China will enforce environmental policy more strictly

2018 ◽  
Keyword(s):  
Air Pollutants ◽  
Environmental Governance ◽  
Emissions Trading ◽  
Holistic Approach ◽  
Content Type ◽  
Resources Management ◽  
Emissions Trading Scheme ◽  
The Government ◽  
Trading Scheme ◽  
People's Congress

Subject The coming restructuring of the environment-related government organs. Significance An overhaul of China’s environmental bureaucracy announced at the National People's Congress last month shows that the government is committed to realising its 'ecological civilisation' agenda by improving environmental governance and enforcement. It aims to achieve this by reducing fragmentation between elite policymaking institutions and by a centralised, integrated and holistic approach to climate change and environmental and natural resources management. Impacts Businesses face regulatory uncertainty until at least the June deadline for finalising the new ministerial departments, and probably beyond. State capacity and willingness to enforce environmental rules strictly will increase. Pollution in water systems and air pollutants other than carbon dioxide will now receive more attention. The rollout of China’s national emissions trading scheme, which is already behind schedule, may be negatively affected.

External factors will prod Russia into climate action

2021 ◽  
Keyword(s):  
Forest Fires ◽  
Public Attention ◽  
Export Markets ◽  
Content Type ◽  
Carbon Emissions Trading ◽  
Emissions Trading Scheme ◽  
Climate Action ◽  
The Government ◽  
Trading Scheme ◽  
The Eu

Significance This is still tentative planning but it indicates the Kremlin is being spurred into action by looming curbs on high-carbon products in China and the EU, Russia's key export markets. Russia has so far resisted calls for more ambitious commitments. Impacts Siberian forest fires will focus public attention on the environment, if not global warming. Blame for the wildfires, as with other environmental problems, will be weaponised in elite infighting. The government is interested in developing cheap, green hydrogen. A pilot carbon emissions trading scheme in Sakhalin could be scaled up to other parts of Russia.

Trading Schemes, Risks, and Costs: The Cases of the European Union Emissions Trading Scheme and the Renewables Obligation

2008 ◽  
Vol 26 (5) ◽  
pp. 938-953 ◽  
Author(s):  
David Toke
Keyword(s):  
European Union ◽  
Environmental Governance ◽  
Emissions Trading ◽  
Command And Control ◽  
False Belief ◽  
The European Union ◽  
Governance Systems ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
And Control

The appropriateness and importance of market-based environmental governance systems vary according to different cases. Although so-called ‘market trading’ regimes can be useful in some circumstances, a false belief in the inevitability of their cost-effectiveness compared with so-called ‘command and control’ systems has allowed policy distortions to occur. So-called ‘command and control’ policies are being underemphasised, despite the fact that they may achieve reductions in carbon emissions that are cheaper than those likely to be achieved through emissions (or ‘certificate’) trading regimes. I address theoretical arguments which I then place in context with analysis of some features of the British Renewables Obligation and the European Union Emissions 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.

Russian companies uneven on environmental adaptation

2021 ◽  
Keyword(s):  
Climate Change ◽  
Emissions Trading ◽  
Transition Period ◽  
The United States ◽  
Absorption Capacity ◽  
Content Type ◽  
Warming Climate ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Fuel Source

Significance The global shift towards decarbonisation threatens Russian exports and public revenue, and the more aware mining and other companies are paying greater attention to environmental, social and governance (ESG) issues. A warming climate and increasingly frequent natural disasters raise costs and liabilities for companies and the state, while pollution will undermine public health and life expectancy. Impacts Government ministries must submit plans to adapt to climate change by December for inclusion in the 2022-24 budget. Climate change offers an area for political collaboration with the United States. Russia will push for recognition of its forest absorption capacity and of nuclear energy as 'green'. Moscow will promote its plentiful natural gas reserves as the optimum transition-period fuel source. Several green projects will undergo pilot testing next year, including hydrogen production and an emissions trading scheme in Sakhalin.

China’s carbon trading scheme will fall short of hopes

2020 ◽  
Keyword(s):  
Carbon Emissions ◽  
Electricity Generation ◽  
Emissions Trading ◽  
Electricity Price ◽  
Carbon Trading ◽  
Content Type ◽  
Carbon Emissions Trading ◽  
Emissions Trading Scheme ◽  
Trading Scheme

Subject China's emissions trading scheme. Significance China is expected to launch the next phase of its national carbon emissions trading scheme (ETS) this year, involving simulated trading. It will be the world’s largest ETS. Impacts The initial impact will be to encourage efficient coal-fired electricity plants rather than other forms of electricity generation. The threat of an EU tax on emissions-intensive imports is likely to accelerate China's attempts to develop a national ETS. The effort to establish an ETS may bolster electricity price deregulation efforts.

