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Rescuing EU Emissions Trading: Mission Impossible?

Author

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  • Jørgen Wettestad

    (Jørgen Wettestad is a research professor at the Fridtjof Nansen Institute.)

Abstract

Is rescuing the EU's emissions trading system impossible? Despite the substantial reform in 2008, subsequent problems of allowance surplus and a low carbon price have spurred new efforts to reform the system for the 2013–2020 phase. But these efforts have met resistance both among member states and in the European parliament, and the EU is struggling in its efforts to improve the ETS. This article draws on four central EU and political science theory approaches to more systematically explore why. The financial crisis and slow international policy progress have narrowed the window of opportunity that was open in 2008. Factors that could open that window again include an economic upswing, a new European commission and parliament, and new global negotiations in 2015. But even without short-term reform, the linear reduction factor will gradually tighten the system and lead to a higher carbon price. © 2014 by the Massachusetts Institute of Technology.

Suggested Citation

  • Jørgen Wettestad, 2014. "Rescuing EU Emissions Trading: Mission Impossible?," Global Environmental Politics, MIT Press, vol. 14(2), pages 64-81, May.
    • Handle: RePEc:tpr:glenvp:v:14:y:2014:i:2:p:64-81
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    Citations

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    Cited by:

    1. Coraline Goron & Cyril Cassisa, 2017. "Regulatory Institutions and Market-Based Climate Policy in China," Global Environmental Politics, MIT Press, vol. 17(1), pages 99-120, February.
    2. Raymond, Leigh, 2019. "Policy perspective:Building political support for carbon pricing—Lessons from cap-and-trade policies," Energy Policy, Elsevier, vol. 134(C).
    3. Ruf, Julia Anna, 2017. "A policy analysis of the EU Emissions Trading System and its crisis," IPE Working Papers 82/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Torbjørg Jevnaker & Jørgen Wettestad, 2017. "Ratcheting Up Carbon Trade: The Politics of Reforming EU Emissions Trading," Global Environmental Politics, MIT Press, vol. 17(2), pages 105-124, May.
    5. Ergen, Timur & Schmitz, Luuk, 2023. "The sunshine problem: Climate change and managed decline in the European Union," MPIfG Discussion Paper 23/6, Max Planck Institute for the Study of Societies.
    6. Sato, Misato & Rafaty, Ryan & Calel, Raphael & Grubb, Michael, 2022. "Allocation, allocation, allocation! The political economy of the development of the European Union Emissions Trading System," LSE Research Online Documents on Economics 115431, London School of Economics and Political Science, LSE Library.
    7. Jon Birger Skjærseth, 2017. "The European Commission’s Shifting Climate Leadership," Global Environmental Politics, MIT Press, vol. 17(2), pages 84-104, May.

    More about this item

    Keywords

    emissions trading; European Union;

    JEL classification:

    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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