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The report is a one stop shop for learning about key developments and prospects of existing and emerging carbon initiatives. A challenging international carbon market has not stopped the development of domestic carbon pricing initiatives. Today, about 40 national and over 20 sub-national jurisdictions responsible for almost one fourth of global greenhouse gas emissions are putting a price on carbon. Together, these initiatives cover the equivalent of almost 6 gigatons of carbon dioxide, or about 12% of global emissions.

Carbon --- Carbon Finance --- Carbon Market --- Carbon Pricing --- Climate Change --- CO2 --- Environment --- Greenhouse Gas --- International Economics and Trade --- Macroeconomics and Economic Growth --- Mitigation --- State and Trends

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Transaction costs are major challenge to moving forward toward low-carbon economic growth, as new technologies or policies tend to have higher transaction costs compared with those in the business as usual situation. However, neither a well-developed theoretical foundation nor a consensus interpretation is available for those transaction costs in the existing literature. The definitions and therefore the estimations of transaction costs vary across existing studies. The wide variations in the estimates could be attributed to several factors such as the very definitions and scope of transaction costs considered in the studies, the methodology for quantifying these costs, the type and size of low-carbon technologies, and complexities involved in the transactions. Nevertheless, the existing literature converges on addressing market failures, such as lack of information, in developing regulatory and institutional capacity to enhance private sector confidence in energy efficiency business as a key means to help reduce the transaction costs of low-carbon technologies.

Carbon market --- Debt Markets --- E-Business --- Economic Theory & Research --- Energy --- Energy efficiency --- Energy Production and Transportation --- Environment --- Environmental Economics & Policies --- Low-carbon --- Renewable energy --- Transaction costs

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This paper considers the impacts of "finance blending" whereby climate finance is added to international carbon markets for offset trading. The paper first discusses climate finance and the carbon market as free-standing finance solutions by high-income countries to increase mitigation in low-income countries. Climate finance solutions have advantages for high-income countries due to their greater flexibility and general efficiency. A favorable aspect of well-functioning offset markets is that all participating countries face a similar and robust carbon price. With finance blending and "all attribution to the carbon market," the market equilibrium is inefficient, as mitigation is excessive in low-income countries and too low in high-income countries. Instead, mitigation outcomes in the offset market should be attributed to the two finance types in proportion to their finance shares provided to the low-income countries through this market. When climate finance is added to the carbon market, the ambition level for emissions reductions for donor countries should be raised equivalently; otherwise, the added climate finance leads to no increase in global mitigation. When low-income country market participants have limited access to credit markets, climate finance can increase mitigation by supplying the capital required to implement efficient mitigation projects.

Blended Finance --- Carbon Market --- Carbon Policy --- Carbon Policy and Trading --- Climate Change --- Climate Change and Environment --- Climate Change Mitigation and Green House Gases --- Climate Finance --- Energy --- Energy and Environment --- Energy Efficiency --- Energy Policies and Economics --- Environment --- Environment and Energy Efficiency --- Finance Blending --- Greenhouse Gas Emissions --- Offset Trading

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Emission permit trading is a centerpiece of the Kyoto Protocol which allows participating nations to trade and bank greenhouse gas permits under the Framework Convention on Climate Change. When market conditions evolve stochastically, emission trading produces a dynamic problem, in which anticipation about the future economic environment affects current banking decisions. In this paper, the author explores the effect of increased uncertainty over future output prices and input costs on the temporal distribution of emissions. In a dynamic programming setting, a permit price is a convex function of stochastic prices of electricity and fuel. Increased uncertainty about future market conditions increases the expected permit price and causes a risk-neutral firm to reduce ex ante emissions so as to smooth out marginal abatement costs over time. The convexity results from the asymmetric impact of changes in counterfactual emissions on the change of marginal abatement costs. Empirical analysis corroborates the theoretical prediction. The author finds that a 1 percent increase in electricity price volatility measured by the annualized standard deviation of percentage price change is associated with an average decrease in the annual emission rate by 0.88 percent. Numerical simulation suggests that high uncertainty could induce substantially early abatements, as well as large compliance costs, therefore imposing a tradeoff between environmental benefits and economic efficiency. The author discusses policy implications for designing an effective and efficient global carbon market.

