NDLI: The price impacts of linking the European Union Emissions Trading Scheme to the Clean Development Mechanism

Content Provider	Springer Nature Link
Author	Nazifi, Fatemeh
Copyright Year	2010
Abstract	Many countries have begun to look increasingly toward the Clean Development Mechanism (CDM) as one of the key tools to increase the cost effectiveness of fulfilling their compliance requirements with the Kyoto Protocol. It is believed, from a theoretical point of view, that linking emissions trading schemes to the Kyoto Protocol’s flexible mechanisms can lead to a decrease in carbon prices and so a reduction of the overall compliance costs. This study provides an analysis of the relationship between the European Union Emissions Trading Scheme (EU ETS) and the CDM. The study considers the dynamic interactions between European allowance (EUA) prices and certified emission reduction (CER) prices, and uses time-series econometric techniques to test for the existence of long-term links and causal relations between the prices. Furthermore, the generalized impulse response analysis has been used to investigate temporal interactions among the variables. The results show that CER prices do not have a statistically significant effect on EUA prices; rather, it is the EUA prices that have driven CER prices during the period investigated. The constraint on the availability of CERs emanating from supplementarity and additionality criteria, as stipulated by the Kyoto Protocol, is one of the major factors that can be hypothesized to account for this finding.
Starting Page	164
Ending Page	186
Page Count	23
File Format	PDF
ISSN	1432847X
Journal	Environmental Economics and Policy Studies
Volume Number	12
Issue Number	4
e-ISSN	1867183X
Language	English
Publisher	Springer Japan
Publisher Date	2010-12-08
Publisher Place	Japan
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Carbon emissions trading scheme Clean Development Mechanism Certified emission reduction Granger causality tests Generalized impulse response function Social Policy Environmental Economics
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Management, Monitoring, Policy and Law

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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The price impacts of linking the European Union Emissions Trading Scheme to the Clean Development Mechanism

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