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Emissions Trading as a Policy InstrumentEvaluation and Prospects$
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Marc Gronwald and Beat Hintermann

Print publication date: 2015

Print ISBN-13: 9780262029285

Published to MIT Press Scholarship Online: January 2016

DOI: 10.7551/mitpress/9780262029285.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 04 August 2021

The EU ETS

The EU ETS

What We Know and What We Don’t Know

Chapter:
(p.25) 2 The EU ETS
Source:
Emissions Trading as a Policy Instrument
Author(s):

A. Denny Ellerman

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262029285.003.0002

The European Union’s Emissions Trading System (EU ETS) is the most salient example of emissions trading being used as a climate policy instrument, which many would argue is the most promising form for an eventual global climate regime. These keynote remarks address what is known and not known about the functioning of this instrument in this pioneering, multinational cap-and-trade system. The discussion proceeds through topics that can be considered settled, those that remain to be addressed, and some that remain unsettled. The conclusion is that the EU ETS works in the sense of achieving its basic objective, but that understanding of how and why it works rests more on theory than on empirical verification. This essay can also be seen as presenting an agenda for research on the EU ETS.

Keywords:   Emissions trading, EU ETS, climate policy instrument, global policy regime, research agenda

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