The Case of OECD's Effective Carbon Rates in the EU. Can the Emission Trading Scheme Reduce Emission?


Bachelor Thesis, 2020

40 Pages


Excerpt

Table of Content

Abstract

Chapter 1 – Introduction
1.2 Aim of the Study
1.3 Background of Study
1.4 Problem Statement
1.4 Objectives of the Study
1.7 Roadmap of Study

Chapter 2 – Literature Review on Carbon Pricing
2.1 Carbon Pricing
2.2 Carbon Pricing Instruments
2.2.1 Explicit carbon price
2.2.2 Implicit Carbon price
2.2.3Internal Carbon Prices
2.3 Carbon Pricing Initiatives
2.4 Germany’s carbon emission targets

Chapter 3 - OECD ECRs - Methodology and Results
3.1 Concept and scope
3.1.1 Concept
3.1.2 Scope
3.2 Results and trends
3.2.1 Emissions trading systems included in the ECR estimates
3.2.2 Trend

Chapter 4 – Discussion
4.1. Evaluation of OECD ECR concept and Carbon pricing
4.2 Policy implications
4.3 Effect of “carbon trading” policy

Chapter 5 - Conclusion

References

Abstract

The question of whether ETS can save energy and reduce emissions in underdeveloped nations is a key factor for those countries in achieving environmental development and sustainable economy. This research looked at the CO2 reduction and energy-saving policies implemented in the EU in 2011. Moreover, by examining the data from two two-digit industry panels for the period 2005-2015, we adopted a Differences Model (DID) to explore the effect on CO2 energy savings and reduction of emissions. The results show that, compared to untested areas, the Emissions of CO2 trading scheme has reduced consumption of energy in regulated industries by 22.8 percent and Emissions of CO2 by 15.5 percent in the pilot areas. Further analysis shows that the effect of the policy is mainly due to the improvement of energy technology efficiency and the modification of industrial infrastructure. Besides, we have found that “carbon trading” works best in areas with a high level of law enforcement and marketing of environment. Generally, our results show that “carbon trading” has saved energy and reduced emissions in underdeveloped nations.

Keywords: CO2; “Emissions trading scheme”; energy dialogue; to reduce emissions

Chapter 1 – Introduction

1.2 Aim of the Study

The study aims to investigate whether the“ Emission trading scheme” (ETS) of the EU can effectively achieve the reduction of emission, energy conversation

1.3 Background of Study

The rapid growth of EU in recent years has led to major environmental degradation, such as overdevelopment and large-scale industrial pollution, which are common problems in underdeveloped nations1. Secondly, there has always been a frail institutional environment in the EU. Therefore, the effective application of market-based scenarios can be very difficult. Also, because of the top of the best test area, the local government has established a test area that the provincial government cannot create. Also, these test areas are in the east, and the geographical distribution of the central and western regions is also very diverse. Compared to the national economy, consumption of energy and emissions, the pilot areas cover different economic environments.2 Thus, the pilot program can be considered as an almost natural experiment that provides a good basis for testing the effects of carbon dioxide emissions in underdeveloped nations. We first tested the DID method based on the bias hypothesis and found that there was no systematic difference in policy implementation between the two groups. The results of the comparison show that, compared to untested regions, in the pilot regions, “carbon trading” reduced consumption of energy for controlled industries by 22.8% and carbon dioxide emissions by 15.5%. To rule out other factors that may confuse (such as “PSM-DID” estimates, changes in handling time, and other variables), several tests have been performed, and the results remain reliable. Also, we tested three potential ETS CO2 kits, which will affect on energy savings and reduction of emissions through experience. First, ETS CO2 has an important positive effect on technical efficiency, confirming our hypothesis that technical capabilities have an indirect effect on energy savings and reduction of emissions. Secondly, with three different energy planning measures, we found that the effect of CO2 ETS on energy planning is not significant. For industrial companies, the results show that the carbon emissions trading program reduces the share of regulated industries, contributing to the consumption of energy and reducing carbon dioxide emissions. This research builds on the available literature in the following three sections. First, this research contributed to the macroeconomic experience of the “carbon trading” system. Previous research is based primarily on the perspective of regions and cities3, and these survey data are based on published statistics and areas. There are still significant differences in the official statistics on the consumption of energy between states and cities4.

