Tokyo ETS is the first emissions trading scheme to control GHG emissions from office buildings. Although the Tokyo government claimed that Tokyo ETS had been successful, some argued that the emission reduction under Tokyo ETS was actually the result of electricity price increases triggered by the Great East Japan Earthquake in 2011. Using a facility-level data set for Japanese office buildings, we conducted an econometric analysis to examine the impact of Tokyo ETS. We found that half of the emission reduction is a result of the ETS, while the rest of the reduction is due to the electricity price increase. Another unique feature of Tokyo ETS is that an accurate permit price is not publicly available due to its design. Using our estimated model, we found that the price is approximately $50 per ton of CO₂ in the early phase.

东京 ETS 是第一个控制办公楼温室气体排放的排放交易计划。虽然东京政府声称东京 ETS 是成功的，但有人认为，东京 ETS 的减排实际上是 2011 年东日本大地震引发的电价上涨的结果。 使用日本写字楼的设施级数据集，我们进行了计量经济学分析来检验东京 ETS 的影响。我们发现一半的减排是由于 ETS，而其余的减排是由于电价上涨。东京 ETS 的另一个独特之处在于，由于其设计，准确的许可证价格无法公开。使用我们的估计模型，我们发现每吨 CO ₂的价格约为 50 美元 在早期阶段。