Rescuing Eu Emissions Trading: The Climate Policy Flagship
by Jørgen Wettestad /
2016 / English / PDF
4.5 MB Download
This book draws upon a meticulous study of background documents and
a string of fresh interviews to tell the fascinating story of how
the EU’s climate flagship was significantly improved. The EU’s
emissions trading system (ETS) covers almost half of its greenhouse
gas emissions and has been hailed as the cornerstone and flagship
of EU climate policy. But in spring 2013 the ETS was in severe
crisis, with a huge surplus of allowances and a sagging carbon
price. Even a formally simple measure to change the timing of
auctioning was initially rejected by the European Parliament. Two
years later a much more important ‘market thermostat’ was adopted
(i.e. the Market Stability Reserve) and proposals for a complete
ETS overhaul were put on the table. This book examines and explains
how it was possible to turn the flagship around so quickly. Crucial
changes at EU and national levels are identified, chief among them
in Germany and the European Parliament.
This book draws upon a meticulous study of background documents and
a string of fresh interviews to tell the fascinating story of how
the EU’s climate flagship was significantly improved. The EU’s
emissions trading system (ETS) covers almost half of its greenhouse
gas emissions and has been hailed as the cornerstone and flagship
of EU climate policy. But in spring 2013 the ETS was in severe
crisis, with a huge surplus of allowances and a sagging carbon
price. Even a formally simple measure to change the timing of
auctioning was initially rejected by the European Parliament. Two
years later a much more important ‘market thermostat’ was adopted
(i.e. the Market Stability Reserve) and proposals for a complete
ETS overhaul were put on the table. This book examines and explains
how it was possible to turn the flagship around so quickly. Crucial
changes at EU and national levels are identified, chief among them
in Germany and the European Parliament.