Tesis sobre el tema "Emissions trading market"
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Wölfing, Nikolas. "Interacting markets in electricity wholesale : forward and spot, and the impact of emissions trading". Thesis, Paris 1, 2013. http://www.theses.fr/2013PA010049.
Texto completoThis thesis addresses aspects of interacting markets in electricity wholesale. Electricity is traded in forward markets and in day-ahead auctions, which implement a very specifie market design. The bids of market participants take the fonn of supply and demand functions. Chapter 2 builds upon a finding of Zachmann and von Hirschhausen (2008) who report an asymmetric response of electricity wholesale prices for Gennany to changes in the price of EV Emission Allowances (EVA). ln contrast to the fonner contribution, it is shown that the asymmetry disappeared in response to a report on investigations by the competition authority. Chapter 3 addresses the interaction offorward markets and day-ahead auctions in a repeated oligopoly game. The effect offorward trading on the sustainability of collusion is studied for the case that spot market strategies take the fonn of supply functions. It is shown that the existence of forward markets enlarges the range of discount factors for which collusion can be sustained. Chapter 4 examines if an asymmetric reaction to EVA prices can also be found in the supply functions from the day-ahead market. To this end, tools from the field of functionaJ data analysis are adopted and applied to observed bids from the day-ahead auction. Chapter 5 develops a test for autocorrelation in functional panel data. Asymptotic nonnality of the statistic is proved, and Monte-Carlo simulation sho\l good power of the test in sample sizes which frequently prevail in applied research
De, Klerk W. A. (Willem Abraham). "An investigation into the trading in emissions credits as a free market mechanism to curb global warming". Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/49717.
Texto completoENGLISH ABSTRACT: One of the most topical and widely discussed factors which could lead to the ultimate end of life on earth is global warming and its devastating effects. Several current trends clearly demonstrate that global warming is directly impacting on rising sea levels, the melting of icecaps and other significant worldwide climatic changes. These climatic changes will have a profound effect on the economy of the world as well as having health and social consequences for humans on earth. It has also become evident that mankind has played a significant role in causing global warming through its excessive burning of fossil fuels and its deforestation activities. Mainstream economists have increasingly realised that the prime cause of environmental problems is the absence of markets and more specifically, the absence of private ownership, which provide the foundation for markets. This occurrence has also been described in the literature as the tragedy of the commons. Mankind has come to a point in its history whereby it is in great danger of causing its own annihilation through the destruction of its natural environment. As a result of this, world leaders and many industrialists have realised that it is essential that the world must do something to preserve the natural environment. This was the rationale behind the Kyoto Protocol. In Kyoto 38 industrial states undertook to reduce their total emissions of six important greenhouse gases by at least 5 percent by the period 2012 at the latest. It was agreed in Kyoto that the system to be used to curb global warming should be based on free market principles that would focus on limiting the tragedy of the commons. On this basis it was agreed that the international trade in greenhouse gas emission allowances might fulfil an important role in providing countries and companies with the capabilities to achieve part of their reduction obligations. The Kyoto mechanism was therefore designed on the basis of emissions trading, but also had an equity objective with respect to developing countries. Supporters of the trading scheme are of the opinion that this market will guarantee that certain emission targets are met. In principle, the international trade in emission credits offers several advantages in terms of a flexible and cost-efficient realisation of the reduction obligations undertaken at Kyoto. Supporters of emissions trading are also of the opinion that trading in these gases also has economic and technological benefits. The answer to global warming might be as simple as buy low, sell high conventions. Now greenhouse-gas emissions are becoming a commodity that can be bought and sold on a worldwide scale, just like gold or soybeans. It is expected that the trading in greenhouse-gas emission rights will ultimately constitute the largest commodities market in the world. An international market for greenhouse gas emission allowances is already developing. However, rules governing such transactions are not fully worked out yet. The 178-nation Kyoto Protocol on global warming may provide a start, despite the US's refusal to support the treaty. It will be the aim of this thesis to provide understanding in terms of the functioning of emissions trading schemes and therefore the Kyoto mechanism as a solution to this problem of global warming. It will also be an important objective of this thesis to provide insight into the issues applicable to climatic change and the Kyoto mechanism.
