The 1997 Kyoto Conference introduced emissions trading as a policy instrument for climate protection. Bringing together scholars in the fields of economics, political science and law, this book, which was originally published in 2005, provides a description, analysis and evaluation of different aspects of emissions trading as an instrument to control greenhouse gases. The authors analyse theoretical aspects of regulatory instruments for climate policy, provide an overview of US experience with market-based instruments, draw lessons from trading schemes for the control of greenhouse gases, and discuss options for emissions trading in climate policy. They also highlight the background of climate policy and instrument choice in the US and Europe and the foundation of systems in Europe, particularly the EU's directive for a CO2 emissions trading system.
• Systematic comparison of US and European experiences of emissions trading • Includes contributions from leading academic analysts • Key topic in debate about how best to control emissions of greenhouse gases to prevent global warming
List of figures; List of tables; List of contributors; Preface; List of abbreviations; 1. Introduction Bernd Hansjürgens; Part I. Regulatory Instruments for Climate Policy: Theoretical Aspects: 2. Designing instruments for climate policy Thomas Sterner and Henrik Hammar; 3. Technical innovation and design choices for emissions trading and other climate policies Carolyn Fischer; 4. Incentives to adopt new abatement technology and US-European regulatory cultures Reimund Schwarze; Part II. The US Approach to Pollution Control: Lessons for Climate Policy: 5. Implications of the American experience with market-based environmental strategies for future climate policy Robert N. Stavins; 6. US experience with emissions trading: lessons for CO2 emissions trading A. Denny Ellerman; 7. Climate change policy viewed from the USA and the role of intensity targets Charles D. Kolstad; 8. Design issues of a domestic carbon emissions trading system in the USA Richard D. Morgenstern; Part III. European Policies to Control Greenhouse Gases: the EU Directorate on Emissions Trading: 9. Regulation or coordination: European climate policy between Scylla and Charybdis Mikael Skou Andersen; 10. Lobbyism and CO2 trade in the EU Gert Tinggaard Svendsen; 11. Greenhouse gas emissions trading in the EU: building the world's largest cap-and-trade scheme Peter Zapfel; 12. Legal aspects of the European Emissions Trading Scheme Michael Rodi; 13. Emission trading schemes in Europe: linking the EU Emissions Trading Scheme with national programs Sven Bode; 14. Concluding observations Bernd Hansjürgens; Index.
Review of the hardback: 'Readers who wish to become current on emissions trading, but are overwhelmed by the exploding literature, can find a solution in this book. Bringing together leading experts from both sides of the Atlantic, this insightful book summarizes what theory, empirical research and practical experience has taught us about this increasingly popular environmental policy.' Tom Tietenberg, Mitchell Family Professor of Economics, Colby College
Review of the hardback: 'Over the past two decades, emissions trading has evolved from a theoretical concept described in academic journals to become one of the most critical elements of climate policy. This timely book provides insightful analysis from some of the most prominent emissions trading experts on both sides of the Atlantic. It is a valuable resource for anyone who wishes to understand the state-of-the art of this increasingly important environmental policy instrument.' Joseph Kruger, Visiting Scholar, Resources for the Future
Review of the hardback: 'Emissions trading is central to the global efforts to control climate change. This excellent collection of essays provides an up-to-date account of the economic, political and legal aspects of this instrument and helpfully combines European and US perspectives. It will be of great value to academic researchers in the field and to those more directly involved in practical implementation.' Steve Sorrell, Research Fellow, University of Sussex
Review of the hardback: 'This volume provides a complete course for the reader who wants to come up to speed on emission trading, thoroughly addressing the main issues - conceptual, economic, political and legal - and providing a very useful survey of experience and lessons learned.' Dallas Burtraw, Senior Fellow, Resources for the Future