Governing carbon through the European Union Emissions Trading System: Opportunities, pitfalls and future prospects

Gbenga Ibikunle*, Chukwumerije Okereke

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract / Description of output

This chapter examines the performance of the European Union Emissions Trading Scheme (EU ETS) as a financial platform for pricing carbon rights as a tool for governing low carbon transition. It examines the theoretical principles behind the popularity of cap and trade as the pre-eminent tool for carbon governance. It considers the question of whether the EU ETS is actually working, focusing first on its function as a trading platform and next on its role in climate change mitigation and the low carbon transition policy. The Environmental Protection Agency (EPA) has employed emissions trading as a policy tool to achieve emissions reductions since 1992. The European Parliament and Council have both endorsed a principle to reduce greenhouse gas (GHG) emissions in the EU by 8095 per cent below 1990 levels by the year 2050. Continued unilateral action on climate change beyond 2020 could therefore potentially undermine Europe's economy.
Original languageEnglish
Title of host publicationCarbon Governance, Climate Change and Business Transformation
EditorsAdam G. Bumpus, James Tansey, Blas L. Pérez Henríquez, Chukwumerije Okereke
PublisherTaylor and Francis Inc.
Chapter8
Pages143-157
Number of pages15
Edition1
ISBN (Electronic)9780203375327
ISBN (Print)9780415816908
DOIs
Publication statusE-pub ahead of print - 30 Jul 2014

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