title: What have we learnt from the European Union's Emissions Trading System?
abstract: The EU Emissions Trading System (ETS) demonstrated the ability to design and launch a large-scale trading system in a short period of time. The path from initial reticence about emissions trading to implementation of the world's largest program is an important history. Three issues play a large role in the evaluation of the program to date and its on-going development: allocation plans, cost uncertainty, and leakage of emissions to abroad. Decisions in Phase I and II (2005-2012) were responsive to questions of political feasibility and implementation, but some of these decisions including allocation in particular will be substantially revised in Phase III (2013-2020).
authors.affiliation: International Energy Agency, Paris, France. markus.wrake@iea.org
authors.forename: Markus
authors.initials: M
authors.lastname: Wråke
authors.forename: Dallas
authors.initials: D
authors.lastname: Burtraw
authors.forename: Asa
authors.initials: A
authors.lastname: Löfgren
authors.forename: Lars
authors.initials: L
authors.lastname: Zetterberg
mesh_terms: D000397:Air Pollution / Q000191:economics / Q000331:legislation & jurisprudence*; D004465:Economic Competition; D005062:European Union; D011210:Power Plants / Q000331:legislation & jurisprudence; D035501:Uncertainty