Edited by Geert Van Calster, Wim Vandenberghe and Leonie Reins
Chapter 21: The EU emissions trading system: frontrunner in trouble
The EU’s emissions trading system is a frontrunner in trouble. Despite the substantial reform of the system in 2008, subsequent problems of allowance surplus and a low carbon price have spurred new efforts to reform the system for the 2013–20 phase. But these efforts have met resistance both among industry, member states and in the European Parliament. The financial crisis and slow international policy progress have narrowed the window of opportunity that was open in 2008. An economic upswing, a new Commission and Parliament, and new global negotiations in 2015 could open that window again. But even without short-term reform the linear reduction factor will gradually tighten the system and lead to a higher carbon price.
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