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Emissions trading challenges the management of companies in an entirely new manner: Not only does it, like other market-based environmental policy instruments, allow for a bigger flexibility in management decisions concerning emission issues. More importantly, it shifts the mode of governance of environmental policy from hierarchy to market. But how is this change reflected in management processes, decisions and organizational structures? The contributions in this book discuss the theoretical implications of different institutional designs of emissions trading schemes, review schemes that have been implemented in the US and Europe, and evaluate the range of investment decisions and corporate strategies which have resulted from the new policy framework.
Introduction.- Institutional Design.- Investment and Corporate Decisions.- Corporate Strategies.
From the reviews: "This book ! reflects the experience with the first phase of the EU Emissions Trading Scheme (ETS). ! This book shows that trading's capacity to encourage meaningful changes will depend on both government design of the trading programs and the institutional capacities and cultures of the firms it regulates. This emphasis on institutional factors can greatly enrich our understanding of trading and one can ! see more work pursuing institutional themes." (David M. Driesen, Carbon and Climate Law Review, Issue 2, 2009)