AFRIKAANSE OPSOMMING: Atmosfeerverwarming is wêreldwyd een van die mees bespreekte kwessies. Die nadelige effek van atmosfeerverwarming as gevolg van die toenemende kweekhuiseffek, het die potensiaal om tot die uiteindelike uitwissing van lewe op aarde te lei. Verskeie tendense dui daarop dat atmosfeerverwarming 'n direkte impak op stygende seevlakke, die ontvriesing van die pakys by die pole en ander noemenswaardige klimaatsversteuringe het. Indien iets drasties nie gedoen word om atmosfeer verhitting te keer nie, sal klimaatsversteuringe 'n geweldig nadelige effek op die wêreld ekonomie te weeg bring, asook 'n nadelige effek op gesondheids- en sosiale toestande tot gevolg hê. Dit het duidelik geword dat die aktiwiteite van die mensdom, hoofsaaklik verbranding van fossielbrandstowwe en ontbossing, te blameer is vir atmosfeerverwarming. Ekonome wêreldwyd het toenemend besef dat die hoofrede vir omgewingsprobleme, soos atmosfeerverwarming, toegeskryf kan word aan die afwesigheid van markte en meer spesifiek die afwesigheid van privaatbesit, wat in effek die basis van die vrye mark vorm. Hierdie gebeurtenis word in die ekonomiese literatuur beskryf as die "tragedie van die gemene goedere" . Wêreldpolitici en industriële leiers het besef dat die mens by 'n punt in sy geskiedenis gekom het waar hy moontlik sy eie uitwissing kan bewerkstellig en dat iets drasties gedoen moet word om die natuurlike omgewing te beskerm om sodoende volhoubare ekonomiese groei te verseker. Hierdie besef het gelei tot die totstandkoming van die Kyoto Protokol waar 38 nywerheidslande ooreengekom het om voor die jaar 2012 hul totale nasionale emissies van die ses belangrikste kweekhuisgasse met ten minste 5 persent tot onder hul 1990 emissievlakke te verminder. Daar was in Kyoto ooreengekom dat die stelsel wat gebruik moet word om die Kyoto doelwitte te bereik sterk vryemark eienskappe moet besit asook meganismes om regverdigheid en gelykheid tussen lande in terme van kweekhuisgasbeperkings te verseker. Die Kyoto meganismes is ontwerp met sterk vryemark eienskappe, wat basies 'n stelsel is waarvolgens lugbesoedelingsregte verhandel kan word. Hierdie verhandeling van besoedelingsregte kan toegepas word om kweekhuis gasse te verminder. Die Kyoto meganismes en dus lugbesoedelingsverhandeling verskaf buigbaarheid aan besighede en lande om hul onderskeie besoedelingsbeperkingsdoelwitte op die mees koste effektiewe manier te bereik. Die antwoord op atmosfeer verwarming kan dalk so eenvoudig wees soos koop laag en verkoop hoog. Kweekhuisgasse is besig om net soos graan of goud 'n kommoditeit te raak. Daar word verwag dat die verhandeling in kweekhuis gas besoedelingsregte uiteindelik sal groei tot die grootste kommoditeitsmark ter wêreld. Ondersteuners van die Kyoto meganismes is van mening dat kweekhuisgas verhandeling ook ekonomiese en tegnologiese voordele inhou. Dit is 'n oogmerk van die Kyoto meganismes om die verskuiwing van tegnologie tussen ontwikkelde en ontwikkelende lande asook volhoubare groei te verseker. 'n Grysmark vir kweekhuisgas regte is reeds internasionaal, voor die beplande instelling van die Kyoto meganismes, aan die ontwikkel. Die reëls en regulasies vir die Kyoto meganismes is nog nie gefinaliseer nie. Dit en die onwilligheid van die VSA om die Protokol te onderteken, belemmer die vroegtydige implementering van die Kyoto meganismes en die effektiwiteit van die stelsel. Dit is die doelwit van die werkstuk om die leser bekend te maak met die funksionering van emissieverhandeling as 'n vryemark stelsel om omgewingsprobleme soos atmosfeerverwarming te verminder. Die werkstuk beoog ook om die kwessies betrokke by klimaatsverandering en die Kyoto meganismes aan die leser te verduidelik.
Rodríguez, Morales Jorge Ernesto. "Competition Policy and State Aid under the European Union Emissions Trading System". Pontificia Universidad Católica del Perú, 2015. http://repositorio.pucp.edu.pe/index/handle/123456789/115611.
Texto completoLa interacción entre la política de competencia y la medio ambientales bastante compleja, especialmente en el caso de las ayudas estatales, cuyo nivel de control refleja el coste de oportunidad emergente entre ambas. Con el fin de ilustrar las potenciales pérdidas de eficiencia o los desequilibrios en la equidad de condiciones de competencia, este artículo analiza las dimensiones legal, económica y política del mecanismo de asignación gratuita de permisos de emisión del Régimen Comunitario de Comercio de Derechos de Emisión (RCCDE) de la Unión Europea para el sector de la generación eléctrica.
Viteva, Svetlana. "The informational efficiency of the European carbon market". Thesis, University of Stirling, 2012. http://hdl.handle.net/1893/11204.
Texto completoEriksson, Andreas. "The impact of EU the emissions trading system on the price of electricity : An econometric analysis of the Nordic electricity market". Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-71421.
Texto completoAiyegbusi, Olufemi. "The Alberta carbon market : an exploration of alternative policy options through agent-based modeling". Thesis, Lethbridge, Alta. : University of Lethbridge, Faculty of Management, c2012, 2012. http://hdl.handle.net/10133/3434.
Texto completovii, 155 leaves ; 29 cm
Radja, Rajni. "The economic sequestration potential of agricultural soils in Canada in response to a carbon market /". Thesis, McGill University, 2007. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=100202.
Texto completoThe results of the simulation indicated that crop shifts towards hay and alfalfa occurred in the Policy All scenario, while practice shifts towards moderate and no-till occurred in the Policy Till scenario. Simulation analysis indicated that carbon sequestration levels vary by province and region. Among the provinces, the Prairie provinces had the highest carbon sequestration levels ranging from 50 percent under the Policy Till scenario, while under the Policy All scenario it was close to 97 percent. Nationally at a medium price of $15/t of CO2 approximately 1.08 Mt of CO2 and 0.11 Mt of CO2 were sequestered under Policy All and Policy Till scenario. When transaction costs were included in the analysis, approximately 30 to 40 percent less sequestration from the baseline was estimated. The results varied by province and region.
Jetté-Nantel, Simon. "Impact of a carbon market on afforestation incentives : a real option approach". Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=98735.
Texto completoResults indicate that both, actual non-permanence policies and the presence of real options, have a significant negative impact on afforestation incentives. However, the carbon market has a positive effect as it increases the expected revenues to afforestation and also represents a diversification opportunity. Yet, even in the presence of a carbon market the investment barrier remains considerable. Despite the positive effect of the carbon market, results show that unless carbon prices reach levels well above $100/tC a subsidization of afforestation cost is needed in order to generate substantial GHG abatement from marginal agricultural land afforestation in western Canada.
