(De)Centralized Law-making in the Revised EU ETS

Testing Informational Efficiency in the EU ETS

The paper deals with the analysis of informational efficiency of the European emissions trading scheme (EU ETS) with the goal of stating whether or not the system has been able to achieve its proclaimed cost-efficiency within the first two trading periods. The efficient market hypothesis suggests that profiting from predicting price behaviour is difficult as the market price should incorporate ...

An Analysis of Allowance Banking in the EU ETS

The existence of some 2 billion unused EU Allowances (EUAs) at the end of Phase II of the EU’s Emissions Trading System (EU ETS) has sparked considerable debate about structural shortcomings of the EU ETS. However, there has been a surprising lack of interest in considering the accumulation of EUAs in light of the theory of intertemporal permit trading, i.e. allowance banking. In this paper we ...

Can the future EU ETS support wind energy investments?

This article discusses how the future Emissions Trading Scheme legislation should be designed to allow the European Union to comply with the 20% greenhouse gas emissions reduction target, while at the same time promoting wind energy investments. We examine whether CO2 prices could eventually replace the existing support schemes for wind and if they adequately capture its benefits. The analysis ...

Reform Options for the European Emissions Trading System ( EU ETS )

Proportionality in EU law : a balancing act ?

Proportionality is a legal principle that plays a key role in constitutional review of public acts. In the EU it legitimizes the constitutional claims of EU law in the context of a multi-level legal system. The application of proportionality in the EU differs based on whether EU legal acts or legal acts of the Member States are concerned. In the former case a manifestly disproportionate test is...