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This book draws upon a meticulous study of background documents and a string of fresh interviews to tell the fascinating story of how the EU's climate flagship was significantly improved. The EU's emissions trading system (ETS) covers almost half of its greenhouse gas emissions and has been hailed as the cornerstone and flagship of EU climate policy. But in spring 2013 the ETS was in severe crisis, with a huge surplus of allowances and a sagging carbon price. Even a formally simple measure to change the timing of auctioning was initially rejected by the European Parliament. Two years later a much more important 'market thermostat' was adopted (i.e. the Market Stability Reserve) and proposals for a complete ETS overhaul were put on the table. This book examines and explains how it was possible to turn the flagship around so quickly. Crucial changes at EU and national levels are identified, chief among them in Germany and the European Parliament.
List of contents
Chapter 1. Introduction.- Chapter 2. Analytical framework.- Chapter 3. Background: Initiation and First Reform of a Frontrunner System.- Chapter 4 . The ETS Post-2008: From Crisis and Turmoil to 'Market Thermostat'.- Chapter 5. Analysis: Exploring the Six Explanations.- Chapter 6. Conclusions and Reflections.
About the author
Jørgen Wettestad is Research Professor at the Fridtjof Nansen Institute in Oslo, Norway. He has published several books and numerous articles on international and EU environmental policy, with particular attention to emissions trading.
Torbjørg Jevnaker is Research Fellow at the Fridtjof Nansen Institute in Oslo, Norway. She has contributed to books and journals on EU energy and environmental policy, particularly emissions trading, climate and energy packaging and internal energy market policy.
Summary
This book draws upon a meticulous study of background documents and a string of fresh interviews to tell the fascinating story of how the EU's climate flagship was significantly improved.