Dhavala, Kishore. "Essays on Emissions Trading Markets". FIU Digital Commons, 2012. http://digitalcommons.fiu.edu/etd/733.
Texto completoNorberg, Martina y Ladan Sharifian. "EU:s system för handel med utsläppsrätter i Sverige : En intervjustudie om några svenska energibolags och myndigheters uppfattning och agerande". Thesis, Linköping University, The Tema Institute, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-6804.
Texto completoDen 1 januari 2005, startades det europeiska handelssystemet med utsläppsrätter. Handelssystemet avser att minska
koldioxidutsläppen inom Europa, för att fullfölja åtagandet i Kyotoprotokollet. I Sverige har flera sektorer påverkats
av handeln med utsläppsrätter bl.a. energisektorn, som står i fokus för denna studie.
Syftet med uppsatsen är att studera hur de större och mindre energibolagen samt de ansvariga myndigheterna i
Sverige uppfattar systemet för handel med utsläppsrätter. För att uppfylla syftet formulerades ett antal
frågeställningar om hur energibolagen och myndigheterna ser på handelssystemets följande områden, fördelar och
nackdelar, implementering, tilldelningsprinciper, förbättringspotential, framtida utveckling, samt om det finns några
likheter och skillnader mellan energibolagen. Detta gjordes genom intervjuer med representanter från ett urval av
svenska energibolag och ansvariga myndigheter. Resultatet av intervjuerna analyserades och jämfördes med tidigare
studier. Därefter diskuterades frågeställningarna.
Slutsatserna visar att handelssystemet anses vara ett kostnadseffektivt styrmedel. Vidare visar slutsatserna att vid
implementeringen var tidspressen det största problemet för både energibolagen och myndigheterna. Vad gäller
tilldelningsprinciper föredrar energibolagen tilldelning baserad på riktmärken, detta bl.a. då de ser problem med
uppdatering av de historiska utsläppen. När det gäller handelssystemets förbättringspotential önskar energibolagen
främst större harmonisering, längre perioder samt en förenkling av reglerna och kraven. Både energibolagen och
myndigheterna framhåller att handelssystemets framtid är väldigt osäker och att det beror mycket på vilka
internationella beslut som fattas. En skillnad som har kunnat urskiljas mellan de större och mindre energibolagen är
att de större tänker globalt på klimatproblematiken och miljön, i jämförelse med de mindre energibolagen, vars fokus
ligger på den inhemska marknaden.
Minnice, Paul. "Heterogeneous national allocation plans in the EU Emission Trading Scheme under imperfectly competitive markets". Diss., Connect to the thesis, 2009. http://hdl.handle.net/10066/3637.
Texto completoBogojevic, Sanja. "Discourse analysis of emissions trading scholarship : a case study of the EU emissions trading scheme". Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:4bab5c90-dc00-48ef-88a0-3162f05cf1b1.
Texto completoGrover, Mansi. "Essays on Risk and Uncertainty in Greenhouse Gas Trading Markets". Diss., Virginia Tech, 2005. http://hdl.handle.net/10919/29198.
Texto completoPh. D.
Bertrand, Vincent. "The european union emission trading scheme and energy markets : economic and financial analysis". Phd thesis, Université de Franche-Comté, 2012. http://tel.archives-ouvertes.fr/tel-00930886.
Texto completoBroderick, John Foreman. "Business as usual? : instituting markets for carbon credits". Thesis, University of Manchester, 2011. https://www.research.manchester.ac.uk/portal/en/theses/business-as-usual-instituting-markets-for-carbon-credits(fbf35455-6dc6-4ad9-a0e9-1757dff6cfac).html.
Texto completoFlora, Maria. "Essays on Energy Markets". Doctoral thesis, Università degli studi di Padova, 2018. http://hdl.handle.net/11577/3426701.
Texto completoNel contesto generale delle crescenti preoccupazioni per i problemi ambientali globali, il mercato energetico si trova a dover fronteggiare la sfida per la decarbonizzazione. Ciò si traduce in crescenti quote di produzione di energia tramite fonti rinnovabili, in crescente competizione e nella necessità di avere un sistema energetico affidabile durante la transizione verso un mercato dell’energia a minor impatto ambientale. Questa tesi analizza alcuni dei cambiamenti più rilevanti nel settore elettrico, relativamente all’area europea, valutando diverse misure che sono state messe recentemente in atto, o di cui è prevista l’implementazione. In particolare, analizza il ruolo e la portata del mercato europeo di emission trading, il suo impatto sul settore elettrico e le modalità con cui potrebbe aumentare la sua efficacia; esamina i cosiddetti mercati della capacità, e in particolare fornisce modelli per il prezzaggio di reliability options; infine, fornisce strumenti per una valutazione dinamica degli interconnettori, nel contesto di una crescente integrazione dei mercati europei. Ogni tema è trattato con strumenti differenti, quali la teoria delle opzioni reali, l’analisi Monte Carlo e la teoria del controllo stocastico.
Fernando, Sánchez Miñaur Fernando Sánchez Miñaur. "Carbon pricing and the impact on financial markets". Thesis, KTH, Hållbar utveckling, miljövetenskap och teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-258408.
