| 来源类型 | Working papers |
| 规范类型 | 论文 |
| An Analysis of Allowance Banking in the EU ETS | |
| Ellerman, Denny; Valero, Vanessa; Zaklan, Aleksandar | |
| 发表日期 | 2015 |
| 出版者 | European University Institute |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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. At the same time, there has been a surprising lack of interest in one possible explanation of this accumulation of EUAs: the theory of intertemporal permit trading, i.e. allowance banking. In this paper we adapt basic banking theory to the case of a smoothly declining cap such as that in the EU ETS. We show that it is rational for agents to decrease emissions beyond the constraint imposed by the cap initially, accumulating an allowance bank and then drawing it down in the interest of minimizing abatement cost over time. Having laid out the theory, we carry out a set of simulations for a reasonable range of key parameters, calibrated to the EU ETS, to illustrate the eects of intertemporal optimization of abatement decisions on optimal time paths of emissions and allowance prices. We also explore the eect of an unexpected change in counterfactual emissions. We conclude that bank accumulation as the result of intertemporal abatement cost optimization should be considered at least a partial explanation when evaluating the current discrepancy between the cap and observed emissions in the EU ETS. |
| 主题 | Cap and Trade System ; EU ETS ; Intertemporal Trading |
| URL | https://www.research-collection.ethz.ch/handle/20.500.11850/103037 |
| 来源智库 | Centre for Energy Policy and Economics (Switzerland) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/266586 |
| 推荐引用方式 GB/T 7714 | Ellerman, Denny,Valero, Vanessa,Zaklan, Aleksandar. An Analysis of Allowance Banking in the EU ETS. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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