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Carbon prices: Were they an obstacle to the launching of emission abatement projects in Spain in the Kyoto Protocol period?
- Source :
- Journal of Cleaner Production. 148:857-865
- Publication Year :
- 2017
- Publisher :
- Elsevier BV, 2017.
-
Abstract
- The future of the Carbon Market Approach under the United Nations Framework Convention on Climate Change (UNFCCC) is uncertain. However, further development of Carbon Markets is expected. This paper estimates the average carbon price of the carbon emission permits (COP-approved units) acquired by the Spanish government and also a more realistic figure for the average carbon cost of the aforesaid emission permits. This is very useful for evaluating and comparing different carbon prices and markets. In addition, the paper contributes to the existing literature by providing a deeper understanding of the flow of emission permits between the European Union Emission Trading Scheme (EU ETS) and the Emission Trading Scheme (ETS) under the Kyoto Protocol. The main conclusions are that the estimated carbon price and cost are both lower than other reported prices and costs. This may go some way towards explaining why the government preferred to use the Flexibility Mechanisms and acquire an especially large number of COP-approved units (mainly Assigned Amount Units (AAUs)) through bilateral transactions with other Annex B countries, instead of launching actual greenhouse gas (GHG) abatement projects in the country. Moreover, more transparency is needed in regard to bilateral transactions of AAUs between the Spanish government and other Annex B seller countries.
- Subjects :
- Renewable Energy, Sustainability and the Environment
020209 energy
Strategy and Management
Carbon offset
02 engineering and technology
Assigned amount units
International economics
European Union Emission Trading Scheme
010501 environmental sciences
01 natural sciences
Industrial and Manufacturing Engineering
Clean Development Mechanism
Commerce
Carbon price
0202 electrical engineering, electronic engineering, information engineering
Economics
Kyoto Protocol
Emissions trading
Carbon credit
0105 earth and related environmental sciences
General Environmental Science
Subjects
Details
- ISSN :
- 09596526
- Volume :
- 148
- Database :
- OpenAIRE
- Journal :
- Journal of Cleaner Production
- Accession number :
- edsair.doi...........3aed11d0e5cc28703114c3fe902db047