Allocation, allocation, allocation! The political economy of the development of the European Union Emissions Trading System,WIREs Climate Change

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Allocation, allocation, allocation! The political economy of the development of the European Union Emissions Trading System
WIREs Climate Change ( IF 9.4 ) Pub Date : 2022-08-01 , DOI: 10.1002/wcc.796
Misato Sato ₁ , Ryan Rafaty _{2,

3} , Raphael Calel ₄ , Michael Grubb ₅

Affiliation

The European Union's pioneering carbon Emissions Trading System, the EU ETS, has inspired countries around the world to launch their own CO₂ markets. This paper analyses the evolution of the EU ETS from a political economy perspective, emphasizing the interaction of economic principles and political interests at pivotal moments, and showing how each compromise changed the scope for future design choices. We focus on the allowance allocation issue, which provides a window into the complex tug-of-war between economic efficiency and the politics of distribution. Our account highlights the dynamic nature of CO₂ market reform, and provides lessons that can help inform the design of more stable and effective CO₂ markets in the future.

中文翻译：

分配，分配，分配！欧盟排放交易体系发展的政治经济学

欧盟开创性的碳排放交易体系，EU ETS，已激励世界各国推出自己的 CO ₂市场。本文从政治经济学的角度分析了 EU ETS 的演变，强调了经济原则和政治利益在关键时刻的相互作用，并展示了每种妥协如何改变未来设计选择的范围。我们关注配额分配问题，这为了解经济效率和分配政治之间的复杂拉锯战提供了一个窗口。_{我们的报告突出了 CO 2}市场改革的动态性质，并提供了有助于为未来设计更稳定和有效的 CO ₂市场提供信息的经验教训。

更新日期：2022-08-01

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