Abstract
The trading of carbon dioxide (CO
2
) emission allowances, or permits, has been
established in recent years as one of the primary mechanisms
for tackling global warming
and climate change. The European Union (EU) has taken an important initiative in this
direction by establishing in 2003 the first ever
mandatory
cap-and-trade system for CO
2
permits: the EU Emissions Trading Scheme (EU ETS). The purpose
of this paper is to
initially provide a brief introduction to the EU ETS and subsequently assess its operation
during the years 2005-2010 from a financial market perspective. Th
e insights gained through
this analysis are particularly important not only for policy makers and market stakeholders
but also for the growing community of the so-called ‘carbon’ investors.
| Original language | English |
|---|---|
| Title of host publication | Financial Aspects in Energy |
| Subtitle of host publication | A European Perspective |
| Editors | Andre Dorsman, Wim Westerman, Mehmet Baha Karan, Ozgur Arslan |
| Place of Publication | Berlin Heidelberg |
| Publisher | Springer |
| Pages | 51-67 |
| Number of pages | 18 |
| Edition | 1 |
| ISBN (Electronic) | 978-3-642-19709-3 |
| ISBN (Print) | 9783642197086, 978-3-642-44619-1 |
| DOIs | |
| Publication status | Published - 2011 |
Keywords / Materials (for Non-textual outputs)
- emission allowances
- emissions trading
- EU ETS
- carbon finance