1.4 Problem Statement

The German government has decided to set greenhouse emissions of gas prices for the transport and construction sectors from 2021, which is an important way of achieving climate goals. The Green Bill was passed in the“ National Assembly and German” states in November. Still, after the Green Party controlled the growth of mediation between the federal government and the government, prices seem to be rising. This commentary provides information on the proposed system, legal issues, initial criticisms of the low reception price and the expected effect of dissemination, as well as the next steps in the legislative process. For years, Angela Merkel, the Conservative Secretary-General of the UDP / CSU, and the governing body of the confederation have avoided discussing rising CO2 prices in these sectors. This is because you are worried about the failure of voters, businesses or the industry. The drought of the summer of 2018 and the forthcoming climate protests on Friday have spurred climate action to become a leader in political debate, and there is growing pressure to see carbon prices as a key measure. Reduce global warming and return to Germany. Target release. Under the German Emissions Trading Scheme, introduced in 2005, industries and energy companies must buy allowances from energy production and be able to trade with each other at market prices. Heating is the only industry that offers free benefits. The number of new allowances issued each year continues to decrease. As the price of trade permits rises, so does the economic pressure on coal-fired power plants. This makes electricity produced by power plants more expensive than heat produced in less carbon-intensive production (such as renewable energy or processing plants). Thus, the issue price shifts to the long-term goal of reducing issues in the company's price tag. In this way, exhibitions can be made at the discretion of companies. The German“ Emission trading scheme” is a key element for the German Union in reducing harmful greenhouse emissions of gas and the most important way to achieve the EU's climate goals. The system covers half of Europe's greenhouse emissions of gas. In November 2017, the German Committee, the Council and the Parliament agreed to review the fourth trading period (2021-2030). The new carbon price system for fuel and transport, which will be launched in 2021, is at the heart of the EU government's 2030 plan. It can be used to monitor and reduce the cap on carbon targets in different sectors on an annual basis. Companies distributing heat and fuel have to buy certificates (digital files) as pollution rights. The supplier must have several documents for each tonne of fuel oil, natural gas, liquefied petroleum gas, coal, diesel and petrol. The standards that suppliers must obtain and issue certificates are not yet prescribed by law. The exact number of documents to be issued depends on the carbon content of the fuel. The supplier pays the license, and the cost is sent to the consumer. The fewer certificates issued, the higher the price and the greater the incentive to reduce carbon emissions or invest in energy-efficient technologies. The market structure also aims to ensure that investments are made in particularly profitable locations.5 However, depending on the project, the system will not initially limit the number of CO2 certificates that can be traded. Thorsten Mueller, head of the Environment and Energy Agency, said the combination of fixed carbon prices and emission limits could violate the German constitution. In line with the EU's efforts to share common rules, if German shipments and emissions do not meet the targets set, certificates other than the ETS will have to be purchased abroad. However, Mueller added that the lack of a hood in the national system discriminates against companies that need to participate. Germany aims to reduce carbon emissions by 55% by 2030 compared to 1990. This includes the goal of a non-ETS economy to reduce its carbon emissions by 38% compared to 2005. In 2017, its emissions were reduced by only 3%. Matthes added that the risk of double-counting also poses problems in the German system, as the potential of some fuels can be calculated in national policies and the emissions trading system, such as at a gas station providing heat and electricity. The draft stipulates that if suppliers pass on carbon costs to them from domestic orders, companies that are already obliged to participate in emissions trading will be reimbursed6.

