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Assessing the designs and effectiveness of Japan's emissions trading scheme

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  • Junko Mochizuki

Abstract

After years of discussions and trials, Japan's domestic emissions trading scheme remains purely voluntary. The newly elected Democratic Party of Japan (DPJ) has taken a firmer stance on climate change, initially intending to establish a nationwide mandatory cap-and-trade as early as 2011. This has promoted several questions regarding the possible designs and feasibility of such a scheme. This article describes the key features of the two trial schemes implemented, thus far, assesses the effectiveness of their implementation and discusses what will be the likely areas of contention should the Japanese government introduce a mandatory cap-and-trade in the future. The analyses indicate that the initial years of 'Japan's Voluntary Emissions Trading Scheme' (JVETS) implementation have shown positive performance, although its scale has remained limited. The 'Trial Implementation of an Integrated Domestic Market for Emissions Trading' emerged as a hybrid scheme, one that incorporated varying interests. Significant institutional developments have taken place in recent years, however the effectiveness of the present trial scheme also seems restricted.

Suggested Citation

  • Junko Mochizuki, 2011. "Assessing the designs and effectiveness of Japan's emissions trading scheme," Climate Policy, Taylor & Francis Journals, vol. 11(6), pages 1337-1349, November.
    • Handle: RePEc:taf:tcpoxx:v:11:y:2011:i:6:p:1337-1349
    DOI: 10.1080/14693062.2011.579289
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    Cited by:

    1. Thollander, Patrik & Kimura, Osamu & Wakabayashi, Masayo & Rohdin, Patrik, 2015. "A review of industrial energy and climate policies in Japan and Sweden with emphasis towards SMEs," Renewable and Sustainable Energy Reviews, Elsevier, vol. 50(C), pages 504-512.
    2. Huang, Wenyang & Wang, Huiwen & Qin, Haotong & Wei, Yigang & Chevallier, Julien, 2022. "Convolutional neural network forecasting of European Union allowances futures using a novel unconstrained transformation method," Energy Economics, Elsevier, vol. 110(C).
    3. Sven Rudolph & Takeshi Kawakatsu, 2012. "Tokyo’s Greenhouse Gas Emissions Trading Scheme: A Model for Sustainable Megacity Carbon Markets?," MAGKS Papers on Economics 201225, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    4. Wang, Derek D. & Sueyoshi, Toshiyuki, 2018. "Climate change mitigation targets set by global firms: Overview and implications for renewable energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 94(C), pages 386-398.
    5. Erik Haites, 2016. "Experience with linking greenhouse gas emissions trading systems," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 5(3), pages 246-260, May.
    6. Kuramochi, Takeshi, 2015. "Review of energy and climate policy developments in Japan before and after Fukushima," Renewable and Sustainable Energy Reviews, Elsevier, vol. 43(C), pages 1320-1332.
    7. Huang, Wenyang & Wang, Yizhi, 2024. "Identifying price bubbles in global carbon markets: Evidence from the SADF test, GSADF test and LPPLS method," Energy Economics, Elsevier, vol. 134(C).

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