期刊
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
卷 68, 期 2, 页码 262-279出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jeem.2014.07.002
关键词
Cap and trade; Output-based allocation; Subsidization of capacity; Climate policy; Carbon leakage; Competitiveness
Competitiveness and carbon leakage are major concerns for the design of CO2 emissions permits markets. In the absence of a global carbon tax and of border carbon adjustments, output-based allocation is a third-best solution and is actually implemented (Australia, California, New Zealand). The EU has followed a different route; free allowances are allocated to existing or new capacities in proportion to a benchmark, independent of actual production. This paper compares these two schemes in a formal setting and shows that the optimal one is in fact a combination of both schemes, or output-based allocation alone if uncertainty is limited. A key assumption of our analysis is that the short-term import pressure depends both on the existing capacities and the level of demand, which is typical in capital intensive and internationally traded sectors. A calibration of the model is used to discuss the EU scheme for the cement sector in the third phase of the EU-ETS (2013-2020). This allows for a quantification of various policies in terms of welfare, investment, production, company profits, public revenues and leakage. (C) 2014 Elsevier Inc. All rights reserved.
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