1.4 Objectives of the Study

The objective of the study is to focus on the following purposes;

- To examine whether ETS can effectively achieve energy conversation.
- To examine ETS can effectively achieve a reduction of emission.
- To examine whether ETS can effectively achieve the development of the environment.
- To examine whether ETS can effectively achieve a sustainable economy.
- To investigate how the ETS policies are implemented in the EU to reduce overall carbon emission.

1.7 Roadmap of Study

The structure of the study is as follows. Chapter 2 summaries the relevant academic literature and the context of the Emissions of CO2 trading scheme in the EU. The third part introduces the structure of the research. The results of the experiential examination are presented in Chapters 4, each of which deals with agreements and inequalities. Chapter 5 discusses the health test, and the last section presents the main findings and policy implications for the EU Emissions of CO2 trading system.

Chapter 2 – Literature Review on Carbon Pricing

2.1 Carbon Pricing

In 2019, many countries, regions and cities declared a "climate crisis". The annual yield was 1.1 ° C higher than the industry average, the warmest year ever and the second largest of the times recorded in 2016. Level 11 is rising at an alarming rate. With forest fires spreading in Australia, Siberia and elsewhere in the Arctic, the catastrophic effects of climate change are more pronounced than ever. Achieving this goal requires a fair and inclusive climate of international coordination, political will, financial support and rapid political response, but this has not yet been achieved satisfactorily. In this case, a well-designed carbon pricing system can play an important role in securing a sustainable low-carbon future. At the same time, social unrest spread around the world, leading to the 25th Conference of the Parties (COP 25) being moved from Chile to Santiago, Spain, to Madrid, just a month before it opened. This confusion is mainly due to the rising cost of living and highlights the challenges that countries face in the transition to a low-carbon economy7. The fight against the COVID-19 pandemic is at its peak; the government closes international travel borders; hospitals are working within their capabilities or preparing for the worst. However, there is no doubt that humanity will win in the end. The world knows that joint action can be taken in a relatively short time. The joint and decisive social and economic action taken to prevent an ischemic heart disease crisis clearly shows that our organization can take the same emergency measures that are needed to end the climate crisis. Despite the need to respond to this pandemic, some 190 countries will make revised commitments to reduce greenhouse gas emissions before next year's 26th UN conference in Glasgow. More than half will be committed to carbon neutrality by the middle of this century8. As stated in the recent IMF budget review, CO2 pricing can help countries meet these commitments, as CO2 pricing provides an important price signal to focus investment on low-emission technologies. It can also contribute to the sustainable macroeconomic framework needed to finance social assistance and stimulus programs in the current crisis. In many countries, CO2 pricing has also brought significant benefits to the national environment, such as a reduction in local air pollution deaths. Carbon pricing can be administrative, for example, to extend the current fuel tax. Foreword by Kristalina Georgieva, Managing Director of the International Monetary Fund: Coordinated action is needed to tackle climate change. Carbon prices are often politically unacceptable, especially as they oppose rising energy prices. The time may be right to address this issue, as oil prices are low, and the government may need to increase its revenues in the coming years.9 By ensuring policy-making in consultation with a wide range of stakeholders, policies that are fair, transparent and cost-effective can help disadvantaged groups, such as coal mining communities, to improve political recognition. The gradual, gradual and predictable nature of pricing systems also gives businesses and households time to adapt. Also, they may use additional tools to increase prices, such as discounts, a percentage of the cost ratio of products or activities with an average percentage, and lower prices for products or activities with above-average emissions, below-average