Do Carbon Permits Constitute a Respectable Asset Class? Efficiency, Liquidity and Volatility in comparison with Other Financial Markets.

Emission markets; Carbon;

Casa Fullana: a model for modern living in the tropics

Casa Fullana [Fullana House], built in 1955 in San Juan, Puerto Rico, is an exemplary model of Henry Klumb’s (1905-1984) design principles for modern living in the tropics. German architect Henry Klumb conducted a prolific architectural practice in Puerto Rico, producing some of the most iconic examples of tropical modernism in the Caribbean. His work, most notably at the University of Puerto Rico (1946-1966) (UPR) and in landmark projects like the San Martin de Porres Church (1948) in Cataño, constituted a breakthrough in Puerto Rican, Caribbean and Latin American architecture. Anchored in the principles of modern architecture, specifically of an organic architecture put forward by his mentor Frank Lloyd Wright (1867-1959), Klumb’s work is deeply rooted in the specificities of the landscape, topography, and climate of Puerto Rico as a tropical island

Motherland

A novella about Puerto Rico. Senior Project submitted to The Division of Languages and Literature of Bard College

EUA and sCER Phase II Price Drivers: Unveiling the reasons for the existence of the EUA-sCER spread.

This article studies the price relationships between EU emissions allowances (EUAs) - valid under the EU Emissions Trading Scheme (EU ETS) - and secondary Certified Emissions Reductions (sCERs) - established from primary CERs generated through the Kyoto Protocol's Clean Development Mechanism (CDM). Given the price differences between EUAs and sCERs, financial and industrial operators may benefit from arbitrage strategies by buying sCERs and selling EUAs (i.e. selling the EUAsCER spread) to cover their compliance position as industrial operators are allowed to use sCERs towards compliance with their emissions cap within the European system up to 13.4%. Our central results show that the spread is mainly driven by EUA prices and market microstructure variables and less importantly, as we would expect, by emissions-related fundamental drivers. This might be justified by the fact that the EU ETS remains the greatest source of CER demand to date.Emissions Markets; Arbitrage; EUA-sCER Spread;

Rôle du signal prix du carbone sur les décisions d'investissement des entreprises.

Cette thèse porte sur l’impact du système communautaire d’échange de quotas d’émission (SCEQE) sur les décisions d’investissement dans le secteur électrique européen. Après une description du SCEQE et autres développements majeurs, nous discutons des principaux moyens qu’ont les acteurs de conformité pour faire face à la contrainte du SCEQE : réductions d’émissions, acquisition d’actifs carbone et autres types de réactions. Nous présentons les résultats d’une revue empirique des investissements par les producteurs d’électricité européens les plus contraints par le SCEQE. Les décisions d’investissement ont été davantage motivées par des considérations stratégiques et économiques que par l’introduction d’un prix du CO2. Nous discutons des impacts de ces investissements sur la conformité carbone des producteurs d’électricité européens : tonnes de CO2 potentiellement fixées par les investissements, changements de périmètres de conformité, mais également les fuites de carbone et recours aux mécanismes de projets. Enfin, nous explorons l’impact de scénarios de prix pour les quotas sur les portefeuilles d’investissement en capacité de production électrique. Nous montrons que : le SCEQE a un rôle modeste mais central dans la réallocation des portefeuilles d’investissement ; toute indication sur la tendance de prix de long terme du carbone est très utile ; certains éléments du SCEQE n’ont qu’un effet faible sur les investissements ; les anticipations de prix du carbone influencent les décisions liées aux portefeuilles d’investissement ; si le SCEQE joue un rôle central, c’est la combinaison de politiques de réduction des émissions et autres politiques qui compte le plus.This PhD thesis focuses on the impact of the European Union Emissions Trading Scheme (EU ETS) on investment decisions in the European power sector. We provide the policy background on the EU ETS and contemporary policy and economic developments. We discuss the main types of compliance buyers’ responses to the EU ETS constraint: emissions reductions, acquisitions of additional compliance assets, and other responses. We present the results of an empirical survey of the most carbon constrained European utilities. We show that strategic and economic considerations prevailed over the introduction of the carbon price. We discuss the impact of those investments on European utilities’ EU ETS profile by looking at the potentially locked-in emissions, changes in the compliance perimeter and some specific developments relative to carbon leakage and Kyoto offsets. We offer a review of the investment decision-making approaches. Exploring the impact of carbon price scenarios on generation investment portfolios, we are able to identify that: the EU ETS has a moderate but central reallocation role in power generation investment portfolios; insights into the long-term carbon price trend are particularly helpful to unlock investment; some much discussed policy provisions only have a relatively small impact on investment portfolios; carbon price expectations impact decisions relative to power generation investment portfolios; while the EU ETS has a central role, the climate and non-climate policy mix matters most.carbon price; investment portfolios; power sector; European Union Emissions Trading Scheme; conformité carbone; portefeuilles d’investissement; industries électriques; système communautaire d’échange de quotas d’émission;

Projective architecture : studies toward the meaning and generative language of associative built form

Thesis (M.Arch.)--Massachusetts Institute of Technology, Dept. of Architecture, 1982.MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH.Bibliography: p. 250-252.by Andrés F. Mignucci-Giannoni.M.Arch

The EUA-sCER Spread: Compliance Strategies and Arbitrage in the European Carbon Market

MISSION CLIMAT WORKING PAPER N° 2010 – 6This article studies the price relationships between EU emissions allowances (EUAs) – valid under the EU Emissions Trading Scheme (EU ETS) – and secondary Certified Emissions Reductions (sCERs) – established from primary CERs generated through the Kyoto Protocol's Clean Development Mechanism (CDM). Given the price differences between EUAs and sCERs, financial and industrial operators may benefit from arbitrage strategies by buying sCERs and selling EUAs (i.e. selling the EUA-sCER spread) to cover their compliance position between these two assets, as industrial operators are allowed to use sCERs towards compliance with their emissions cap within the European system up to 13.4%. Our central results show that the spread is mainly driven by EUA prices and market microstructure variables and less importantly, as we would expect, by emissions-related fundamental drivers. This might be justified by the fact that the EU ETS remains the greatest source of CER demand to date