e-journal

The European Union’s Emissions Trading System

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This paper investigates the European Union’s Emissions Trading System (EU
ETS), which is often presented as the cornerstone of the EU’s strategy for fighting
climate change. The paper analyses the basic design of the scheme, its workings
during the first trading period (2005–07), the adjustments made for the second
trading period (2008–12) and its performance during the years 2008 and 2009. It
also discusses the European Commission’s (EC) proposal to revise the EU ETS for
the period 2013–20 and the agreement reached. The paper offers a critical assessment
of the EU ETS from a value-theoretic and class-based standpoint, challenging
mainstream accounts. Following the consultation and co-decision processes that
preceded the adoption of the EU ETS Directive and its amendment, one reaches
the conclusion that the EU ETS has become the flagship of the European climate
change programme because it is more conducive to the dominant EU industrial
capitals that compete with non-EU capitals under strenuous international market
conditions. The limited environmental effectiveness, the windfall profits and distributional
injustice that characterise the scheme from its start are pitfalls generated
from the embeddedness of the scheme in the EU capitalist economies.

Key words: Climate change policies, Emissions trading, Value-theoretic and classbased
approach

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Informasi Detail

Judul Seri

Cambridge Journal of Economics

No. Panggil

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Penerbit

: Oxford University Press on behalf of the Cambridge Political Economy Society., 2014

Deskripsi Fisik

Cambridge Journal of Economics 2014, 38, 127–152

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

EKONOMI

Info Detail Spesifik

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Pernyataan Tanggungjawab

agus

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