Preparing for the ‘real’ market: national patterns of institutional learning and company behaviour in the European Emissions Trading Scheme (EU ETS)

2008 ◽  
Vol 18 (5) ◽  
pp. 276-297 ◽  
Author(s):  
Anita Engels ◽  
Lisa Knoll ◽  
Martin Huth
Keyword(s):  
Emissions Trading ◽  
Eu Ets ◽  
The Real ◽  
Emissions Trading Scheme ◽  
Institutional Learning ◽  
Real Market ◽  
Trading Scheme

Market efficiency and the basis in the European Union Emissions Trading Scheme

2014 ◽  
Vol 41 (4) ◽  
pp. 615-628 ◽  
Author(s):  
Andros Gregoriou ◽  
Jerome Healy ◽  
Nicola Savvides
Keyword(s):  
Emissions Trading ◽  
Eu Ets ◽  
The European Union ◽  
Content Type ◽  
Spot Prices ◽  
Emissions Trading Scheme ◽  
Cost Of Carry ◽  
Trading Scheme ◽  
The Cost ◽  
The Eu

Purpose – The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits. Design/methodology/approach – The methodology involves non-linear mean reverting unit root tests. Findings – The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures. Originality/value – The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

Research on MRV Establishing in Future Emissions Trading Scheme in China - Based on Analysis on MRV of Overseas Representative Ets

2012 ◽  
Vol 524-527 ◽  
pp. 2641-2645
Author(s):  
Chun Mei Liu ◽  
Xiao Hua Wang ◽  
Mao Sheng Duan
Keyword(s):  
Emissions Trading ◽  
Eu Ets ◽  
Comparison Analysis ◽  
Resource Monitoring ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Reporting And Verification ◽  
Future Emissions

This paper focused on the monitoring, reporting and verification (MRV) establish in China’s future emissions trading scheme (ETs) through the experience from overseas MRV of emissions trading scheme. First, introduced what is ETs and theory of emissions trading scheme. Then, analyzed the key elements in ETs and the effect of MRV in establishing ETs. Third, using comparison analysis summarized the general requirements from MRV of EU ETS, JVETS and RGGI. Finally, summarized the experiences in the aspects: identification of boundary, emission resource, monitoring methodologies, reporting and verification. And proposed some suggestions for MRV establishing in China’s future ETs.

scholarly journals Carbon financial markets underlying climate risk management, pricing and forecasting: Fundamental analysis

2020 ◽  
Vol 4 (4) ◽  
pp. 31-44
Author(s):  
Adil El Amri ◽  
Rachid Boutti ◽  
Salah Oulfarsi ◽  
Florence Rodhain ◽  
Brahim Bouzahir
Keyword(s):  
Financial Markets ◽  
Clean Development Mechanism ◽  
Emissions Trading ◽  
Fundamental Analysis ◽  
Energy Prices ◽  
Eu Ets ◽  
Weather Events ◽  
Emissions Trading Scheme ◽  
Climate Risk Management ◽  
Trading Scheme

Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and demonstrates a variety of determinants of CO2 prices (EUA) to be used in econometric techniques. This paper details the main carbon price drivers related to institutional decisions, energy prices, and weather events. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding Carbon financial markets sphere. It features stylized facts about Carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices, and extreme weather events), risk, and portfolio management. Aimed at those with fundamental analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread, and Switch Price. Third, we provide a descriptive analysis of atmospheric variables, structural variations, and the Subprime crisis and their impacts on the price development of EU CO2 allowances. Keywords: Fundamental analysis, European Union Emissions Trading Scheme, Clean Development Mechanism (CDM), Determinants of CO2 prices (EUA), Climate risk management.

scholarly journals Derechos de emisión temporales procedentes de actividades de forestación y reforestación en el EU ETS

2011 ◽  
Vol 7 (14) ◽  
pp. 21
Author(s):  
Ignacio Bachiller Méndez ◽  
José Luis Fernández-Cavada Labat ◽  
Jaime Martín Juez
Keyword(s):  
Climate Change ◽  
European Union ◽  
Future Development ◽  
Clean Development Mechanism ◽  
Emissions Trading ◽  
Eu Ets ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Flexible Mechanisms ◽  
The Eu

The authors have assessed the regulatory framework set by the UNFCCC (United Nations Frame Convention on Climate Change), the Kyoto Protocol and its Flexible Mechanisms, including the CDM (Clean Development Mechanism), and the EU ETS (European Union Emissions Trading Scheme). After this general overview, the article shows how afforestation and reforestation activities have been incorporated into the CDM process and its current consideration under the EU ETS. Transaction costs of these types of CDM project activities are analyzed, together with the state of the temporary allowances market. Finally, taking into account the above mentioned elements, the authors draw several conclusions on the opportunity and expectations of the future development of this market.

Sign in / Sign up

Export Citation Format

Share Document