Three of a Kind? Emissions Trading Systems in the EU, NZ, and Tokyo Dr. Stefan Niederhafner Seoul National University Department of Political Science &

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Presentation transcript:

Three of a Kind? Emissions Trading Systems in the EU, NZ, and Tokyo Dr. Stefan Niederhafner Seoul National University Department of Political Science & International Relations

Conceptual Background

Modes of Governance Hierarchy: command-and-control, regulations Market: supply and demand, prices Networks: interdependency and commitment, trust

Policy Targets GHG mitigation investment in low-carbon technology

Principles of Cap-and-Trade skipped

Volume of one metric Tonne CO2 gn2good.w ordpress.c om/2011/0 5/02/visual izing-one- ton-of-co2- no-1/ gn2good.w ordpress.c om/2011/0 5/02/visual izing-one- ton-of-co2- no-1/, 15 October 2013

Comparing the Systems

Hierarchy elements EU Annual compliance Penalties Dysfunctional cap NZ Annual compliance No penalties no cap To ky o 5 years compliance Penalties Cap Specific reduction targets Network elements - - Advisory system Certification system Market elements Unlimited trade between participants Limited acceptance of Kyoto units Unlimited trade between participants Unlimited trade of Kyoto units Limited trade between the participants No Kyoto units

Tokyo ETS - Network Elements Close relations between the administration and the operators Best practice database At the spot advising systems Benchmarking and public rankings Top-runner certifications

Comparing System Performance

Price Development

EUA spot prices Nov March March 2014

NZU spot prices Jan March March 2014

CER spot price Jan Mar n-certified-emission-reductions#!/2014/03/17, 17 March 2014

Total potential supply of CERs Mach 2014, 20 March 2014

Tokyo ETS – Trade Performance Number of Trades: 2010: : : (first half) 7 Total, reported in 2014: 25 Price as of Sept. 2013: 10,000 Yen, 74 Euro, 101 US dollar

GHG Emissions Development

EU-15 GHG reductions 17 March 2014

17 Feb 2014 NZ allowances vs emissions

Tokyo ETS Reduction Performance Source: 17 March 2014

Conclusion concerning market based governance instruments Functionality of market mode governance difficult to achieve Carbon markets need very complex regulatory framing ETS are not simpler, easier or more effective than alternatives (taxes) They make sense as components in target- oriented environmental protection policy

Conclusion concerning the NZ ETS The system can be made functional: Introduction of a cap Disconnection from the global market Option: Introduction of advisory and certification systems

Thank you Stefan Niederhafner Seoul National University Dep. of PoliSci & IR Please any comments to:

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