emissions, which may increase. Overall environmental benefits, restrictive effects on energy prices. In addition to recognition problems, carbon prices in the private sector are rising10. Worldwide, around 1300, companies voluntarily use internal CO2 pricing or counterfeit carbon pricing to justify their investments. However, we face major challenges for the future. Based on the 2017 Stern-Stiglitz report, we know that if we want to control global warming below 2 degrees Celsius (The Paris Agreement ceiling), we must adopt a corresponding global carbon price of around 75 tonnes by 2030. The dollar is measured. Currently, the average world price of carbon is only $ 2 per tonne. Over the next ten years, if mitigation measures are not stepped up, and investments are focused on clean energy and infrastructure, this could jeopardize the unpredictability of the planet and the unprecedented climate. Promoting carbon pricing in new areas and extending existing arrangements to previously exempted permits, such as in the agricultural, shipping and aviation sectors, are important steps towards achieving carbon neutrality. But only the first step is to honor the Paris commitments. Further action is needed in the future. If countries react unilaterally and have no incentive to increase their global balancing ambitions, fundamental challenges will arise11. Apart from the current global health crisis, it is difficult to focus on anything else. COVID-19 has overthrown our community. Normal life, loss of communication and economic damage cannot be underestimated. Unfortunately, the threat of climate change remains even as countries recover from this crisis. Earlier this year, the Bush fire spanned California and Australia, the coral reefs became the third largest pink in five years, and Antarctica experienced its first known heatwave. Over the past year, increased public and investor pressure have put climate change on the list. As a result, we have seen increasing attention and efforts to combat global climate change. More than 70 countries have pledged to achieve zero emissions by 2050 and to strengthen their international climate commitments under the Paris Agreement. How to make these government and private sector commitments a reality is needed to limit global warming to below 2 degrees. Efficient CO2 prices are a tool to help countries and businesses reduce the carbon footprint of their economies and supply chains12. By encouraging the adoption of more ambitious climate commitments, many of these plans and plans take into account the role and potential of the carbon and carbon pricing markets. Although we understand the economic theory of carbon pricing: something is more expensive to do, but we use it less, the consequences of moving to a low-carbon economy are likely to change dramatically. and our community. The public must support carbon change and have social justice. Careful design of these policies, including carbon pricing and active communication on the benefits they can bring to our communities, workers and the environment, is essential. Reducing emissions can have major health benefits, and the benefits of carbon must focus on long-term solutions. This carbon revenue can be used to support other development policies to meet the necessary infrastructure and education needs. As the implementation of this climate policy may undermine traditional trade and production practices, it is important to support the strategies of these communities as well13. Every year, we compile this report at the World Bank to introduce readers to the latest developments in carbon pricing. In this year's report, we also present the role and use of the credit system. In recent years, general interest in carbon credit has grown as part of a broader portfolio of carbon investment investments. Countries are increasingly linking their carbon taxes and national carbon markets to a credit system to stimulate activity and investment in certain sectors, allowing governments and businesses to fight emissions in sectors where emissions are difficult to reduce. As investors and consumers become more aware of climate action, companies will also buy credit on the open market. At the international level, the units will also play a key role in reducing emissions from airlines within the framework of the International Civil Aviation Organization (CORSIA), which will enter into force this year. Strict standards are needed to ensure the environmental impact of this reputation14.

