Research Handbook on Emissions Trading
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Research Handbook on Emissions Trading

Edited by Stefan E. Weishaar

Research Handbook on Emissions Trading examines the origins, implementation challenges and international dimensions of emissions trading. It pursues an interdisciplinary approach drawing on law, economics and at times, political science, to present relevant research strands regarding emissions trading. Intermixing theoretical insights with experiences from existing trading systems, this Handbook offers insights that can be applied around the world. It identifies key bodies of research for both upcoming and seasoned people in the field and highlights future research opportunities.
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Chapter 12: Allowance ‘surplus’ and governance implications

Christian de Perthuis and Raphael Trotignon

Abstract

The European emissions trading scheme (EU ETS) is the centrepiece of Europe’s climate policy. The system has been undermined variously by the weakness of its regulation, an undesirable overlap with other public policies and the far-reaching economic and financial crisis that caused the market price of allowances to plunge. This chapter attempts to identify the conditions for making the coming years of the EU ETS a success. It draws historical lessons from the eight years the scheme has been in operation, and then presents the various interventions by the public authorities currently under discussion in order to revive the market. Finally, the chapter proposes to draw lessons from monetary policy by outlining what might be the mandate of an Independent Carbon Market Authority, with responsibility for the dynamic management of the supply of allowances, and whose main mission would be to ensure the optimal linkage between the different temporal horizons of the climate strategy.

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