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| DOI | 10.1016/j.enpol.2020.111905 |
| A carbon price floor in the reformed EU ETS: Design matters! | |
| Hintermayer M. | |
| 发表日期 | 2020 |
| ISSN | 03014215 |
| 卷号 | 147 |
| 英文摘要 | Despite the reform of the European Emissions Trading System (EU ETS), discussions about complementing it with a carbon price floor (CPF) are ongoing. This paper analyzes the effect of a European CPF in the reformed EU ETS using a Hotelling model of the EU ETS, amended by the market stability reserve (MSR), and the cancellation mechanism. Two CPF designs are compared: (1) a buyback program and (2) a top-up tax. The buyback program sets a minimum price for the allowances from the implementation year onwards. After the announcement, firms anticipate the CPF, which immediately increases the carbon price to the discounted CPF level. Therefore, firms emit less and bank more allowances, leading to more intake into the MSR, and more cancellation of allowances. The top-up tax imposes a tax on emissions, which enhances the market price of allowances to the CPF level from the implementation year onwards. Firms increase their short-run emissions in anticipation of the upcoming tax. Only after the implementation year firms start to lower their emissions. Thus, the effect on aggregate cancellation is ambiguous. Despite being equivalent in a static setting, the design choice for the CPF matters in a dynamic context, such as the EU ETS. © 2020 Elsevier Ltd |
| 关键词 | Carbon price floorEU ETSIntertemporal emission trading |
| 英文关键词 | Carbon; Commerce; Floors; Taxation; A-carbon; Carbon price; Design matters; Dynamic contexts; Emissions trading system; Hotelling model; Market price; Market stability; Gas emissions; carbon emission; emissions trading; European Union; policy implementation; pricing policy |
| 语种 | 英语 |
| 来源期刊 | Energy Policy
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/204700 |
| 作者单位 | Department of Economics and Institute of Energy Economics, University of Cologne, Vogelsanger Strasse 321a, Cologne, 50827, Germany |
| 推荐引用方式 GB/T 7714 | Hintermayer M.. A carbon price floor in the reformed EU ETS: Design matters![J],2020,147. |
| APA | Hintermayer M..(2020).A carbon price floor in the reformed EU ETS: Design matters!.Energy Policy,147. |
| MLA | Hintermayer M.."A carbon price floor in the reformed EU ETS: Design matters!".Energy Policy 147(2020). |
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