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Three of a Kind? Emissions Trading Systems in the EU, NZ , and Tokyo

Three of a Kind? Emissions Trading Systems in the EU, NZ , and Tokyo. Dr. Stefan Niederhafner Seoul National University Department of Political Science & International Relations Email: niederhafner@snu.ac.kr. Conceptual Background. Modes of Governance.

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Three of a Kind? Emissions Trading Systems in the EU, NZ , and Tokyo

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  1. Three of a Kind?Emissions Trading Systems in the EU, NZ, and Tokyo Dr. Stefan Niederhafner Seoul National University Department of Political Science & International Relations Email: niederhafner@snu.ac.kr

  2. Conceptual Background

  3. Modes of Governance • Hierarchy: command-and-control, regulations • Market: supply and demand, prices • Networks: interdependency and commitment, trust

  4. Policy Targets • GHG mitigation • investment in low-carbon technology

  5. Principles of Cap-and-Trade skipped

  6. Volume of one metric Tonne CO2 http://design2good.wordpress.com/2011/05/02/visualizing-one-ton-of-co2-no-1/, 15 October 2013

  7. Comparing the Systems

  8. Tokyo ETS - Network Elements • Close relations between the administration and the operators • Best practice database • At the spot advising systems • Benchmarking and public rankings • Top-runner certifications

  9. Comparing System Performance

  10. Price Development

  11. EUA spot prices Nov 2012 - March 2014 http://www.eex.com/de/marktdaten/emissionsrechte/spotmarkt/european-emission-allowances#!/2014/03/17, 17 March 2014

  12. NZU spot prices Jan 2010 - March 2014 https://www.commtrade.co.nz/, 17 March 2014

  13. CER spot price Jan 2013 - Mar 2014 http://www.eex.com/de/marktdaten/emissionsrechte/spotmarkt/green-certified-emission-reductions#!/2014/03/17, 17 March 2014

  14. Total potential supply of CERs 2012-2020 http://cdm.unfccc.int/Statistics/Public/CDMinsights/index.html#, 18 Mach 2014, 20 March 2014

  15. Tokyo ETS – Trade Performance • Number of Trades: 2010: 4 2011: 6 2012: (first half) 7 Total, reported in 2014: 25 • Price as of Sept. 2013: 10,000 Yen, 74 Euro, 101 US dollar

  16. GHG Emissions Development

  17. EU-15 GHG reductions http://ec.europa.eu/clima/policies/g-gas/docs/com_2013_698_en.pdf, 17 March 2014

  18. NZ allowances vs emissions 2008-2012 https://www.mfe.govt.nz/issues/climate/greenhouse-gas-emissions/net-position/#table2, 17 Feb 2014

  19. Tokyo ETS Reduction Performance Source: http://www.metro.tokyo.jp/ENGLISH/TOPICS/2013/ftn1l100.htm, 17 March 2014

  20. Conclusion concerning market based governance instruments • Functionality of market mode governance difficult to achieve • Carbon markets need very complex regulatory framing • ETS are not simpler, easier or more effective than alternatives (taxes) • They make sense as components in target-oriented environmental protection policy

  21. Conclusion concerning the NZ ETS The system can be made functional: • Introduction of a cap • Disconnection from the global market • Option: Introduction of advisory and certification systems

  22. Thank you • Stefan Niederhafner • Seoul National University • Dep. of PoliSci & IR • Please email anycommentsto: niederhafner@snu.ac.kr

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