Texto completoAtt investera ansvarsfullt är en trend som ökar stadigt genom finansmarknader i världen idag. Då flera ekonomier i världen utlovar att minska mängden utsläpp av växthusgaser i linje med vissa klimatscenarion, så förstärks miljöpolicys som koldioxidutsläppspriser i ett försök att internalisera externaliteter i dagens ekonomiska system. I kontexten av när ägare av tillgångar börjar kräva större täckning i miljö, socialt ansvar och ägarstyrning, kan exponering och risk i koldioxidutsläppsbeskattning och handel av utsläppsoptioner vara en drivande faktor i ansvarsfullt investerande. En utmaning i att prissätta utsläpp genom miljöpolicys ligger i hur separerade båda mekanismerna är från en harmoniserad kostnad per utsläpp genom olika sektorer och geografier. Definierad och utvärderad genom en kvantitativ scenarioanalys av Scope 1-utsläpp, verkade all information om koldioxidutläppspriser som grund till modellen. Från ett investeringsperspektiv visade resultaten en högre exponering för elkraftssektorn till 2030 och 2050. Emellertid påvisades även att industrisektorn har störst risk för investeringar. Detta är baserat på elkraftens nuvarande och förväntade koldioxidutsläppsberoende och den förväntade ökningen i täckning från koldioxidutsläppsprismekanismer i industrisektorn. Vidare påvisades flygindustrin, som är en sidosektor av offroad-transport, vara den huvudsakliga källan för denna sektors exponering och risk. Avslutningsvis fastställs det att denna undersökning endast är ett första steg i en komplett analys av koldioxidpriser, då Scope 2 utsläpp även bör undersökas.
Segerstedt, Anna [Verfasser]. "Expanding the markets for environmental protection : recent initiatives on certification, voluntary carbon offsets, protected area certificates, and emission trading / Anna Segerstedt". Hannover : Technische Informationsbibliothek und Universitätsbibliothek Hannover (TIB), 2015. http://d-nb.info/1074260171/34.
Texto completoSiddiqui, Muhammad Shahid. "Three Essays on Environmental Economics and on Credit Market Imperfections". Thèse, Université d'Ottawa / University of Ottawa, 2011. http://hdl.handle.net/10393/20161.
Texto completoRocha, Patricio. "Cap-and-Trade Modeling and Analysis for Electric Power Generation Systems". Scholar Commons, 2011. http://scholarcommons.usf.edu/etd/3316.
Texto completoRotoullié, Jean-Charles. "L'utilisation de la technique de marché en droit de l'environnement. L'exemple du système européen d'échange des quotas d'émission de gaz à effet de serre". Thesis, Paris 2, 2015. http://www.theses.fr/2015PA020053.
Texto completoBy taking the example of the European Union emission trading system, the objective of the present study is to understand the conditions of effectiveness of a specific tool: the market-based instrument. Market-based instrument is defined as a tool of policing aiming at the achievement of a public policy objective (pre-established by public authorities) with the creation of a market, i.e. the organisation of exchanges of “units” between economic operators. This tool is widely used in environmental law. The ex nihilo creation of a market in order to protect the environment must not mislead: the market-based instrument does not lead to a shift from public action to freedom. To the contrary, the effectiveness of the market-based instrument depends on a strong public action. A permanent (i.e. both during the preparation and the implementation of this tool) and multifaceted (i.e. at international, regional and national levels) public intervention is therefore required. The “invisible hand” of the market could only be effective with the “visible hand” of public authorities
Sousa, Rita Mafalda Dionísio de. "O funcionamento dos mercados de emissões e análise da possibilidade de aplicação em Portugal". Master's thesis, Instituto Superior de Economia e Gestão, 2002. http://hdl.handle.net/10400.5/3407.
Texto completoAssentando-se na prioridade máxima de reduzir as emissões dos seis GEEs, aborda-se a teoria relacionada com a definição de direitos de propriedade de Coase, aferindo ao funcionamento de uma externalidade deste género. Ao nível internacional é seguido o trajecto da UNFCCC, frisando os aspectos referentes ao Protocolo de Quioto. Este pretende uma redução de 5% das emissões em relação aos níveis de 1990, para 2008-2012. O estudo é centralizado num dos mecanismos flexíveis propostos no protocolo, isto é, no mercado de emissões. Com ele consegue-se uma redução nos custos globais de atingir os limites, apenas pelo facto de ser possível incorrer em reduções de emissões noutros locais que não no "nosso" pais se isso se apresentar economicamente mais viável. Por outro lado é permitida uma política doméstica perfeitamente flexível. Estudos sobre mercados do género (SO2 nos EUA), produziram grandes melhorias ambientais a custos muito inferiores, facilitando também a transferência de tecnologias, em relação a outros sistemas baseados em quotas não transferíveis. A definição do "bem" para troca, das modalidades financeiras da troca, como mercados spot ou de futuros, forwards, opções, etc, e da consequente possibilidade temporal de fazer um "banking", implica a existência de uma "clearing house" que garanta a fiabilidade do sistema e que publique regularmente relatórios, imprescindíveis à estabilidade do mercado. Foram analisadas três simulações de mercados de emissões, um deles, o PGETS, em curso em Portugal. Neste país, com as últimas previsões tem-se mostrado um pouco complicado cumprir os limites, estimando-se um desfasamento em 15Mt CO2 eq. As hipóteses que há para cumprir os objectivos a nível doméstico, não muito atractivas pois implicam disponibilidade financeira para investimentos avultados, prendem-se com medidas de melhoria de eficiência energética dos equipamentos, ou então desmantelamento de centrais que funcionem a combustíveis fósseis, favorecendo o uso de energias alternativas, mal esta hipótese seja economicamente viável.
