter Zapfel from the European Commission for valuable comments on EU-specific matters. On 23 October 2001 the European Commission adopted a proposal for a directive for trade in greenhouse gas emissions. Following the US experience of emissions trading systems, this marks the first large-scale attempt to deploy this instrument of environmental policy in Europe. The proposal places European climate protection policy on a completely new footing. The prospects of its implementation have increased since the climate change conference in Marrakech. This paper introduces the draft directive and gives an initial economic appraisal. It concludes that the directive deliberately – and wisely- limits the scope of the first trading phase starting 2005. Consequently, there is still considerable scope for increasing its efficiency (resulting from gains from trading) in later phases, namely by extending both the number of participants and the gases included. The number of participants in the first phase and the institutional arrangements, however, appear sufficient to enable a liquid, functioning market. In thi

Year: 2002
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