<?xml version="1.0" encoding="utf-8"?>
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  <doc>
    <id>2836</id>
    <completedYear/>
    <publishedYear>2019</publishedYear>
    <thesisYearAccepted/>
    <language>eng</language>
    <pageFirst>207</pageFirst>
    <pageLast>232</pageLast>
    <pageNumber/>
    <edition/>
    <issue/>
    <volume/>
    <type>bookpart</type>
    <publisherName>Metropolis</publisherName>
    <publisherPlace>Marburg</publisherPlace>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>2019-02-13</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>--</thesisDateAccepted>
    <title language="eng">Decarbonization and EU ETS Reform: Introducing a price floor to drive low-carbon investments</title>
    <abstract language="eng">The EU ETS is in a crisis. There is a fundamental concern that persistently low allowance prices will fail to incentivize the investments in low-carbon capital stock and technology research and development  (R&amp;D)  required  to  achieve  long-term  European  decarbonization  targets  in  the context  of  the  Paris  Agreement. Attainment of  these  targets  is  at  risk.  Introducing  a  carbon price  floor  can  re-affirm  the  role  of  the  EU  ETS  as  the  central  pillar  in  the  European  effort towards decarbonization. Such a price floor should start at an economically significant level and rise over time. Many observers argue that it is misguided to focus on the EU ETS allowance (EUA) price, since the emissions cap determines environmental effectiveness and the allowance market works well  in  technical  terms.  Four  interrelated  considerations  underpin  our  concern  over  the persistently low EUA price: First, the EU ETS cap is not cast in stone. It might be relaxed in the future if the costs of maintaining it become politically unacceptable. This could be the case if allowance prices escalate, which can be expected to result from a high-carbon capital stock building  up  in  presence  of  persistently  low  allowance  prices.  Second,  there  is  emerging scientific evidence that the EUA price is distorted as the carbon market does not operate cost-efficiently in a long-term perspective due to private sector short-sightedness and regulatory uncertainty.  Third,  the  EU  ETS  has  so  far  not  allowed  the  effective  expression  of  different climate  policy  preferences  across  EU  member  states.  Without  compensatory  measures, voluntary unilateral emission reductions within member states (e.g. UK carbon price support, potential German coal power exit) dampen short-term allowance prices and shift emissions in space  and  time.  Finally,  all  ambitious  short-term  climate  policy  measures  required  for embarking on long-term decarbonization pathways face significant political opposition. This opposition  can  be  expected  to  come  not  only  from  reluctant  EU  member  states,  but  also industry  constituencies  concerned  about  impacts  on  competitiveness,  businessmodels  and jobs.  These  distributional  challenges  need  to  be  tackled  more  effectively  by  strategically allocating    allowance    value,    providing    limited    compensation    to    adversely    affected constituencies,  promoting  low  carbon  R&amp;D  to  reduce  future  costs  of  decarbonization,  and fostering public support for ambitious climate policy. The recent EU ETS reform effort offers an entry point to tackle these concerns, but does not sufficiently  address  the  underlying  problems.  The  magnitude  and  direction  of  its  impact  on the EUA price is highly uncertain. More fundamental change will be required to reaffirm the role  of  the  EU  ETS  as  the  central  pillar  of  European  decarbonization  efforts.  In  particular,  a carbon price floor that rises over time can provide a clearer policy signal for guiding short-and mid-term  capital  stock  and  technology  R&amp;D  investment  decisions  towards  low-carbon options, and can thus enable cost-efficient achievement of long-term decarbonization targets. If  designed  accordingly,  it  allows  member  states  with  a  higher  preference  for  ambitious climate policy to effectively achieve additional emission reductions. In addition, targeted and transitory   compensation   models   for   particularly   affected   constituencies,   and   public investments into the development of new technologies and related business models will be required  to  ensure  short-and  long-term  political  support  and  reinforce  policy  credibility. Companion  policies  can  play  an  important  role  in  fostering  low-carbon  investment,  but  are &#13;
inadequate substitutes to effective long-term carbon pricing. Ideally, a carbon price floor will be implemented at the EU-level. An alternative is to start with a coalition of countries including Germany (also in view of attaining its 2020 climate targets), France and others, and to expand it over time</abstract>
    <parentTitle language="eng">12 Years of European Emissions Trading in German</parentTitle>
    <subTitle language="deu">Stocktaking and perspectives for effective climate protection</subTitle>
    <identifier type="isbn">978-3-7316-1375-6</identifier>
    <licence>Metadaten / metadata</licence>
    <author>Ottmar Edenhofer</author>
    <submitter>Mirjam Schlechter</submitter>
    <editor>Michael Angrick</editor>
    <author>Christian Flachsland</author>
    <editor>Christoph Kühleis</editor>
    <author>Lisa Katharina Schmid</author>
    <editor>Jürgen Landgrebe</editor>
    <editor>Jan Weiß</editor>
    <collection role="HertieResearch" number="">Centre for Sustainability</collection>
    <thesisPublisher>Hertie School</thesisPublisher>
  </doc>
  <doc>
    <id>2841</id>
    <completedYear/>
    <publishedYear>2018</publishedYear>
    <thesisYearAccepted/>
    <language>deu</language>
    <pageFirst>217</pageFirst>
    <pageLast>244</pageLast>
    <pageNumber/>
    <edition/>
    <issue/>
    <volume/>
    <type>bookpart</type>
    <publisherName>metropolis</publisherName>
    <publisherPlace>Marburg</publisherPlace>
    <creatingCorporation/>
    <contributingCorporation/>
    <belongsToBibliography>0</belongsToBibliography>
    <completedDate>2019-02-13</completedDate>
    <publishedDate>--</publishedDate>
    <thesisDateAccepted>--</thesisDateAccepted>
    <title language="deu">Wie der Emissionshandel wieder zur zentralen Säule der europäischen Klimapolitik werden kann</title>
    <parentTitle language="deu">12 Jahre Europäischer Emissionshandel in Deutschland: Bilanz und Perspektiven für einen wirkungsvollen Klimaschutz</parentTitle>
    <identifier type="isbn">978-3-7316-1362-6</identifier>
    <licence>Metadaten / metadata</licence>
    <author>Ottmar Edenhofer</author>
    <submitter>Mirjam Schlechter</submitter>
    <editor>Michael Angrick</editor>
    <author>Christian Flachsland</author>
    <editor>Christoph Kühleis</editor>
    <author>Lisa Katharina Schmid</author>
    <editor>Jürgen Landgrebe</editor>
    <editor>Jan Weiß</editor>
    <collection role="HertieResearch" number="">Centre for Sustainability</collection>
    <thesisPublisher>Hertie School</thesisPublisher>
  </doc>
</export-example>
