Overview of Carbon Markets SIO Fall 2007 Environmental Science and Policy Forum Mitigation and Adaption in a High CO2 World 1 Melanie McCutchan MPIA Candidate.

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Presentation transcript:

Overview of Carbon Markets SIO Fall 2007 Environmental Science and Policy Forum Mitigation and Adaption in a High CO2 World 1 Melanie McCutchan MPIA Candidate 2009 UCSD IR/PS October 23, 2007

Outline Carbon Markets Regulatory Voluntary EU ETS and Lessons Learned Market Prices for Carbon 2

Carbon Markets Regulation Based Existing Clean Development Mechanism (Kyoto) European Union Emission Trading Scheme (EU ETS) Australian Carbon Trading Scheme United Kingdom ETS Under Development California - Global Warming Solutions Act NE States -Regional Greenhouse Gas Initiative Under Debate “Cap & Trade” Bill in Senate 3

Carbon Markets Voluntary Emission Reduction Markets 4 Keidanren Voluntary Action Plan Over the Counter (OTC) Market Chicago Climate Exchange

Market Growth 5 Source: World Bank. State and Trends of the Carbon Market p. 3

EU ETS Linked to Kyoto Protocol Developed Nation (Annex 1) Targets GHG Emissions to 1990 levels by % reduction by Kyoto Expires 2012 New negotiations now under way in Bali 6

European Union Emission Trading Scheme (EU ETS ) Trading began 2005 Covers: Electric Power and Major Industrial Sectors 45% of EU C0 2 e emissions Allowances with some Auctioning Phase I 5% Phase II 10% National Allocation Plans 7

8 Source: Parliament of the United Kingdom at 10/18/2007

9 Source: World Bank. State and Trends of the Carbon Market p. 12

Effects of the EU ETS Market Some reduction 1-4% of EU’s 2005 Emissions (Ellerman and Buchner 2006) Price signal resulted in internal abatement (Point Carbon 2007) 10

Lessons from the EU ETS Market 11 Challenges Allocating allowances Technical Political Creating an appropriately constrained market

Price of Carbon Phase II EU ETS Market $20-$25/tCO 2 e 12 Sources: For EU ETS Phase II Price: World Bank. State and Trends of the Carbon Market p. 3 For CCX Auction: CCX Press Release at Chicago Climate Exchange Auction Carbon Credits from Wind Farm in India $22/tCO 2

Insert13

Insert14 $8.70/metric ton.8 metric tons

The Future Price of Carbon Depends on a number of unknowns: – New International Agreements – Market Rules 15

Links Carbon Markets: European Union Emission Trading Scheme ec.europa.eu/environment/climat/emission.htm Chicago Climate Exchange Keidanren Voluntary Action Plan Further Reading: World Bank: “State and Trends of the World Carbon Markets 2007” carbonfinance.org/docs/Carbon_Trends_2007-_FINAL_-_May_2.pdf "Business is getting down to cutting carbon, but needs more incentives to make much difference to climate change" “Recommendations for a Greenhouse Gas Cap and Trade System for California” (page 4-6 executive summary) 16