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Edited by Raya Salter, Carmen G. Gonzalez and Elizabeth A. Kronk Warner

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John A.P. Chandler

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John A.P. Chandler

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John A.P. Chandler

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Contextualising the issue

The Subsidisation of Heavy Polluters under Emissions Trading Schemes

Elena de Lemos Pinto Aydos

Chapter 1 introduces the book and the book chapters. It discusses the exponential increase in anthropogenic greenhouse gas (GHG) emissions in the past decades and outlines the most recent global emissions trends. The chapter then introduces the Paris Agreement and the key domestic climate change policies that are being adopted by countries in order to meet their intended nationally determined contribution (INDCs). Carbon pricing has been increasingly adopted by countries aiming to mitigate GHG emissions. However, even now, many heavy polluters participating in emissions trading schemes (ETSs) are not paying the full price of carbon. Keywords: climate change – greenhouse gas (GHG) emissions – Paris Agreement – intended nationally determined contribution (INDCs) – carbon taxes – emissions trading schemes (ETSs)

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Edited by Rafael Leal-Arcas and Jan Wouters

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Edited by Rafael Leal-Arcas and Jan Wouters

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Rafael Leal-Arcas and Jan Wouters

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Jorge E. Viñuales and Emma Lees

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Ruven Fleming

Chapter 1 introduces the two concepts of environmental protection and energy security. It assesses the main potential environmental issues as well as the major possible energy security benefits that are associated with shale gas extraction. The chapter starts by explaining what shale gas is, how it can be extracted and which terminology the industry uses. The chapter (and, indeed, the book) focuses on shale gas extraction because shale gas has the biggest potential of all `unconventionals´ to become commercially viable in the middle to long-term in Europe.