Emissions trading : lessons learned from the European Union and Kyoto Protocol climate change programs / Ervin Nagy and Gisella Varga, editors.

Includes bibliographical references and index.

Print version record.

EMISSIONS TRADING: LESSONS LEARNED FROM THE EUROPEANUNION AND KYOTO PROTOCOL CLIMATE CHANGE PROGRAMS -- CONTENTS -- PREFACE -- CLIMATE CHANGE AND THE EU EMISSIONS TRADING SCHEME (ETS):KYOTO AND BEYOND -- ABSTRACT -- OVERVIEW -- NATIONAL ALLOCATION PLANS AND THE ETS -- Need for Further Emissions Reductions -- Need to Adjust ETS Allocations -- ISSUES ARISING IN PHASE 2 NAPS FOR THE ETS -- Supplementarity -- Auction Policy -- New Entrant Reserves -- Auction Policy -- New Entrant Reserves -- Closure Policy -- Benchmarking -- Allocation and Energy Policy -- LOOKING TO PHASE III -- Eliminating NAPs -- Expanding Coverage -- Auctions -- SUMMARY AND CONSIDERATIONS FOR U.S. CAP-AND-TRADE PROPOSALS -- Emission Inventories and Target Setting -- Coverage -- Allocation Schemes -- Flexibility and Price Volatility -- REFERENCES -- CLIMATE CHANGE: THE EUROPEAN UNION'S EMISSIONS TRADING SYSTEM(EU-ETS) -- ABSTRACT -- OVERVIEW -- IMPLEMENTING THE ETS:NATIONAL ALLOCATION PLANS -- RESULTS FROM THE FIRST YEAR -- Emissions Levels -- Market Activity, Prices, and Impact -- Use of Clean Development Mechanism (CDM)and Joint Implementation (JI) -- ISSUES -- Tightening of Emissions Caps -- Harmonizing NAPs -- New Entrants -- Definition of Affected Units -- Expansion of Coverage -- CONCLUSION -- APPENDIX: NORWAY'S TRADING SYSTEM -- REFERENCES -- INTERNATIONAL CLIMATE CHANGE PROGRAMS: LESSONS LEARNED FROM THE EUROPEAN UNION'S EMISSIONS TRADING SCHEME AND THE KYOTO PROTOCOL'S CLEAN DEVELOPMENT MECHANISM* -- WHAT GAO FOUND -- WHY GAO DID THIS STUDY -- WHAT GAO RECOMMENDS -- ABBREVIATIONS -- RESULTS IN BRIEF -- BACKGROUND -- EU EMISSIONS TRADING SCHEME ESTABLISHED A CARBONMARKET AND PROVIDES LESSONS THAT COULD INFORMU. S. DECISION MAKING ON CLIMATE CHANGE POLICY -- Creation of the ETS Established a Market for Carbon Allowances.

The Effect of ETS Phase I on Emissions IsUncertain Because of Data Limitations -- Phase I Economic Impacts Vary by Sector butLong- Term Effects Are Uncertain -- The Effect of ETS Phase I on Technology Development and Innovation Are Uncertain but Likely Minimal -- ETS Phase I Experience Offers Key Lessons aboutProgram Design and Implementation -- Baseline Data -- Availability of data -- Specificity of data -- Program Design Features -- Emissions Cap -- Program Scope -- Allocation Method -- Risk of Leakage -- Program Timeline -- Linking -- Wealth Transfer -- THE CDM'S ENVIRONMENTAL AND ECONOMICEFFECTS PROVIDE IMPORTANT LESSONS THATCAN INFORM CONGRESSIONAL DELIBERATIONSON CLIMATE CHANGE POLICY -- The CDM Has Enabled Covered Entities to PursueLower-Cost Reductions and Involved DevelopingCountries in the Global Carbon Market -- Despite Rigorous Review Process, the NetEffect of the CDM on Emissions Is Unclear -- The CDM's Contributions to SustainableDevelopment Have Been Limited -- The Scale and Cost- Effectiveness of the CDM Is Limited by the Current Project-by-Project Approval Process, but ProposedReforms Could Improve Its Effectiveness -- Sectoral CDM -- Sectoral No-Lose Targets -- Programmatic CDM -- Positive Lists -- Mandatory Caps -- Discounting Credits -- Phasing out Offsets -- CDM Experience Offers Key Lessons Learned aboutProgram Design and Implementation -- Cost-Effectiveness -- Environmental Effects -- Tradeoffs and Potential Improvements -- CONCLUDING OBSERVATIONS -- MATTERS FOR CONGRESSIONAL CONSIDERATION -- APPENDIX I: OBJECTIVES, SCOPE, AND METHODOLOGY -- APPENDIX II: SUMMARY OF JOINT IMPLEMENTATION -- APPENDIX III: PANEL OF EXPERTS -- REFERENCES -- INDEX.

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