Having a maximum priority goal of reducing the six greenhouse gas's emissions, we take in account the theory related to the definition of property rights by Coase, linking to the behaviour of an externality of this kind. At the international level we follow the UNFCCC's steps, focusing on the related aspects of the Kyoto Protocol, born in COP3. This last one asks for a 5% reduction in 1990's emissions, for 2008-2012. This work focus on one of the flexibility mechanisms proposed in the protocol, the permits market. With this one we achieve emission's reductions in other places other than our own, if that proves to be more cost-efficient. On the other side, a perfectly flexible domestic policy is allowed. Studies about other markets of this kind (USA's Acid Rain Programme), produced huge environmental improvements at much lower costs, easing the transfer of technologies, comparing to other systems based in non-transferable quotas. The definition of "trading good", of financial options (like spot markets, or futures, forwards, options, etc) and the consequent temporal possibility of banking, asks for the functioning of a clearing house, which warrants the system's credibility, and publishes reports, needed for the stability of the market. We analyse three simulation works, one of them (PGETS) still occurring in Portugal. This country has noted some difficulties in achieving the environmental goals, with a gap of 15Mt C02 eq.. The existing possibilities are not attractive because they ask for large sums of investment, but still they are the only ones. These are the improvement equipment's energy efficiency, or as an example, the closing of fossil fuel's electric utilities, favouring alternative energy use.
Benchora, Inessa. "Impact of Transition Risk on Stock Returns". Electronic Thesis or Diss., Orléans, 2024. http://www.theses.fr/2024ORLE1010.
Texto completoTransition risk, inherent in the shift to a low-carbon economy, presents significant challenges and opportunities for financial markets. This thesis aims to quantify and analyze the influence of this risk on stock returns, taking into account regulatory, technological, and consumer and investor preference developments. Taking part initially in the debate on the most appropriate measure to approximate a company’s contribution to transition risk, in Chapter 1, we propose the use of verified carbon emissions to assess the impact of transition risk on companies participating in the EU ETS. Our results show that the emissions trading system alters the risk-return profile of stocks, which can provide a financial incentive to consider emissions in investment decisions. Next, recognizing the pivotal role of central banks in the transition to a low-carbon economy, Chapter 2 provides an evaluation of the environmental footprint of U.S. monetary policy concerning transition risk. The main conclusion of non-neutrality in U.S. monetary policy, favoring polluting companies, leads to the third chapter. This chapter, also focused on the United States, explores how transition risk is taken into account in market valuation and how climate regulation can influence this integration. Our results suggest that the long-term impact of U.S. laws on the relationship between carbon emissions and stock returns needs strengthening to ensure its sustainability. Currently, legislative measures have a more pronounced effect in the medium term, but their sustainability remains uncertain. In conclusion, these chapters aim to enable a better integration of transition risk into stock evaluation by investors, which would empower regulatory authorities and financial market participants to develop more suitable policies and preventive measures against this risk
Ouro-Bodi, Ouro-Gnaou. "Les Etats et la protection internationale de l'environnement : la question du changement climatique". Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0228/document.
Texto completoClimate change has become the scourge environmental concern and mobilizes more theinternational community. The outcome of this mobilization remains probably the implementation ofinternational climate change regime for which the Climate Convention and the Kyoto Protocol are the legalbases. This system is innovative in that it sets quantified emission reduction commitments for greenhouse gasemissions (GHG) for polluters States, but also in that it establishes mechanisms known as of “flexibility”whose implementation is accompanied by a control based on a Committee known as of “compliance”. Butdespite all this normative production, it is regrettable that today the international climate regime is a realfailure. Indeed, if the mobilization of states is no doubt, however, the same states that have voluntarily agreedto engage deliberately refuse to honour their commitments for essentially political, economic and strategicreasons. This work therefore aims to shed light on the causes of this failure by developing a mixed record ofthe first Kyoto commitment ended period in 2012, and offers prospects for a legal regime of the post-Kyotoclimate and efficient, able to be up to the challenges
Leclerc, Thomas. "Les mesures correctives des émissions aériennes de gaz à effet de serre : Contribution à l'étude des interactions entre les ordres juridiques en droit international public". Thesis, Bordeaux, 2017. http://www.theses.fr/2017BORD0751/document.
Texto completoLooking for a global and corrective measure to reduce greenhouse gas emissions frominternational civil aviation has been facing legal obstacles. These obstacles took the form ofconflicts of norms linked to the general challenge of the interactions between international aviationlaw, climate change law and the law of the European Union. Using evolutionary interpretation ofthe Chicago Convention in order to reconcile norms of substantive and institutional nature emergedas the best solution. However, this method perpetuates legal uncertainty and poses the generalchallenge of flexibly and elasticity of the Chicago Convention in response to the climate changechallenge. This study examines the above mentioned issues of interactions between legal ordersand provides recommendations to restore legal certainty needed to ensure sustainable developmentof international civil aviation. More specifically, this study reveals the underestimated relevance ofthe ongoing distinction between the legal regimes of air navigation and air transport, which is a keylegal element in the search for a global and corrective solution to the impact of international civilaviation on climate change
Zamorano-Ford, Jorge. "Essays on environmental regulation under imperfect competition". Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E057.