Abatement Costs --- Carbon Market --- Carbon Policy and Trading --- Clean Air --- Climate Change --- Climate Change Policy --- Demand For Energy --- Electricity --- Electricity Price --- Emerging Markets --- Emission --- Emission Cap --- Emissions --- Energy --- Energy and Environment --- Energy Production and Transportation --- Environment --- Environment and Energy Efficiency --- Environmental Economics and Policies --- Facilities --- Fuel --- Greenhouse Gas --- Investment --- Macroeconomics and Economic Growth --- Markets and Market Access --- Permit Trading --- Price --- Prices --- Private Sector Development --- Public Sector Development --- Sulfur --- Sulfur Dioxide

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Depuis plus de dix ans, le système d'échange de quotas d'émission de gaz à effet de serre (SEQE) constitue le principal outil de l?Union européenne et de ses États membres pour lutter contre les changements climatiques. Ce système couvre aujourd'hui plus de 11.000 entreprises issues principalement des secteurs industriels et de l'aviation. Jusqu'à son adoption, ce type d'institution juridique était pourtant inconnu en droit de l'Union. Bien que fixant des objectifs de réduction des émissions précis, le SEQE s'écarte cependant de la rigidité des voies traditionnellement suivies dans le domaine de l'environnement. Il se caractérise, en effet, par la flexibilité offerte aux entreprises, leur permettant d'échanger des quotas d'émission et, partant, de préserver la liberté de leurs stratégies industrielles. Pour concilier les impératifs environnementaux, économiques et sociaux, le SEQE s'appuie sur un complexe entrelacs de textes législatifs et réglementaires. Plus encore, les compromis politiques sont à la source de nombreuses dérogations et exceptions. Fort de ces constats, l'ouvrage analyse comment les législateurs européens et nationaux, sous le contrôle du juge de l'Union, entendent combattre le réchauffement planétaire sans pour autant mettre en péril les principes d'égalité et de libre concurrence au sein du marché intérieur. Cet ouvrage se présente ainsi comme un outil précieux pour tous ceux, praticiens ou actifs dans les milieux académiques, qui s'intéressent au droit du climat et au SEQE.

