Analyse: Analysis: Zuversicht durch Zustimmung auf den Emissionshandelsmärkten

Joe Kruger und Christian Egenhofer (CEPS) untersuchen des EU-Emissionshandelssystem (EU-ETS) für CO2 und das bahnbrechende amerikanische SO2- und NOx-Handelssystem, nicht nur als ein Instrument der Umweltpolitik, sondern auch aus dem Blickwinkel von Regierungen.  

The success of the SO2 and NOx emissions trading system US and the launch last year of the so-called EU-ETS for CO2 confirm the cost effectiveness of these environmental policy instruments, the authors argue.

Nevertheless, for these systems to create strong incentives for firms to cut greenhouse gases (GHG) emissions and to stimulate technological innovation (and to ensure this is done at the lowest cost), they have to fulfil ambitious governance requirements, according to the authors. They reckon that „only with high levels of compliance will emissions trading systems achieve reduction in GHG emissions efficiently, effectively and equitably.“

Among other governance criteria that should be achieved by emission trading schemes, the researchers especially emphasise:

• „Robust and effective strategies for monitoring, reporting and verification“(MRV); 
• „Confidence“ generated by the schemes in question, which implies 
• „Timely and accurate information on emission levels, allowance holdings and trades.

The analysis starts with operational definitions of key regulatory concepts such as MRV, compliance and enforcement (C&E), transparency and public perception. It goes on with a comparative analysis of regulatory cultures, C&E strategies and MRV models in the US and EU systems (as well as in the Dutch NOx trading system to a certain extent).

The main purpose of this exercise is to review „best practices for achieving C&E“ in emissions trading programmes, to „raise awareness of the value and importance“ of such instruments and to stress the fundamental role of C&E in achieving both environmental effectiveness and economic efficiency.

Taking account of each system’s specificities, the authors finally assess the feasibility of an „operational common currency“ – that is, a network allowing (inter)national trading among different trading systems.