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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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EU Emissions Trading and Regulatory Uncertainty

EU Emissions Trading and Regulatory Uncertainty

(p.43) 3 EU Emissions Trading and Regulatory Uncertainty
Emissions Trading as a Policy Instrument

Andreas Lange

The MIT Press

This paper discusses the EU ETS as a dynamic system. I review changes to the rules of the market that have been proposed or implemented in reaction to observed market developments. I link such a changing regulatory environment to the literature on regulatory uncertainty. Investment decisions may be distorted due to uncertain market conditions. However, the relative impact on the different investment options, e.g., the choice of technologies, is ambiguous. I highlight this discussion based on a simple analytical model.

Keywords:   regulatory uncertainty, EU ETS, back-loading, market reserve, political interests

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