Texto completoThis thesis covers two subjects. One is the design of pollution permits and the other is the waste management. The first chapter analyses the implementation of pollution permits. It focuses on the distributional impacts linked with the stringency of output-based allocation,when two sectors are covered by the market for permits and the total cap is held constant. Theoretically demonstrated is a new type of profit increase in sectors that are not exposed to international competition. The second chapter addresses the issue of differentiating permit allocation across areas, this being linked to the possibility of firms to relocate. The conditions under which welfare decreases with relocation are determined. In such a case, free allowances may be used to prevent firms from relocating. The third chapter compares the efficiency of extended producer responsibility (EPR) programs and the efficiency of an ex-ante tax. The tax allows more ex-ante flexibility regarding market conditions, but the EPR allows more ex-post adaption to cost realizations. As a result, the relative efficiency of the EPR increases with uncertainty of the costs and competitiveness of the market
Tsai, Chiao-Hua y 蔡巧華. "Management of Greenhouse Gas Emissions - Feasibility Assessed of Emissions Trading Market in Taiwan". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/40657839167384500562.
Texto completo國立臺灣海洋大學
航運管理學系
99
Rising of earth’s temperatures brings about extreme weather. When extreme weather occurs more frequently, production of food will keep decreasing and sea level will become higher. This is a serious impact on human survival. Many researches indicate that the main reason for the global climate change is greenhouse gases which are caused by human economic activities. The Intergovernmental Panel on Climate Change (IPCC) which was established by the United Nations in 1988, in charge of study how greenhouse gas impact on environment and put forward specific and credible assessment report to aware people the relation between increasing of greenhouse gas to global climate change. United Nations calls upon States to be taken to control greenhouse gas emissions. Moreover, Kyoto Protocol(KP) was adopted by United Nations in 1997. A specific reduction target of greenhouse gas and schedule was listed in this protocol, also 3 flexible mechanisms are available. Through greenhouse gas emissions trading system, States are able to choose a more economical way to obtain the required credits. This study will discuss management of greenhouse gas, especially feasibility assessed of greenhouse gas emissions trading market in Taiwan. Referring to what the mode of operation of international emissions trading market first, than assessed if emission trading is possible in Taiwan or not, through three aspects which are economic development, natural environment, government regulations. I would like to provide a basic study of Taiwan emission trading market and suggestions for future development of relevant policy reference.
Knox, Janelle Kallie. "Constructing an international market for carbon trading : an institutional perspective /". 2009. http://ora.ouls.ox.ac.uk/objects/uuid:e7b37ac4-13ea-4ab6-b999-1150b2436775.
Texto completoCarlén, Björn. "Market power in international carbon emissions trading: a laboratory test". 2003. http://hdl.handle.net/1721.1/3606.
Texto completoAbstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Zhang, Wei. "Bankruptcy Risk and the Performance of Market-based Pollution Control Policies". 2008. https://scholarworks.umass.edu/theses/160.
Texto completoDeMarco, Devin Peter. "The rise and fall of open market emissions trading in New Jersey". Thesis, 2004. http://library1.njit.edu/etd/fromwebvoyage.cfm?id=njit-etd2004-048.
Texto completoLin, Hsin-Yi. "Credit for Early Action Policies in Emissions Trading Systems under Different Market Structures". 2008. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0023-2907200813442400.
Texto completoZhou, Xun. "Advanced computational techniques for electricity market analysis considering sustainable energy supply issues". Thesis, 2016. http://hdl.handle.net/1959.13/1322548.
Texto completoElectricity industries worldwide are undergoing rapid and deepening change. This has been largely driven by the market-oriented restructuring underway in many countries and the increasing global concerns about climate change.Unceasingly climate change is becoming one of a major challenge for the sustainable development of power industries, as power generations are the major sources of Greenhouse Gas (GHG) emissions. This research is dedicated to developing advanced computational techniques to solve several power system problems that emerge in deregulated electricity markets and changing environmental protection regulations. Three major objectives are included and achieved in this research. The first objective is to assess and quantify the potential impacts on, and changes in, economic efficiency in the electricity generation sector in Australian national electricity market after the implementation of ETS, as opposed to without the introduction of ETS. The focus is on the relative changes in electricity wholesale prices, generators merit order of dispatch, market power and possible compensation to carbon intensive generators.The second objective is to create a constrained multi-objectives evolutionary optimisation model based on decomposition for power system dispatch by minimising generation costs and carbon emissions.The third objective is to develop an electricity price forecast model using differential evolution (DE) algorithm-enhanced evolutionary extreme learning machine (E-ELM). The main goal is to provide more accurate and reliable prediction of electricity price to facilitate energy market participants’ portfolio and risk management.
Monahan, Patricia A. "Letting the market control the greenhouse effect the promise and the pitfalls of a global emissions trading system /". 1992. http://catalog.hathitrust.org/api/volumes/oclc/25530473.html.
Texto completoTypescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 87-93).
Reis, Nuno Alexandre Tirapicos Dos Santos. "The EU ETS: a tale of arbitrage opportunities". Master's thesis, 2019. http://hdl.handle.net/10362/69927.
Texto completoyang, Shu Tsung y 楊曙聰. "Emission Trading , Joint Implementation and Market Structure". Thesis, 1999. http://ndltd.ncl.edu.tw/handle/28648695200895526790.
Texto completoHe, Sheng-Rung y 何昇融. "Analysis of Emission Trading and Market Structure". Thesis, 2003. http://ndltd.ncl.edu.tw/handle/01398210811927057719.
