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The Origin, Evolution and Consequences of the EU Emissions Trading System

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  • Jon Birger Skjærseth

    (Jon Birger Skjærseth is a Senior Research Fellow at the Fridtjof Nansen Institute. His research interests are international environmental cooperation, EU environmental policy, national environmental policy and the strategies of multinational companies, particularly in the fields of climate policy and marine pollution. He has published numerous books and articles in these fields, such as the following books: EU Emissions Trading: Initiation, Decision-making and Implementation (2008, with Jørgen Wettestad); International Regimes and Norway's Environmental Policy: Crossfire and Coherence (2004); Climate Change and the Oil Industry: Common Problem, Varying Strategies (2003, with Tora Skodvin) and North Sea Cooperation: Linking International and Domestic Pollution Control (2000).)

  • Jørgen Wettestad

    (Jørgen Wettestad is a Senior Research Fellow and Director of European Programme at the Fridtjof Nansen Institute in Oslo, Norway. His main research interests include EU energy and climate policy, the functioning and effectiveness of international environmental regimes, and domestic air pollution and climate politics. His most recent book is (together with Jon B. Skjærseth) EU Emissions Trading: Initiation, Decision-making and Implementation (2008). Other books include Clearing the Air: European Advances in Tackling Acid Rain and Atmospheric Pollution (2002), and with E. L. Miles, A. Underdal, S. Andresen, J. B. Skjærseth, and E. M. Carlin, Environmental Regime Effectiveness-Confronting Theory with Evidence (2002).)

Abstract

The EU Emissions Trading System (EU ETS) is the cornerstone of EU climate policy, a grand policy experiment, as the first and largest international emissions trading system in the world. In this article, we seek to provide a broad overview of the initiation, decision-making and implementation of the EU ETS so far. We explore why the EU changed from a laggard to a leader in emissions trading, how it managed to establish the system rapidly, and the consequences to date, leading up to the 2008 proposal for a revised ET Directive for the post-2012 period. We apply three explanatory approaches, focusing on the roles of the EU member states, the EU institutions and the international climate regime, and conclude that all three approaches are needed to understand what happened, how and why. This also reveals that what happened in the early days of developing the system had significant consequences for the problems experienced in practice and the prospects ahead. (c) 2009 by the Massachusetts Institute of Technology.

Suggested Citation

  • Jon Birger Skjærseth & Jørgen Wettestad, 2009. "The Origin, Evolution and Consequences of the EU Emissions Trading System," Global Environmental Politics, MIT Press, vol. 9(2), pages 101-122, May.
    • Handle: RePEc:tpr:glenvp:v:9:y:2009:i:2:p:101-122
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    Citations

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    Cited by:

    1. Haupt, Madlen & Ismer, Roland, 2011. "Emissions Trading Schemes under IFRS - Towards a “true and fair view”," EconStor Research Reports 65872, ZBW - Leibniz Information Centre for Economics.
    2. BRECHET, Thierry & PERALTA, Susana, 2012. "Markets for tradable emission permits with fiscal competition," LIDAM Discussion Papers CORE 2012054, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Huang, Wenyang & Zhao, Jianyu & Wang, Xiaokang, 2024. "Model-driven multimodal LSTM-CNN for unbiased structural forecasting of European Union allowances open-high-low-close price," Energy Economics, Elsevier, vol. 132(C).
    4. Xavier Timbeau & Pawel Wiejski, 2017. "EU ETS-broken beyond repair ? An analysis based on FASTER principles," Working Papers hal-03389323, HAL.
    5. repec:spo:wpmain:info:hdl:2441/3rqefhgkm689ibvcj2hnil8dho is not listed on IDEAS
    6. Venmans, Frank, 2012. "A literature-based multi-criteria evaluation of the EU ETS," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(8), pages 5493-5510.
    7. Katja Biedenkopf, 2012. "Emissions Trading - A Transatlantic Journey for an Idea?," KFG Working Papers p0045, Free University Berlin.
    8. Löschel, Andreas & Reif, Christiane & Kesternich, Martin & Koesler, Simon & Osberghaus, Daniel & Korioth, Stefan, 2011. "Lösungsansätze zur systemeffizienten Ausgestaltung der nationalen Mittelverwendung der Einnahmen aus der Versteigerung von Zertifikaten im Rahmen des EU-ETS: Endbericht, März 2011," ZEW Expertises, ZEW - Leibniz Centre for European Economic Research, number 110535, June.
    9. repec:hal:spmain:info:hdl:2441/3rqefhgkm689ibvcj2hnil8dho is not listed on IDEAS
    10. Jessika Richter & Luis Mundaca, 2015. "Achieving and maintaining institutional feasibility in emissions trading: the case of New Zealand," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 20(8), pages 1487-1509, December.
    11. Michael Pollitt & Geoffroy Dolphin, 2021. "Should the EU ETS be extended to road transport and heating fuels?," Working Papers EPRG2119, Energy Policy Research Group, Cambridge Judge Business School, University of Cambridge.
    12. Maxian Rusche, Tim, 2010. "The European climate change program: An evaluation of stakeholder involvement and policy achievements," Energy Policy, Elsevier, vol. 38(10), pages 6349-6359, October.

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