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EU Emissions Trading: Achievements and Challenges

In: Toward a Common European Union Energy Policy

Author

Listed:
  • Jørgen Wettestad

Abstract

The European Union Emissions Trading Scheme (EU ETS) is based on an EU Directive that was adopted in 2003 and started functioning in 2005 (Skjærseth and Wettestad 2008).1 It caps industrial emissions and allows trade of emission rights (hereafter: “allowances”).2 EU officials refer to the ETS as both the “cornerstone” and the “flagship” of EU climate policy.3 As it represents something completely new for the EU, analysts have called the ETS the “new grand experiment” (Kruger and Pizer 2004).

Suggested Citation

  • Jørgen Wettestad, 2011. "EU Emissions Trading: Achievements and Challenges," Palgrave Macmillan Books, in: Vicki L. Birchfield & John S. Duffield (ed.), Toward a Common European Union Energy Policy, chapter 0, pages 87-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11981-9_5
    DOI: 10.1057/9780230119819_5
    as

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