Lessons for Theory and Practice
Edited by Michael Faure and Marjan Peeters
Chapter 2: Legislative Choices and Legal Values: Considerations on the Further Design of the European Greenhouse Gas Emissions Trading Scheme from a Viewpoint of Democratic Accountability
Marjan Peeters 1. 1.1 INTRODUCTION Aim of This Chapter Emissions trading is now widely acknowledged as the major instrument for regulating greenhouse gas emissions. The effective and efficient control of greenhouse gas emissions through the issuance of a restricted amount of tradable permits is increasingly seen as an attractive approach. However, the specific design of this instrument, for which different models are available, raises many questions from an economic and legal perspective. This book focuses on how the emissions trading instrument is being applied and will be applied for regulating greenhouse gases in the European legal order. It has become clear that Europe too is seeking the correct modeling for the instrument: the European Commission already proposed a drastic revision only a few years after the initial greenhouse gas emissions trading scheme started to operate in 2005.1 Following this proposal of the Commission of 23 January 2008, important legislative decisions need to be undertaken by the Council and the European Parliament.2 We are however still at the stage of building understanding of the different design options and the related economic effects and 1 Directive of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emissions allowance trading within the Community and amending Council Directive 96/61/EC, OJ L 275/32 25.10.2003. 2 Proposal for a directive of the European Parliament and of the Council amending Directive 2003/87/EC so as to improve and extend the greenhouse gas emissions allowance trading system of the Community, COM...
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