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'Emission trading schemes have become instruments of choice in climate change policy across many jurisdictions, and this has led to massive experimentation across very different contexts. The scale and urgency of the climate change problem and the real-life complexity of emission trading schemes combine to make high quality, detailed studies necessary, important, and sometimes fascinating. This book scores on all these fronts. By putting practical implementations within a sound theoretical framework, it will be of value both for seasoned and not so seasoned scholars and policymakers.'
- Javier de Cendra de Larragán, IE Law School, Spain
Emissions trading is becoming an increasingly popular policy instrument with growing diversity in design. This book examines emissions trading design, emissions trading implementation problems and how to address them.
In an easily accessible way, the book examines advantages and disadvantages of emissions trading and presents policy considerations that designers should not neglect. Stefan Weishaar reviews the main implementation challenges emissions trading faces and assesses how they can be addressed in an effective, efficient and acceptable way. By reviewing existing and emerging emissions trading systems around the world, the book describes why emissions trading systems are used in an environmental policy mix, how an emissions trading system can be designed, what special design issues should be duly considered, and with whom emissions trading systems can be linked.
Written from both a legal and an economic perspective, this book will appeal to academic researchers and postgraduate students in environmental law and policy, and those focused on energy and climate change issues. It will also be essential reading for policymakers, managers and consultants working in this field.
Contents: 1. Introduction 2. Emission Trading and Alternative Instruments 3. Design Variants of Emissions Trading 4. Real-life Applications of Emissions Trading Systems 5. Implementation Issue 1: Initial Allocation of Emission Rights 6. Implementation Issues 2: Secondary Market for Emissions Rights 7. Implementation Issue 3: Operational Aspects of Emission Rights 8. Implementation Issue 4: Lawsuits Following from Emissions Trading 9. Linking Emissions Trading Schemes 10. Concluding Remarks References Index
- Sales Rank: #3710303 in Books
- Published on: 2014-04-28
- Original language: English
- Dimensions: 9.25" h x 6.25" w x .75" l,
- Binding: Hardcover
- 256 pages
About the Author
Stefan E. Weishaar, Associate Professor of Law and Economics, University of Groningen, The Netherlands
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Emissions trading to reduce greenhouse gases....
By Phillip Taylor MBE
A NEW TREATISE FROM ELGAR’S ‘NEW HORIZONS IN ENVIRONMENTAL AND ENERGY LAW’ SERIES
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
At first glance, the title of this book might seem either confusing or incomprehensible to all but environmentalists or environmental lawyers. What the term ‘emissions trading’ refers to, however, is a ‘market based’ instrument that, in the words of the author, ‘policy makers can use to achieve environmental objectives’.
The most important environmental objective that one can think of is, of course, the reduction of greenhouse gases worldwide. “Emissions trading” is one of several instruments, or systems, if you like, which allows polluters (installations that emit large quantities of greenhouse gases) to ‘trade’ their abatement activities with emitters who, we assume, do not pollute as much.
Therefore, says the author, an associate professor of law at the University of Groningen, ‘the emitter with the lowest abatement costs will sell its abatement efforts in the form of emission allowances to polluters who have higher abatement costs….. it is a cost-effective means of reducing emissions.’
Since the concept of emissions trading was first proposed back in 1968 by a North American scientist, a considerable number of initiatives have been launched worldwide aimed at implementing such systems effectively – all, or most of which, are detailed in this book.
The Kyoto Protocol is probably one of the best known examples, although not embraced by the United States. Nonetheless, it was the US SO2 trading system which, to a large extent, inspired the European Emissions Trading Scheme (the EU ETS). The author then points out that in 2005, the EU ETS started as a multi-jurisdictional attempt to reduce CO2 emissions primarily from four broad sectors: energy, ferrous metals production, minerals and pulp and paper.
The main issue dealt with a thorough and scholarly manner in this book is therefore how to design an emissions trading scheme, including how to identify the possible problems involved … how to address such problems when they arise… and with whom emissions trading systems can be linked. Inevitably the advantages and disadvantages of emissions trading are carefully considered throughout the learned text, as are other key considerations such as design variants and the consequent variety of choice faced by policy makers in deciding which system to implement.
Speaking of which, policy makers in the relevant government bodies will undoubtedly consider this book essential reading, as will environmental lawyers of course, as well as technical consultants advising in this field. With its meticulous footnoting throughout, not to mention the detailed bibliography of over 20 pages, this book certainly emerges as a superb research tool for those seeking to enhance their understanding of this important environmental topic.
Part of Edward Elgar’s highly regarded ‘New Horizons in Environmental and Energy Law’ series the book was published as at 2014.
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