scholarly journals Emissions trading and the GATS financial services provisions

2014 ◽  
Vol 13 (1) ◽  
pp. 44-66
Author(s):  
Felicity Jane Deane
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Emissions Trading ◽  
Ghg Emissions ◽  
Global Scale ◽  
Content Type ◽  
Financial Products ◽  
Emissions Trading Scheme ◽  
Trading Scheme ◽  
Definition Of

Purpose – The purpose of this paper is to determine whether greenhouse gas (GHG) tradeable instruments will be classified as financial products within the scope of the World Trade Organization (WTO) law and to explore the implications of this finding. Design/methodology/approach – This purpose is achieved through examination of the units of the Australian carbon pricing mechanism (the CPM), namely eligible emissions units. These units are analysed through the lens of the definition of financial products provided in the General Agreement for Trade in Services (the GATS). Findings – This paper finds that eligible emissions units will be classified as financial instruments, and therefore the provisions that govern their trade will be regulated by the GATS. Considering this, this paper explores the limitations that are introduced by the Australian legislation on the trade of eligible emissions units. Research limitations/implications – This paper is limited in its analysis to the Australian CPM. In order to draw conclusions on the issues raised by this analysis, it is necessary to consider the WTO requirements against an operating emissions trading scheme. The Australian CPM presents a contemporary model of an appropriate scheme. Originality/value – The findings in this paper are crucial in a GHG-constrained society. This is because emissions trading schemes (ETSs) are becoming popular measures for pricing GHG emissions, and for this reason the units that are traded and surrendered for emissions liabilities must be classified appropriately on a global scale. Failing to do this could result in differential treatment that may be contrary to the intentions of important global agreements, such as the WTO-covered agreements.

China will transform global carbon emissions trading

2017 ◽  
Keyword(s):  
Carbon Emissions ◽  
Emissions Trading ◽  
Institution Building ◽  
Content Type ◽  
Carbon Emissions Trading ◽  
Foreign Companies ◽  
Emissions Trading Scheme ◽  
Significant Step ◽  
Trading Scheme ◽  
Global Carbon

Subject China's plans for a national carbon emissions trading scheme (ETS). Significance China will launch a nationwide emissions trading scheme (ETS, also known as 'cap-and-trade') by mid-2017. It will be the largest ETS in the world, and a significant step towards fulfilling the pledges that Beijing made in the Paris Agreement. However, the seven pilot schemes that form the basis of the ETS highlight likely difficulties, which are inherent to China’s political economy. Impacts The ETS is a step towards China assuming global leadership in combatting climate change. The prospect of linking up with China's ETS may incentivise other emerging economies to adopt their own. Regulatory institution-building will be necessary when China wants to link its ETS with other schemes in the longer term. Foreign companies operating in China in the affected sectors may face new compliance obligations.

EU steel sector woes pose China challenges

2016 ◽  
Keyword(s):  
Emissions Trading ◽  
Content Type ◽  
Eu Membership ◽  
Emissions Trading Scheme ◽  
Steel Sector ◽  
Trading Scheme ◽  
The Uk ◽  
Eu Emissions Trading Scheme ◽  
The Eu ◽  
Opposition Parties

Subject The EU steel sector. Significance The EU steel sector is facing a challenge arising from global overcapacity -- and, in particular, surging Chinese exports. The UK industry is bearing the brunt of the EU sector's difficulties, as highlighted by the January 18 announcement by Tata Steel of 1,050 further UK job losses, including 750 at Port Talbot in Wales. Impacts Chinese exports will continue to increase their share of EU steel demand unless anti-dumping actions are stepped up. The UK sector is likely to continue bearing the brunt of EU steel sector adjustment, given the particular conditions it faces. However, the UK experience could be replicated to some extent elsewhere in the EU. UK steel's woes will be cited by opposition parties in the campaigns for the May Welsh Assembly elections and the EU membership referendum. Concerns about the steel industry's vulnerability may weaken attempts to toughen the EU Emissions Trading Scheme.

scholarly journals Free allocation in the New Zealand Emissions Trading Scheme: a critical analysis

2010 ◽  
Vol 6 (1) ◽  
Author(s):  
Christina Hood
Keyword(s):  
New Zealand ◽  
Economic Analysis ◽  
Critical Analysis ◽  
Emissions Trading ◽  
Emissions Trading Scheme ◽  
The Government ◽  
Trading Scheme

In November 2009 the government passed significant amendments to New Zealand’s emissions trading scheme (ETS), barely two months after the legislation was introduced. Submitters were given two weeks to make written submissions, and some were asked to appear for oral submissions with only a few hours notice. Very little economic analysis of the legislation was released by the government at the time or has been since. 

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