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dc.contributor.authorTol, Richard S. J.
dc.date.accessioned2009-05-26T12:43:14Z
dc.date.available2009-05-26T12:43:14Z
dc.date.issued2009-04-24
dc.identifier.citationRichard S. J. Tol, 'Intra- and Extra-Union flexibility in meeting the European Union's emission reduction targets', [report], Economic and Social Research Institute, 290, ESRI Working Paper, 2009-04-24en
dc.descriptionThe EU has proposed four flexibility mechanisms for the regulation of greenhouse gas emissions in the period 2013-2020: (1) the Emissions Trade Scheme (ETS), a permit market between selected companies; (2) trade in non-ETS allotments between Member States; (3) the Clean Development Mechanism (CDM) to purchase offsets in developing countries; and (4) trade in CDM warrants between Member States. This paper shows that aggregate abatement costs fall as flexibility increases. However, limited flexibility creates rents so that increasing flexibility raises costs in some Member States. Costs are reduced more by the CDM than by non-ETS trade. The CDM warrants market reduces costs by a small amount only; market power is a real issue. However, the warrants market is obsolete in case there is non-ETS trade. The CDM leads to price convergence between the ETS and non-ETS market. There would be one price for carbon in the European Union if the proposed limits on CDM access are relaxed slightly.en
dc.format.extent223547 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherEconomic and Social Research Instituteen
dc.subjectGreenhouse gas emission reductionen
dc.subjectClean development mechanism (CDM)en
dc.subjectPermit tradeen
dc.subjectGreenhouse Gas Emission Trading System (EU ETS)en
dc.subjectCarbon offsettingen
dc.subjectGreenhouse gas mitigationen
dc.titleIntra- and Extra-Union flexibility in meeting the European Union's emission reduction targetsen
dc.typereport
dc.contributor.corporatenameEconomic and Social Research Instituteen
dc.publisher.placeireland
dc.relation.ispartofseriesissue290
dc.relation.ispartofseriestitleESRI Working Paperen
dc.identifier.urihttp://hdl.handle.net/2262/30306


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