El mercado de emisiones de la Unión Europea¿mitigación o generosidad?
ISSN: 0213-3865
Year of publication: 2008
Issue Title: Economía del cambio climático
Issue: 67
Pages: 92-117
Type: Article
More publications in: Ekonomiaz: Revista vasca de economía
Abstract
This article analyzes the functioning of the EU ETS based on the detailed information of the EU emissions registry for the three year period of Phase I (2005-2007). The analysis reveals that the level of verified CO2 emissions has been bellow the amount of assigned units for 152 million tonnes and a decreasing CO2 price path. Even though some authors have appointed the possibility that an excess supply may be the result of a global over-allocation of EUA, this article explores the hypothesis of irreversible investment in a context of banking restrictions what may explain overall results.