Environmental law --- European Union --- E-books --- Energy policy --- Emissions trading --- Environmental permits --- Greenhouse gas mitigation --- Politique énergétique --- Echange de droits d'émission (Environnement) --- Autorisations en matière d'environnement --- Gaz à effet de serre --- Law and legislation --- Droit --- Réduction --- European Union countries --- Système d'échange de quotas d'émission de gaz à effet de serre de l'UE --- Gaz à effet de serre --- Politique énergétique --- Permis de pollution négociables --- Réduction --- BPB1803 --- Quota d'émission --- Droits d'émission UE --- Échange de droits d'émission --- STRADALEX --- Broeikasgas --- Emissierechten --- EU-Emissierechten --- Emissiehandel --- 32004L0101 (greenhouse gas emission trading). --- Climate change. --- Emission control. --- European Union. --- Law and legislation. --- gaz cieplarniany --- drivhusgas --- gás ceaptha teasa --- üvegházhatást okozó gáz --- broeikasgas --- Treibhausgas --- gás de efeito de estufa --- kasvihuonekaasu --- skleníkový plyn --- siltumnīcefekta gāze --- αέριο που προκαλεί το φαινόμενο του θερμοκηπίου --- gass serra --- gazi serë --- стакленоградински гас --- gas a effetto serra --- гас из стакленика --- kasvuhoonegaas --- greenhouse gas --- gas con efecto invernadero --- серист газ --- toplogredni plin --- staklenički plin --- šiltnamio efektą sukeliančios dujos --- gaz generator de efect de seră --- szén-dioxid --- süsinikdioksiid --- kuldioxid --- dioksid karboni --- hiilidioksidi --- carbon dioxide --- anglies dioksidas --- dioxyde de carbone --- kysličník uhoľnatý --- växthusgas --- метан --- стакленички гас --- dioxid de carbon --- koldioxid --- гас што предизвикува ефект на стаклена градина --- carbondioxid --- karbon dioksid --- süsihappegaas --- diossido di carbonio --- јаглерод диоксид --- oglekļa dioksīds --- kooldioxide --- CO2 --- Kohlendioxid --- διοξείδιο του άνθρακα --- dióxido de carbono --- emission trading --- obchodování s emisemi --- kibocsátáskereskedelem --- bejgħ u xiri ta' emissjonijiet --- comercio de derechos de emisión --- търговия с емисии --- handel uprawnieniami do emisji --- comercializare a certificatelor de emisii --- prekyba apyvartiniais taršos leidimais --- handel med emissionskvoter --- трговање емисијама --- tregtim i emetimeve --- emisiju tirdzniecība --- utsläppshandel --- obchodovanie s emisiami --- comércio de emissões --- εμπορία των δικαιωμάτων εκπομπής --- emissiehandel --- трговија со емисии --- trgovanje z emisijami --- päästökauppa --- heitkogustega kauplemine --- Emissionshandel --- trgovanje emisijom --- trádáíl astaíochtaí --- scambio di quote di emissione --- comércio de licenças de emissão --- comércio de quotas de emissão --- emission trading scheme --- αγορά διοξειδίου του άνθρακα --- bourse du carbone --- STE --- treg i karbonit --- CTE --- trg ogljika --- mercato del CO2 --- схема за търговия с емисии --- CO2-Markt --- tregtim ndërkombëtar i emetimeve --- verhandelbare Emission --- marché des émissions --- sustav trgovanja emisijom --- europsko tržište ugljika --- kvotemarked --- shema trgovanja emisijom --- пазарен систем на Протоколот од Кјото --- rynek uprawnień do emisji dwutlenku węgla --- trh s uhlíkem --- tregtimi i emetimeve --- négociation des droits d'émission --- ETS --- пазар на емисии --- handel in emissierechten --- международна търговия с емисии --- obchodovanie s emisnými kvótami --- suq tal-karbonju --- система за търговия с емисии --- régimen de comercio de derechos de emisión --- emisiones negociables --- sistem tregtimi me kufij te prerë --- mercado do carbono --- margadh carbóin --- échange de quotas d'émission --- piaţa carbonului --- emissions trading --- päästöyksiköiden markkinat --- comercio de emisiones --- mercado de carbono --- handel med utsläppsrätter för koldioxid --- koolstofmarkt --- rynek emisji --- emission trading system --- comércio de direitos de emissão --- cap-and-trade system --- CO2-turg --- commerce des droits d'émission --- szén-dioxid-piac --- trh s uhlíkom --- handel med emissionsrettigheder --- carbon market --- comercio internacional de emisiones --- σύστημα εμπορίας εκπομπών --- oglekļa dioksīda emisiju tirgus --- skemë e tregtimit të emetimeve --- međunarodno trgovanje emisijama --- hiilimarkkinat --- трговија со јаглеродни емисии --- sistem i tregtimit të emetimeve --- koldioxidmarknad --- international emissions trading --- handel med utsläppsrätter --- систем на трговија со емисии --- anglies dioksido rinka --- CO2-marked --- δικαίωμα εκπομπών --- uprawnienie do emisji --- certificat de emisii --- emisná kvóta --- emission allowance --- квота за емисии --- megengedett kibocsátás --- lamháltas astaíochtaí --- utsläppsrätt --- pravo na emisiju --- normë e lejuar e emetimeve --- emisijas kvotas --- licença de emissão --- emissierechten --- emissionskvote --- дозволена квота за емисии --- päästöoikeus --- Emissionsberechtigung --- quota di emissione --- saastekvoot --- apyvartinis taršos leidimas --- kwota ta' emissjonijiet --- emisní povolenka --- emisijski kupon --- derechos de emisión --- assigned amount unit --- Emissionsreduktionsgutschrift --- kibocsátható mennyiségi egység --- SHC --- anglies dioksido kreditas --- koldioxidkredit --- emisijska kvota --- crédit d'émission de carbone --- credito di carbonio --- AAU --- njësi e shumës së caktuar --- kredit za snížení emisí CO2 --- unità di quantità assegnata --- Emissionszertifikat --- jednostka emisji --- KUEK --- CERC --- credito di CO2 --- lubatud koguse ühik --- tilldelad utsläppsenhet --- предписано количество --- kredi uljeje e emetimeve të karbonit --- utsläppsrätt för koldioxid --- дозволено ниво на емисии --- toegewezen eenheid --- πίστωση ρύπων --- crédito de emisión de carbono --- UQA --- jednostka emisji dwutlenku węgla --- kreditu ta' karbonju --- Treibhausgasemissionszertifikat --- kuota të emetimeve --- carbon credit --- crédito de carbono --- jedinica dodijeljene kvote --- direito de emissão --- UCA --- päästöhyvitys --- emissionskredit --- καταλογισμένη ποσοτική μονάδα --- NJSHC --- kuotë e lejuar e emetimeve të gazrave serë --- shumë e caktuar --- jednotka přiděleného množství --- LKÜ --- въглероден кредит --- unidade de quantidade atribuída --- CA --- credit de carbon --- enota dodeljene količine --- cantidad atribuida --- sallittu päästömääräyksikkö --- unité de quantité attribuée --- zugeteiltes Emissionsrecht --- smanjenje emisije ugljika --- дозволени емисии --- emissionsrettighed --- kredi karboni --- nustatytosios normos vienetas --- предписана емисионна единица --- noteiktā daudzuma vienība --- кредит за намаляване на въглеродните емисии --- uhlíkový kredit --- CO2 arvestusühik --- AA --- tildelt enhed --- uitstootrechten --- jednotka prideleného množstva --- quota de emissões --- koolstofcredit --- crédito de CO2 --- unidad de la cantidad atribuida --- емисионна квота --- emissjonijiet permessi --- unitate a cantităţii atribuite --- crédit de carbone --- assigned amount --- cuota de emisiones --- Emissionsgutschrift --- jednostka przyznanej emisji --- CO2-Gutschrift --- unità ta' ammont assenjat --- NDV --- emission quota --- кредити за намаляване на емисиите --- πιστωτικό μόριο εκπομπών --- CO2-kredit --- emissiequota --- carbon emission reduction credit --- crédit d'émission de CO2 --- trádáil astaíochtaí --- Greenhouse gas mitigation. --- Échange de droits d'émission --- Quota d'émission --- Droits d'émission UE