By Michael Grubb
Complying with the drawing close tightening of CO2 emission allocations within the european might suggest sizeable debts for the industries affected. during this unique factor of weather coverage magazine, top specialists learn the affects on competitiveness and the economic incentives to be had from the CO2 allowance allocations lower than the methodologies, and even if - and if this is the case at what level - the ETS itself may have to be amended. The learn is multidisciplinary, combining financial, criminal and coverage research with particular reviews of affects on electrical energy, cement and different business sectors and the allocation concerns. It brings jointly the result of examine carried out over the last 12 months from a number of examine centres and consultancies in Europe, and particularly, paintings commissioned by way of the Carbon belief and weather ideas community. via those, it offers the main finished and targeted set of analyses but carried out of the affects of allocation on competitiveness - the most severe matters for the sectors affected and for the operation of the ETS.
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Extra info for Emissions Trading and Competitiveness: Allocations, Incentives and Industrial Competitiveness under the EU Emissions Trading Scheme (Climate Policy)
Hepburn, C. , 2003. Credible Climate Policy. Oxford Review of Economic Policy 19(3), 438–450. , 2006. Long-Term Climate Policy: International Legal Aspects of a Sector-based Approach. contentid=29397&lan=fi]. , 2004. EU Emissions trading and transaction costs for small and medium sized companies. Intereconomics/ Review of European Economic Policy 39(3), 121–123. , 2006. Sector-based approach to the post-2012 climate change policy architecture. Climate Policy 6, forthcoming. com The impact of CO2 emissions trading on firm profits and market prices Robin Smale1*, Murray Hartley2, Cameron Hepburn3, John Ward2, Michael Grubb4 1 Vivid Economics, The Old Dairy, 13B Hewer Street, London W10 6DU, UK Oxera Consulting Ltd, 40/41 Park End Street, Oxford OX1 1JD, UK 3 St Hugh’s College, Oxford University, St Margaret’s Road, Oxford OX2 6LE, UK 4 Faculty of Economics, Cambridge University, Sidgwick Avenue, Cambridge CB3 9DD, UK 2 Abstract The introduction of mandatory controls and a trading scheme covering approximately half of all carbon dioxide emissions across Europe has triggered a debate about the impact of emissions trading on the competitiveness of European industry.
Pmd Climate Policy 6 (2006) 31–48 45 7/19/2006, 1:44 PM 46 Robin Smale, Murray Hartley, Cameron Hepburn, John Ward and Michael Grubb Source: Oxera. Figure 4. Decomposition of effect on EBITDA for petroleum. Source: Oxera Figure 5. Decomposition of effect on EBITDA for aluminium. pmd 46 © 2006 Earthscan 7/19/2006, 1:44 PM The impact of CO2 emissions trading on firm profits and market prices 47 9. 1. The impacts on profits The impacts of policies were most significant in the most energy-intensive sectors and those facing the greatest international competition.
Corporate performance and managerial remuneration: an empirical analysis. Journal of Accounting and Economics 7, 11–42. , 2004. The Sunk Cost Bias in Managerial Pricing decisions. Mimeo. National Statistics, 2002. United Kingdom National Accounts Blue Book, and further information provided by National Statistics. Oxera, 2004. CO2 Emissions Trading: How Will it Affect UK Industry? com]. , 2003. Allocation of CO2 Allowances and Competitiveness: A Case Study on the European Iron and Steel Industry.