2.2 Carbon Pricing Instruments

The scope of existing CO2 pricing instruments will increase through the introduction of a load ratio, the extension of emission criteria and the phasing out of exemptions. Iceland raised the F-rate for petrol on 1 January 2020 to encourage companies to reduce their greenhouse gas emissions. In Chile, the guidelines for CO2 taxation were revised in 2020 and are now based on the unit's annual emissions. This change means that other emitters that were not previously included in the thermal limit will now be included. New Zealand has announced plans to reduce free industrial emissions, cancel and replace units from the first commitment period of the Kyoto Protocol (expired from 2015) and change penalties for non-compliance by the introduction of the new quota reduction fine. In addition to the phasing out of the coal exemption, Portugal has also started to phase out the exemption for fuel oil and natural gas used in installations under the EU Emissions Trading Scheme15. ESB. To strengthen its climate ambitions, Norway has abolished the carbon tax exemption for natural gas and liquefied petroleum oils used in some fishing boat industrial and refuelling processes. Similarly, Sweden abolished the part of the exemption for diesel for extraction. It reduced the exemption for fuel used for the production of electricity in processing plants under the exchange system. EU allowances. Thanks to the recent launch of carbon pricing and reform programs, governments around the world increased their carbon revenue by nearly $ 45 billion in 2019, an increase of $ 1 billion compared to 201916. This income includes carbon taxes, auction subsidies and income paid directly for bonds. Almost half of the 18 revenues come from environmental commitments or major development projects, but more than 40% of the revenues go to the entire budget. The rest will be spent on tax cuts and direct transfers.19 Although revenue has grown by $ 1 billion, it is negligible compared to the $ 11 billion increase in 2018, partly due to the price of EU funding (EUA) in 2019 Fixed results. The biggest contribution to global revenue growth comes from the introduction of federal fuel costs in Canada (which is part of the carbon tax). Quebec's share is higher and, with changes in New Zealand's carbon trading system, prices have risen, which has boosted overall revenues.17

2.2.1 Explicit carbon price

However, these hidden carbon taxes are usually much lower than the real cost of carbon, inadvertently encouraging the use of carbon. (The same is true for countries with clear CO2 prices, where more than half of the price is always less than USD 10 per tonne of CO2 equivalent.) Bring an indirect carbon tax through policy o Current CO2 emissions could contribute to carbon prices in mainland Africa18. There are two instruments in this category: the carbon tax is a value-related instrument, and the ETS is a large-scale instrument.

- A carbon tax is a currency tax on the selling price of a product that increases the number of greenhouse gases emitted during the production and use of the product. Carbon taxes can apply at all levels of the supply chain and can be targeted at upstream producers or lower class companies and users.
- The Emissions Trading Scheme (ETS) is a system that obliges market participants to reduce emissions and allocates allowances equal to the cap. Participants can buy allowances or sell allowances to reduce emissions19.

2.2.2 Implicit Carbon price

Among 32 sub-Saharan African countries, most countries that specifically mention carbon prices or carbon markets in their domestic data centres do so as part of their access to the carbon market. As a counterweight. 49 Many countries have introduced a hidden carbon price. The evolution of indirect CO2 prices between different policies and regions provides an opportunity to learn from the experiences of others to reduce costs and increase the effectiveness of policies to reduce carbon leakage in the electricity sector. The hidden carbon price of each policy is the result of a trade agreement between the total cost of the policy and the tonne of CO2 saved by this reverse production compared to conventional coal or oil production. The CO2 price of a specific policy is then weighted by the share of the country's electricity production and the total amount of its consequences in the indirect carbon price in the country20.

