Emissions trading schemes and their linking : challenges and opportunities in Asia and the Pacific / Asian Development Bank.

Format:

Book

Author/Creator:

Asian Development Bank, author, publisher.

Contributor:

Asian Development Bank, publisher, copyright holder.

Language:

English

Subjects (All):

Emissions trading--International cooperation.

Emissions trading.

Physical Description:

1 online resource (116 pages) : illustrations, tables

Edition:

1st ed.

Place of Publication:

Metro Manila, Philippines : Asian Development Bank, 2016.

Language Note:

In English.

System Details:

Mode of access: World Wide Web.

Summary:

Asia and the Pacific has achieved rapid economic expansion in the recent years and has become a major source of greenhouse gas (GHG) emissions. With more than half of the world's population and high rates of economic growth, the region is especially vulnerable to the effects of climate change and therefore must play its part in cutting GHG emissions. The Paris Agreement adopted last December 2015 at the United Nations Framework Convention on Climate Change COP21 aims to restrict global warming to well below 2°C above preindustrial levels and to pursue efforts to reach 1.5°C---which is especially relevant to Asia and the Pacific region given its vulnerability. This knowledge product highlights how robust policies on emissions trading systems (ETS) can be important tools in reducing GHG emissions in a cost-effective manner, as well as supporting the mobilization of finance together with deployment of innovative technologies. There are currently 17 ETSs in place in four continents and account for nearly 40% of global gross domestic product. In Asia and the Pacific region, there are 11 systems operating, with more being planned. The growing wealth of experience on ETSs can be valuable to support DMCs that are planning and designing new systems of their own. This knowledge product summarizes some of the most significant learning experiences to date and discusses some of the solutions to alleviate challenges that have been faced. It also examines the possibilities for future linked carbon markets in the region.

Contents:

Cover

Contents

Tables and Figures

Tables

1.1 Existing and Emerging Emissions Trading Systems

2.1 Emissions Trading Systems Examined in Section 6

2.2 Overview of the European Union Emissions Trading System

2.3 Overview of the Regional Greenhouse Gas Initiative

2.4 Overview of the Western Climate Initiative

2.5 Overview of the Alberta Greenhouse Gas Reduction Program

2.6 Overview of the New Zealand Emissions Trading System

2.7 Overview of the Australian Carbon Pricing Mechanism

2.8 Overview of Japanese Prefecture Level-Based Emissions Trading Systems

2.9 Overview of the Republic of Korea Emissions Trading System

2.10 Experiences of Linking Emissions Trading Systems

3.1 Experience and Lessons from Existing Emissions Trading Systems

3.2 Phase III Cap and Change of Emissions Outlook

4.1 Overview of Emissions Trading Systems in the People's Republic of China

4.2 Overview of the Emissions Trading System in Kazakhstan

4.3 Overview of Emissions Trading Systems in India, Indonesia, Thailand, and Viet Nam

5.1 Average Annual Growth Rate in Gross Domestic Product and Carbon Dioxide Emissions

5.2 Compliance to the Emissions Trading Systems in the People's Republic of China for the First 2 Years

5.3 Trading Volume of Emissions Trading Systems in the People's Republic of China for the First 2 Years

6.1 Trading Relationships between the Largest Economies in Asia and the Pacific

6.2 International Carbon Action Partnership Research on the Relative Importance of Emissions Trading System Design Elements on Linking

6.3 Summary of Reduction Targets and Trading System Implementation by Country

A1.1 Aggregated Compliance Outcome of the Alberta Greenhouse Gas Project, 2007-2014.

A2.1 2011 Key Economic Indicators and Carbon Emissions Indicators in the Countries with Carbon Trading Potentials in Asia and the Pacific

Figures

1.1 Visual Guide of the Sections

1.2 Existing and Emerging Emissions Trading Systems in Asia and the Pacific

2.1 Visual Guide of the Sections

2.2 Key Elements of an Emissions Trading System

2.3 Direct Linking between Three Systems

2.4 Indirect Linking

3.1 Visual Guide of the Sections

3.2 Evolution of European Union Allowance from 2005-2015

3.3 Regional Greenhouse Gas Initiative Power Plant Emissions Compared with their Caps

3.4 Oversupply of Allowances in the European Union Emissions Trading System

3.5 Freely Allocated European Union Allowance vs. Emissions in Industrial Sectors

4.1 Visual Guide of the Sections

5.1 Visual Guide of the Sections

6.1 Visual Guide of the Sections

6.2 Approach to Harmonization and Linking of Systems

6.3 Steps to Approach Linking

A1.1 Evolution of Gross Domestic Product (in Real Terms), Greenhouse Gas Emissions, and Emissions Intensity

A1.2 Greenhouse Gas Emissions by Main Sector in EU-28, Change 1990-2012 and 2012 Shares

A1.3 Aggregate Change in Total CO Emissions from Fossil Fuel Combustion 2 in the EU-28, during Phase I and Phase II of the European Union Emissions Trading System

A1.4 Regional Greenhouse Gas Initiative: Emissions and Economic Growth

A1.5 Distribution of Auction Revenues

A1.6 Changes in Emissions

Foreword

Preface

Acknowledgments

Abbreviations

1 Context: Carbon Pricing Instruments for Developing Member Countries

Carbon Pricing Options

Choosing the Right Carbon Pricing Approach

Emissions Trading Systems in Asia and the Pacific

2 Existing Emissions Trading Systems-Theory and Practice

Theory-Building Blocks of Emissions Trading Systems.

Practice-Existing Emissions Trading Systems

Theory-Possible Linking Arrangements

Linking Experiences

3 Key Challenges and Lessons Learned from Existing Emissions Trading Systems

Overview

Political Desirability and Legal Frameworks Play Decisive Role in Emissions Trading Systems

Flexibility to Address Oversupply

Consequences of Offsets for Allowance Surpluses and Emissions Trading System Abatement

Framework to Incentivize Long-Term Investment

Allocation as a Fair System that Supports Long-Term Competitiveness

Banking May Have Longer-Term Implications for Future Emission Reduction and Carbon Price

Institutional Setup and Operation

Prefecture-Level Trading (Tokyo Cap-and-Trade Program)

Summary on Lessons for the Future Development of Emissions Trading Systems

4 Emissions Trading Systems in Developing Member Countries

People's Republic of China Emissions Trading System

Kazakhstan's Emissions Trading System

Emerging Initiatives: India, Indonesia, Thailand, Viet Nam

5 Key Challenges Faced by Developing Member Countries and a Blueprint for the Future

Political Commitment and Uncertainty

Policy Interactions

Target Setting and Flexibility

Legal Framework and Enforcement

Institutions and Monitoring, Reporting, and Verification Capacity

Allocation Mechanisms

The Functioning of the Market

Enabling Conditions

Summary-A Staged Approach

6 Linking: Key Challenges and What Can Be Learned from International Experience

Lessons Learned from International Experience of Linking

Linking Enablers and Barriers in Developing Member Countries

Strategic Approach toward Linking Emissions Trading Systems in Asia and the Pacific

Appendices

1 Track Record of Existing Emissions Trading Systems

2 Advantages and Disadvantages of Linking Emissions Trading Systems.

3 Energy, Greenhouse Gas, and Renewable Energy Policy Instruments

References.

Notes:

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed August 26, 2016).

ISBN:

9789292573737

929257373X

OCLC:

956647706