The EU ETS
The EU ETS
What We Know and What We Don’t Know
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.
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