Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1073/pnas.1918128117 |
The European Union Emissions Trading System reduced CO2 emissions despite low prices | |
Bayer, Patrick1; Aklin, Michael2 | |
2020-04-21 | |
发表期刊 | PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA
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ISSN | 0027-8424 |
出版年 | 2020 |
卷号 | 117期号:16页码:8804-8812 |
文章类型 | Article |
语种 | 英语 |
国家 | Scotland; USA |
英文摘要 | International carbon markets are an appealing and increasingly popular tool to regulate carbon emissions. By putting a price on carbon, carbon markets reshape incentives faced by firms and reduce the value of emissions. How effective are carbon markets? Observers have tended to infer their effectiveness from market prices. The general belief is that a carbon market needs a high price in order to reduce emissions. As a result, many observers remain skeptical of initiatives such as the European Union Emissions Trading System (EU ETS), whose price remained low (compared to the social cost of carbon). In this paper, we assess whether the EU ETS reduced CO2 emissions despite low prices. We motivate our study by documenting that a carbon market can be effective if it is a credible institution that can plausibly become more stringent in the future. In such a case, firms might cut emissions even though market prices are low. In fact, low prices can be a signal that the demand for carbon permits weakens. Thus, low prices are compatible with successful carbon markets. To assess whether the EU ETS reduced carbon emissions even as permits were cheap, we estimate counterfactual carbon emissions using an original sectoral emissions dataset. We find that the EU ETS saved about 1.2 billion tons of CO2 between 2008 and 2016 (3.8%) relative to a world without carbon markets, or almost half of what EU governments promised to reduce under their Kyoto Protocol commitments. Emission reductions in sectors covered under the EU ETS were higher. |
英文关键词 | carbon markets EU ETS policy evaluation synthetic control |
领域 | 地球科学 ; 气候变化 ; 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000528260600025 |
WOS关键词 | EU ETS ; IMPACT ; RENEWABLES |
WOS类目 | Multidisciplinary Sciences |
WOS研究方向 | Science & Technology - Other Topics |
URL | 查看原文 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/249624 |
专题 | 资源环境科学 |
作者单位 | 1.Univ Strathclyde, Sch Govt & Publ Policy, Glasgow G1 1QX, Lanark, Scotland; 2.Univ Pittsburgh, Dept Polit Sci, Pittsburgh, PA 15260 USA |
推荐引用方式 GB/T 7714 | Bayer, Patrick,Aklin, Michael. The European Union Emissions Trading System reduced CO2 emissions despite low prices[J]. PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA,2020,117(16):8804-8812. |
APA | Bayer, Patrick,&Aklin, Michael.(2020).The European Union Emissions Trading System reduced CO2 emissions despite low prices.PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA,117(16),8804-8812. |
MLA | Bayer, Patrick,et al."The European Union Emissions Trading System reduced CO2 emissions despite low prices".PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA 117.16(2020):8804-8812. |
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