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ETS design in practice: Oceania

In: Carbon Markets Around the Globe

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Abstract

Chapter 5 applies the SMR for ETS design developed in Chapter 2, to assess the design elements of carbon pricing schemes in Oceania, including the former Carbon Pricing Mechanism (CPM) and the current Emissions Reduction Fund and Safeguard Mechanism (ERF/SM) in Australia and the New Zealand Emissions Trading Scheme (NZ ETS). In relation to the Australian schemes, the authors conclude that the CPM, to a large extent, complied with SMR and would have been improved over time. The ERF/SM, on the other hand, is by far the least sustainable scheme in the continent. The evaluation of the NZ ETS based on the SMR for ETS design shows that the ETS started with predominantly unsustainable design features. However, the NZ ETS has demonstrated to be resilient and there is promise of a stronger design in the near future.

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  • ., 2021. "ETS design in practice: Oceania," Chapters, in: Carbon Markets Around the Globe, chapter 5, pages 77-96, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:19876_5
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