International Emissions Trading: A Survey of Phases of the European Union Emissions Trading Scheme

Posted: 2 Nov 2011 Last revised: 25 May 2012

See all articles by Gbenga Ibikunle

Gbenga Ibikunle

University of Edinburgh; European Capital Markets Cooperative Research Centre

Andros Gregoriou

University of East Anglia

Date Written: October 21, 2011

Abstract

This paper provides a review of pertinent trading, regulatory and policy issues in the EU-ETS since 2005. We review the first two phases of the scheme and speculate on auctioning related issues in the third phase. Our report documents a number of variables contributing to inefficiencies in Phase I and significant general market improvements in Phase II. This review suggests that the prospects for continued global action on climate change after Durban COP 2011 rests on the continued success of the EU-ETS.

Keywords: Cap and Trade; Emissions Trading; European Union Emissions Trading Scheme (EU-ETS); Kyoto Protocol

Suggested Citation

Ibikunle, Gbenga and Gregoriou, Andros, International Emissions Trading: A Survey of Phases of the European Union Emissions Trading Scheme (October 21, 2011). Available at SSRN: https://ssrn.com/abstract=1952769 or http://dx.doi.org/10.2139/ssrn.1952769

Gbenga Ibikunle (Contact Author)

University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

European Capital Markets Cooperative Research Centre ( email )

Viale Pidaro 42
Pescara, 65121
Italy

Andros Gregoriou

University of East Anglia ( email )

Norwich Research Park
Norwich, Norfolk NR4 7TJ
United Kingdom

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