Texto completo國立臺北大學
經濟學系
91
The emission of greenhouse gas (GHG) from the industrial production has caused the global climate change. The big trade-off between economic growth and CO2 reduction has become an important issue for most countries in the world. There are four important strategies, such as command and control, emission tax, emission trading, clean development mechanism, and joint implementation, has been proposed. After the Kyoto Protocol in 1997, the emission trading has been treated as the most suitable policy to restrain CO2 emission. Some previous studies assumed that the market of emission trading was static and perfect competition (Baumol & Oates, 1971; Montgomery, 1972). But Hahn (1984) and Westskog (1996) concluded that the market was static but imperfect Competition. Based on the same assumption, Yang (1999) concluded that the emission trading and joint implementation could be applied simultaneously and cost effectively. Rubin (1996) and Rubin & Kling (1997) began to treat the market of emission trading was a dynamic and perfect competition. Thus, the certified emission reduction could be borrowed or lent intertemporally. This study employs the theory of dynamic optimization to analyze the mechanism of emission trading under the perfect competition and oligopoly respectively. There are four major conclusions as follows: 1.When all of three markets, general commodity, traditional factor and emission trading, are perfect competition, each firm has identical marginal CO2 abatement cost.And the intertemporal emission market also can fulfill the goal of cost effectiveness. The same conclusion can be found in some previous studies, such as Montgomery (1972), Falk and Mendelshon (1993), Rubin (1996), and Kling and Rubin (1997). 2.In the steady state, if the total emission endowments are constant, the rule of distribution of emission endowment among the firms will not affect the cost effectiveness with perfect competition. Any improper regulation should not be allowed. And just let the emission market is operated by that invisible hand. However, it is helpful to cut down emission level by adjusting the firm’s inputs in production. 3.In the steady state, the dominant firm decides the price of emission permit with monopoly. Since the demand elasticity of emission permits is , the change of initial emission endowment of the dominant firm will affect each firm’s abatement cost and total abatement costs for all firms. Thus, the rule of distribution of emission endowment among the firms will affect the cost effectiveness with imperfect competition. The same conclusion was also obtained in the studies of Hahn (1984) and Westskog (1996). 4. The invisible hand can’t be operated completely in monopoly. The total abatement costs for all firms can be reduced when the dominant firm’s initial emission endowment is cutting down. Therefore, the big trade-off between efficiency and equity is really existed.
Su, Yu-Yuan y 蘇裕淵. "Managing the Market Risk of Emission Trading". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/20994596494941685631.
Texto completo國立交通大學
財務金融研究所
99
According to the World Bank, the volume of transactions of carbon market has grown rapidly from 710 million tons in 2005 to 8,700 million tons in 2009. The futures commission merchants in Taiwan have been permitted to transact European Climate Exchange carbon financial instruments futures contracts in Intercontinental Exchange since 2008. In this paper we focus on the risk management in the carbon market, using simple moving average model, RiskMetrics model, GARCH model and Power EWMA model to calculate Value-at-Risk. Meanwhile, the performances of these VaR models are compared applying the failure test, capital efficiency and loss severity. After the model selection procedure, we determine an optimal VaR model for emissions trading for financial institutions and regulators.
Van, der Merwe Timothy David. "The carbon tax as a market-based enforcement mechanism to ensure compliance with environmental law and address pollution". Diss., 2018. http://uir.unisa.ac.za/handle/10500/25643.
Texto completoPrivate Law
LL. M.
Ketzback, Thor William. "The evolution of offsets and the dawn of emissions trading markets". Thesis, 1997. http://hdl.handle.net/1961/5297.
Texto completoSwieringa, John Edward. "Price discovery and information linkages in the emission allowance and energy markets". Phd thesis, 2013. http://hdl.handle.net/1885/10326.
Texto completoFreitas, Carlos Jorge Pereira. "Avaliação do Impacto do Mercado de Carbono nos Mercados Elétricos de Portugal e Espanha". Doctoral thesis, 2016. http://hdl.handle.net/10316/30979.
Texto completoO Sistema de Comércio Europeu de Licenças de Emissão (CELE) constitui um dos instrumentos centrais da estratégia da União Europeia para o combate às alterações climáticas, sendo uma ferramenta chave para o desenho de uma solução custo-eficiente na redução das emissões de gases com efeito estufa. O objetivo do nosso trabalho consiste em estudar o impacto da participação dos setores elétricos Ibéricos no CELE nomeadamente pela avaliação da ligação entre os preços das licenças de emissão transacionadas nos mercados de carbono e os preços da eletricidade transacionada nos segmentos português e espanhol do Mercado Ibérico de Energia Elétrica (MIBEL) durante a Fase II (2008-2012) e início da Fase III (2013) de operação do CELE. A eficácia do funcionamento deste mecanismo de sinalização do custo da utilização de licenças de emissão de carbono ao preço da eletricidade é fundamental para que os estímulos à redução das emissões de gases com efeito estufa se propaguem da produção ao consumo. Para testar estatisticamente o vínculo entre aqueles preços recorremos a várias técnicas de ajustamento econométrico adequadas à natureza específica das séries de dados com que trabalhamos. Na modelização mais complexa ajustamos um Modelo Vetorial de Correção de Erros (VECM) onde os preços da eletricidade, do carbono e dos combustíveis usados na geração elétrica (gás natural e carvão) são modelados em conjunto como variáveis endógenas a que se somam um conjunto de variáveis exógenas de controlo destinadas a acomodar as características especificas de operação dos sistemas elétricos Ibéricos nomeadamente no que respeita ao papel das energias renováveis no abastecimento elétrico. A estimação dos diferentes modelos econométricos permitiu-nos concluir que o preço do carbono, a par do preço dos combustíveis, é relevante para o estabelecimento da relação de equilíbrio de longo prazo (relação de cointegração) à qual o preço da eletricidade está ancorado. Os resultados a que chegamos, em linha com trabalhos publicados para outros mercados europeus de energia elétrica, permitem concluir que os produtores elétricos Ibéricos têm capacidade para fazer refletir no preço da eletricidade o custo de oportunidade associado às licenças de emissão de carbono, tendo beneficiado de condições para acumular rendas económicas (lucros extraordinários) durante a Fase II de funcionamento do CELE uma vez que essas licenças lhes foram atribuídas gratuitamente. Nesta medida, os nossos resultados suportam a decisão da Comissão Europeia de introduzir uma alteração às regras de alocação das licenças de emissão ao setor elétrico no início da Fase III, passando de atribuição gratuita à obrigação de aquisição pelas empresas. Estimando a taxa de repercussão do preço do carbono no preço da eletricidade para diferentes períodos de funcionamento do CELE, concluímos que o vínculo entre aqueles preços se vem enfraquecendo como resultado do colapso do preço nos mercados de carbono, podendo estar a pôr em causa o mecanismo de transmissão do custo do carbono ao preço da eletricidade e por essa via a comprometer a eficácia do sistema no alcance dos seus objetivos ambientais. Nesse caso, desaparecerão os incentivos para que os produtores de eletricidade reduzam as suas emissões, nomeadamente trocando para tecnologias de produção menos intensivas em carbono ou investindo em nova capacidade de geração elétrica não poluente, e os estímulos para que os consumidores (domésticos ou industriais) reduzam no médio e longo prazo o seu consumo, incrementando a eficiência energética. Esta conclusão suporta a opinião dos que defendem a necessidade de implementação de políticas no âmbito do CELE que evitem a manutenção do preço do carbono em níveis excessivamente reduzidos durante longos períodos de tempo.
