Pollution for Sale Emmisions Trading and Joint Implementation

About this book

Emissions trading is a central feature of global efforts to control climate change. Its inclusion in the Kyoto Protocol to the Framework Convention on Climate Change represents a victory for advocates of market based instruments and builds upon 20 years of experience with trading schemes in the United States. However, the concept is controversial and attempts to introduce similar trading schemes in Europe have met with mixed results. This volume provides a comprehensive overview of the theory and practice of emissions trading including the lessons learnt, the problems faced and the prospects for its extended use. It includes case studies of trading schemes in the USA and Europe, and studies of international trading under the European acid rain regime. Problems of practical implementation, especially institutional feasibility and political acceptability, are given particular attention. The prospects for the international trading of greenhouse gases following the Kyoto Protocol are also assessed. The book also includes an analysis of the potential conflicts between emissions trading and established regulatory traditions.

Contents

Part 1 The US experience: summary evaluation of the US SO2 emissions trading programme as implemented in 1995, A. Denny Ellerman et al; cost savings, market performance and economic benefits of the US acid rain programme, Dallas Burtraw; turning theory into practice for emissions trading in the Los Angeles air basin, David Harrison. Part 2 Introducing trading in Europe: emissions trading in the European Union - practice and prospects, Ger Klaasen; designing a scheme for SO2 trading in Norway, Geir Hoibye; trading emissions and other economic instruments to reduce NOx in the Netherlands, Chris Dekkers; towards tradability of pollution permits in Poland, Tomasz Zylicz. Part 3 Trading and national regulatory traditions: tradable emission permits in German clean air policy - considerations on the efficiency of environmental policy instruments, Bernd Scharer; public policy and institutional trajectories - what about introducing SO2 emissions trading in France?, Christine Cros; why sulphur trading failed in the UK, Steve Sorrell. Part 4 Scoping studies - water and waste: least-cost pollution allocations for probabilistic water quality targets to protect salmon on the Forth Estuary, James S. Shortle et al; designing a scheme for trading non-returnable beverage containers in Germany, Rolf-Ulrich Sprenger. Part 5 International sulphur trading: joint implementation for controlling sulphur in Europe and possible lessons for carbon dioxide, Peter Bailey and Tim Jackson; economic instruments and institutional constraints - possible schemes for SO2 emissions trading in the EU, Oliver Godard. Part 6 International carbon trading: joint implementation as emission quota trade - an experiment among four Nordic countries, Peter Bohm; international tradable carbon permits as a strong form of joint implementation, Zhong Xiang Zhang and Andries Nentjes; implementation issues in international CO2 trading, Tim Denne; flexibility, emissions trading and the Kyoto Protocol, Jim Skea.

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