2.2.3 Internal Carbon Prices

Abbildung in dieser Leseprobe nicht enthalten

When a company adopts internal CO2 prices, it takes climate risks into account in its business processes. This will allow him to make climate decisions and improve his resilience. Companies with innovative capabilities and practical know-how can accelerate the transition to a low-carbon and climate-changing economy. Many companies have already proven this, promising to achieve net emissions before or before 2050. Some 1,400 companies have set or plan to set internal CO2 prices next year to help reduce their CO2 emissions, and investment, which shows that they want a plan at a faster pace. Recognized the principles of stakeholders at the COVID World Economic Conference and expressed the willingness of companies to serve society by helping to maintain and restore a sustainable society and world economy after COVID.21 More and more companies are recognizing that internal carbon pricing is a powerful tool for low-carbon management and promotion. By allocating monetary values ​​to each other to make decisions on greenhouse gas emissions, emissions can be turned into financial indicators to inform decision-making. In 2019, 699 PDP companies said they would use an internal carbon price of which is 92 companies more than in 2017. Also, 915 companies said they would estimate their CO2 emissions over the next two years. This upward trend and the number of carbon pricing jurisdictions is growing. Companies operating under the CO2 pricing initiative have increased the likelihood of internal CO2 pricing by seven times. This shows that the financial risk posed by regulation has become a powerful driver for companies to include internal CO2 prices in decision-making.22 However, the company has stated in the PDP's internal CO2 pricing program that its use has gone beyond the inclusion of ETS costs or a carbon tax in its financing decisions. There are many reasons why companies use an internal carbon price. More than half of companies encourage low-carbon investments, improve energy efficiency and change internal behavior under an internal carbon pricing scheme. In addition, around 40% of respondents respected the greenhouse gas rules they followed and pointed to their low carbon potential. The diversity of targets is reflected in the company's internal carbon prices, which range from USD 1 / tCO2e to USD 906 / tCO2e. Some companies have set lower prices to increase their internal awareness of climate change, in particular, their greenhouse gas emissions.23 Carbon price management is still unexpected, which could include plans for future price increases to increase the impact of internal carbon prices. Other countries set internal CO2 prices based on the cost of reducing emissions in order to meet their emission reduction targets. These costs may include emissions from scope 3, the social costs of carbon or the carbon price needed to zero the global economy. Some companies also use a number of national CO2 pricing to take into account changes in carbon pricing and the indirect carbon costs that are collected by regulations such as greenhouse gas emission standards and taxes on fuel. Some also believe in the future increase in CO2 emissions and the indirect carbon costs of other rules for these political risks.24 The way companies set their internal CO2 price is different. Most companies claim that PDPs use the carbon price as a shadow price to benefit from the greenhouse gas emissions associated with the decision. In fact, around 400 companies (more than half of the companies currently using carbon pricing) have reported the use of shadow prices. In addition, about 150 companies said they used some form of carbon taxation or trading system. From the collection of staff for the carbon footprint of business travel to the collection of business units for greenhouse gas emissions to the repayment of these funds for low-carbon and efficient projects, these methods vary. These can be in-house projects or worthless debt offsets. A total of 85 companies reported using in-house CO2 pricing for their purchases. This includes the use of an internal CO2 price to raise money to buy offsets or to pay CO2 tax departments based on the purchase costs of the offsets. As more and more companies set carbon-neutral targets and offset emissions that are difficult to reduce with certain types of offsets, this number could increase further. As of April 1, 2020, 760 companies and 27 investors have committed to achieving net-zero by 2050 as part of the Climate Ambition Alliance.25 Like the EU, Germany aims to have a neutral greenhouse gas by 2050. Germany has set a provisional target of reducing emissions by at least 55% of 1990 levels by 2030. The country's first national climate laws, adopted in 2019, set annual goals for reducing emissions from various industries, including industry and transport, by 2030. These targets are in line with the European Gas Reduction Plan. If goals are forgotten or exceeded, they are distributed in law, the difference in the industry's annual emissions plan until 2030 is evenly distributed.26