The European Union Emissions Trading System (EU ETS) is a cornerstone of the European Union's policy to combat climate change and it’s a key tool for reducing industrial greenhouse gas emissions cost-effectively. The aim of this work is to investigate the impact of the EU ETS on the Iberian electricity systems throughout the assessment of the link between the carbon price and the wholesale electricity price traded on Iberian Electricity Market (MIBEL), Portuguese and Spanish systems. Our sample includes all Phase II (2008-2012) and the first year of Phase III (2013) of the EU ETS, from January 2008 to December 2013. The price signal mechanism between the carbon and electricity price is fundamental for an effective carbon cost transmission from production to consumption and thus provide incentives to producers and consumers to reduce greenhouse gas emissions. We tested empirically the link between those two prices through several econometric adjustment techniques specially designed to deal with financial time series. In the most complex econometric modeling, a Vector Error Correction Model (VECM) is applied to estimate not only long-run equilibrium relationships, but also short-run interactions between the electricity price, carbon price and fuel (natural gas and coal) prices. The four commodities prices are modeled as joint endogenous variables. Additionally, and motivated by the purpose of accounting for the specific operating conditions of Portuguese and Spanish electrical systems, a set of exogenous variables was integrated into the model, namely the amount of renewable energy. We found a long-run equilibrium relationship (cointegration relationship) between electricity price, carbon price and fuel prices demonstrating that carbon price, as the other fuels, plays an important role in formulating the equilibrium price of electricity. These empirical results, in line with studies concerning other European electricity markets, show evidence of a significant link between carbon and electricity prices demonstrating that during Phase II of EU ETS Iberian power producers passed on the opportunity costs of freely allocated emission allowances to the electricity price, enabling power companies to get windfall profits. Therefore, these results support the change in the allocation rule of emission allowances to the electricity sector, from grandfathering to auctioning, implemented by the European Commission for the Phase III of the EU ETS. By estimating the dynamic pass-through of carbon price into electricity price for different periods of our sample, it is possible to observe the weakening of the link between carbon and electricity prices as a result of the collapse on carbon price and consequently putting at risk the mechanism for transmission of the carbon cost to the electricity price and therefore compromising the efficacy of the system to reach proposed environmental goals. In such case, the incentives for electricity producers to reduce their emission, through the use of less carbon intensive production technologies or the investment in renewables, and the stimuli for end-users to cut their long term consumption, through increased energy efficiency, will disappear. This conclusion is in line with the need to shape new policies within the framework of the EU ETS that prevent excessive low prices for carbon over extended periods of time.
Papy, Jacques. "Vers un marché du carbone au Québec : éléments de réflexion à la lumière de l'analyse économique du droit". Thèse, 2013. http://hdl.handle.net/1866/10527.
Texto completoAs part of the launch of the Western Climate Initiative, the province of Québec has implemented on January 1st, 2012, one of the first carbon emissions trading system in North America (CETS). Such a system could in time become part of the emerging regulated market for carbon on the continent. However, it belongs to a category of economic instruments still timidly explored in legal literature. The CETS forms part of the economic regulation of the environment and is based on concepts drawn from the economic theory such as scarcity, property and the market. The thesis aims at contributing to the dialogue between jurists and economists around the design and implementation of this type of instrument. In order to explore its architecture and uncover the legal issues at play, we applied the teachings of law and economics in order to reveal the underlying dynamics of incitation and efficiency built in the CETS regulations and highlight the pivotal role played by the formulation of legal rules in their operationalization. The exploration is conducted through a progressive modelling of the exchange of emission rights, which takes into account transaction costs. The resulting model brings to light friction points that are likely to occur at different stages of the exchange of emission rights and might negatively impact its economic efficiency. The thesis contributes to the advancement of knowledge by offering jurists a coherent and intelligible legal analysis of the rules governing the exchange of emission rights in the CETS. Thus, it provides a systematic arrangement of these rules structured around the diversification strategies of the exchange and the institutionalization of its terms. It also raises market surveillance issues, particularly of the carbon derivatives market, in a context of fragmentation of market authorities.