Pricing Carbon

Pricing Carbon : The European Union Emissions Trading Scheme

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The European Union's Emissions Trading Scheme (EU ETS) is the world's largest market for carbon and the most significant multinational initiative ever taken to mobilize markets to protect the environment. It will be an important influence on the development and implementation of trading schemes in the US, Japan, and elsewhere. However, as is true of any pioneering public policy experiment, this scheme has generated much controversy. Pricing Carbon provides the first detailed description and analysis of the EU ETS, focusing on the first 'trial' period of the scheme (2005-7). Written by an international team of experts, it allows readers to get behind the headlines and come to a better understanding of what was done and what happened based on a dispassionate, empirically based review of the evidence. This book should be read by anyone who wants to know what happens when emissions are capped, traded, and priced.
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'With the global debate now firmly focused on the creation of further carbon markets and the need for international linking, we must never underestimate the influence of the EU's pioneering Emissions Trading Scheme. This created the world's largest carbon market and is the most significant public policy initiative ever to use the market place to protect the environment. Pricing Carbon is a fascinating, detailed but reader-friendly description of the EU ETS by an international team of experts and provides an invaluable evidence-based review of the first phase (2005-2007) - 'warts and all'. Even the impressive bibliography itself was worth publishing!' Avril Doyle, former MEP and Rapporteur of the 2008 ETS Directive 'With its empirical focus, this myth-busting book demonstrates the scheme's achievements and flags its ongoing challenges. ... For those who want to learn the real lessons of the EU ETS experience, there is no better source than Pricing Carbon.' Nature
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About A. Denny Ellerman

A. Denny Ellerman is Senior Lecturer at the Sloan School of Management, Massachusetts Institute of Technology. Frank J. Convery is Heritage Trust Professor of Environmental Policy at University College Dublin. Christian de Perthuis is Associate Professor of Economics at the University Paris-Dauphine and Head of the Mission Climat of the Caisse des Depots, France. Emilie Alberola is Research Fellow at the Mission Climat of the Caisse des Depots, France. Richard Baron is Head of the Climate Change Unit at the International Energy Agency, France. Barbara K. Buchner is Senior Energy and Environment Analyst at the International Energy Agency (IEA), France. Anais Delbosc is a researcher at the Mission Climat of the Caisse des Depots, France. Cate Hight is Research Fellow at the Mission Climat of the Caisse des Depots, France. Jan Horst Keppler is Professor of Economics at the University of Paris-Dauphine and Director of the Energy program at the French Institute of International Relations (IFRI).
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Table of contents

List of figures; List of tables; List of boxes; List of appendices; Frequently used abbreviations; 1. Introduction; 2. Origins and development of the EU ETS; 3. Allowance allocation; 4. Effects of free allocation; 5. Market development; 6. Emissions abatement; 7. Industrial competitiveness; 8. Costs; 9. Linkage and global implications; 10. Conclusions; 11. Annex: the interaction between the EU ETS and European electricity markets; 12. Appendices; 13. Bibliography; Index.
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