2.3 Carbon Pricing Initiatives

In 2019, carbon pricing equipment increased by $ 45 billion, more than half of which went to construction or planned environmental or development projects61, 31 of which were carbon trading systems. CO2 emissions and the remaining 30 were CO2 taxes. Carbon prices were below $ 1. The CO2 equivalent per tonne is 119 USD / tCO2e, and almost half of the emissions are less than 10 USD / tCO2e. Many jurisdictions have extended the scope of existing CO2 pricing schemes to more facilities, regions and natural gas. Others have reduced the share of fossil fuel tax exemptions to increase their ambitions. A second carbon pricing scheme will be implemented to help jurisdictions meet new regional or national climate targets.27 In 2019, most CO2 price plans came into force for one year, and ten systems came into force, equal to the total number of CO2 price plans launched in the last three years. In 2019, South Africa became the first African country to assess a carbon and carbon tax in the Singapore market, as well as the first time an Asian country introduced a carbon tax. Another new carbon pricing plan can be found in Canada, and most Canadian provinces and territories are introducing new plans to address "Canada's contribution to carbon sequestration." In addition, Canada's federal aid system (including the carbon trading system and carbon taxpayers) has been set up in provinces and territories that have not adhered to the system or have not established sufficiently ambitious carbon pricing.28 When Mexico launched a pilot with ETS in 2020, it also saw the first ETS in South America. This three-year pilot project will test the architecture of the ETS to achieve 37% of national emissions before the ETS becomes fully operational. New Brunswick has also introduced a carbon tax based on the Canadian government's lowest carbon price. During the simulation period, China will continue to implement the CO2 trading system and build stakeholder capacity. At the same time, Chinese carbon trading pilots will continue to expand and improve their systems to match the national carbon trading system.29 Some US states, such as Pennsylvania, New Mexico, North Carolina and Oregon. New York City is also considering a carbon trading system for the construction industry. A second carbon pricing scheme will be implemented to help jurisdictions meet more ambitious regional or national climate targets. In Europe, the "Green EU Treaty" and its commitment to carbon neutrality by 2050 have strengthened the principles for more ambitious climate action and greater use of CO2 prices. Several countries have announced new climate targets and intend to launch a study on national carbon pricing plans to cover new areas in addition to the EU ETS. Germany plans to launch a carbon market for space heating and road transport by 2021. Luxembourg also intends to introduce a carbon tax by 2021 for non-ETS industries. Similarly, Austria has proposed to introduce carbon pricing for industry30. Outside the ETS, but the form of the draft carbon price has yet to be determined. Other jurisdictions are extending existing CO2 pricing schemes to other sectors. New Zealand intends to set greenhouse gas emission prices by 2025, in line with New Zealand's commitment to meet its 2050 CO2 reduction targets. The Swiss ETS, including electric and domestic flights, would harmonize the EU ETS. Accept the communication agreement. In China, Tianjin's CCS experimental system now includes building materials, paper production and domestic flights. Although China's domestic carbon trading system initially covered only the energy sector, monitoring, reporting and control obligations extend to other industries as follows: Although China's domestic carbon trading system only initially covered the energy sector, Monitoring, Reporting and Control is committed to other industries to gradually facilitate their entry into the world carbon market. The scope of existing CO2 pricing instruments will increase through the introduction of a load ratio, the extension of emission criteria and the phasing out of exemptions. Iceland raised the F-rate for petrol on 1 January 2020 to encourage companies to reduce their greenhouse gas emissions. In Chile, the guidelines for CO2 taxation were revised in 2020 and are now based on the unit's annual emissions. This change means that other emitters that were not previously included in the thermal limit will now be included. New Zealand has announced plans to reduce free industrial emissions, cancel and replace units from the first commitment period of the Kyoto Protocol and change penalties for non-compliance in accordance with the introduction of the new quota reduction fine. In addition to the phasing out of the coal exemption, Portugal has also started to phase out the exemption for fuel oil and natural gas used in installations under the EU Emissions Trading Scheme. To strengthen its climate ambitions, Norway has abolished the carbon tax exemption for natural gas and liquefied petroleum oils used in some fishing boat industrial and refueling processes. Similarly, Sweden abolished the part of the exemption for diesel for extraction and reduced the exemption for fuel used for the production of electricity in processing plants under the exchange system.31

[...]


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Title
The Case of OECD's Effective Carbon Rates in the EU. Can the Emission Trading Scheme Reduce Emission?
College
University of Münster
Author
Year
2020
Pages
40
Catalog Number
V944415
ISBN (eBook)
9783346280220
ISBN (Book)
9783346280237
Language
English
Tags
case, oecd, effective, carbon, rates, emission, trading, scheme, reduce
Quote paper
Sanghee Chang (Author), 2020, The Case of OECD's Effective Carbon Rates in the EU. Can the Emission Trading Scheme Reduce Emission?, Munich, GRIN Verlag, https://www.grin.com/document/944415

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