Research program on the ex-post evaluation of the European CO2 market
This research program provided the first ex-post analysis of the first phase of the European Union Emissions Trading System (EU ETS) (2005-2007).
The research program was conducted from 2007 to 2009 by an international research team which gathered experts from:
- the Center for Energy and Environmental Policy Research (CEEPR) of the Massachusetts Institute of Technology (MIT),
- the University College Dublin (UCD),
- the University Paris-Dauphine
- CDC Climat Research (formerly the Mission Climat of Caisse des Dépôts),
in collaboration with the International Energy Agency, the Berlin Öko-Institut and the Paris Centre International de Recherche sur l’Environnement et le Développement (CIRED).
This research program has resulted in the publication of a book, appearing in both English and French, entitled:
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« Le prix du carbone : les enseignements du système européen d’échange de quotas de CO2 » (Pearson France)
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“Pricing Carbon: The European Union Emissions Trading Scheme” (Cambridge University Press)
By Denny Ellerman (MIT-CEEPR), Frank Convery (University College Dublin) and Christian de Perthuis (Université Paris-Dauphine, PREC), with the contribution of Emilie Alberola (CDC Climat Research), Barbara K. Buchner (International Energy Agency), Anaïs Delbosc (CDC Climat Research), Cate Hight (CDC Climat Research), Felix C. Matthes (Öko-Institut) and Jan H. Keppler (Paris-Dauphine University).
Four research seminars were held over the three years of the research program during which the interim results were presented. A final conference was organized for the launch of the book summarizing the final results. All materials from these seminars and conference are available below.
Members of the research team on the assessment of the first phase of the European CO2 market present in Paris the 10 February 2010.
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From left to right (second row): Jurate Jaraite, Dora Fazekas, Julia Reinaud, Benoît Leguet, Morgan Hervé-Mignucci, Raphaël Trotignon, Philippe Quirion, Anaïs Delbosc, Emilie Alberola, Barry Anderson. From left to right (front row): Barbara Buchner, Frank Convery, Denny Ellerman, Christian de Perthuis, Cate Hight, Neil Walker.
- pdf -55.1 kb Minutes of the « Evaluation of the EU ETS” seminar
Session 1: Origins and Development of the EU ETS
- pdf -42.8 kb Origins and Development of the EU ETS
Session 2: Allocation
- pdf -41.6 kb Denny Ellerman (MIT) & Barbara Buchner (AIE) Allocation in the EU ETS
- pdf -224.9 kb Joachim Schleich (Fraunhofer Institut, Karlsruhe) Comment on: "Allocation in the EU ETS"
Session 3: Market Development
- pdf -890.6 kb Christian de Perthuis & Mission Climat of Caisse des Dépôts Market developments
Session 4: Abatement and Technology
- pdf -144.2 kb Denny Ellerman (MIT) & Barbara Buchner (AIE) The EU ETS: Over-allocation or Abatement
- pdf -224.3 kb Michael Grubb (University of Cambridge) EU ETS: Learning the Lessons
Perspectives: The ETS from a Japanese Perspective
- pdf -664.8 kb Taishi Sugiyama et Masayo Wakabayashi (CRIEPI, Japon) A review of emission trading systems from Japanese perspective
Session 5: Competitive Effects
- pdf -273.2 kb Jan Keppler (Paris-Dauphine University) & Philippe Quirion (CIRED) Competitiveness effects of the EU ETS
- pdf -335.3 kb Christoph Grobbel, Mc Kinsey Competitive effects
Session 6: Costs and Incidence
- pdf -71.5 kb Frank Convery (UCD) & Luke Redmond (Mission Climat of Caisse des Dépôts) Costs and Incidence
Session 1: Allocation in the EU ETS
- pdf -46.8 kb A. Denny Ellerman (MIT) & Barbara Buchner (IEA) Allocation in the EU ETS
- pdf -104.2 kb David Harrison (NERA) Allocation in the EU ETS: What Have We Learned
Session 2: The EUA Market: Who is trading?
- pdf -872 kb Anaïs Delbosc, Raphaël Trotignon & Emilie Alberola (Mission Climat of Caisse des Dépôts) The European CO2 Market: Who is Trading and at What Price
- pdf -29.7 kb Philippe Ambrosi (IBRD) Comments on “The European CO2 Market: Who is Trading and at what Price
Session 3: CO2 Price Effects on EU Industry
- pdf -189.3 kb Neil Walker (UCD Dublin) CO2 Price Effects on EU Industry
- pdf -151.5 kb Julia Reinaud (IEA) Ex-post Evaluation of the EU ETS: Impacts on the Aluminium Sector
Session 4: CO2 Price Effects on the German Power Sector
- pdf -146.7 kb Felix Matthes (Oko-Institut) CO2 price effects on the German power sector
- pdf -664 kb Jean-Yves Caneill (Electricité de France) The EU ETS: Perspective and Lessons
Session 5: CO2 Effects Outside the EU ETS: Domestic and Foreign Offsets
- pdf -377.3 kb Christian de Perthuis & Benoît Leguet (Mission Climat of Caisse des Dépôts) Enlarging the scope of Carbon Pricing: Lessons from the first period of the EU ETS
- pdf -211.3 kb Abyd Karmali (Merrill Lynch) CO2 price effects outside the EU ETS: domestic and foreign offsets
Session 6: Containing CO2 Costs: The Safety Valve Revisited
- pdf -113.9 kb Mort Webster (MIT) Cost-Containment: A Comparison of Instruments
- pdf -181.5 kb William A. Pizer (Resources for the Future)
Overview of Trading and EU 12 – GDP, allowance allocations, Institutional arrangements, trades
- pdf -336.8 kb Presentation by A. Denny Ellerman (MIT) Compliance Trading in the EU ETS
A Broker’s Perspective
- pdf -705.7 kb Stéphane Colin (Sagacarbon) A Broker’s Perspective in Eastern Europe
The case of Hungary
- pdf -1.5 Mb Dora Fazekas (Earth Institute, Columbia University) & Mariann Csikesz (Vertis Finance) Hungarian experiences with the EU ETS
- pdf -730.6 kb Dora Fazekas (Earth Institute, Columbia University) Hungarian experiences with the EU ETS - Carbon Market Implications for the new EU Member States
The case of Poland
(a) Government and policy
- pdf -58.6 kb Tomasz Zylicz and Marta Miros (University of Warsaw) Poland’s perspective on EU ETS in 2005-2007
- pdf -131.3 kb Tomasz Zylicz and Marta Miros (University of Warsaw) Poland’s perspective on EU ETS in 2005-2007
(b) Industry perspective
- pdf -507 kb Jean-Yves Caneill (Electricité de France) Addressing the challenging situation faced by the Polish energy sector in EU ETS. The EDF experience
The case of Romania
- pdf -85.6 kb Carmen Slanovschi (Ministry of Environment and Sustainable Development, Romania) EU – ETS in Romania
The case of Lithuania
- pdf -188.7 kb Dalia Streimikiene (Kaunas Faculty of Humanities Vilnius University, Lithuanian Energy Institute) Lithuanian perspectives on EU GHG emission trading scheme in 2005-2007
Session1: Deciphering the Data on Surrendered Allowances
- pdf -170.6 kb A. Denny Ellerman (MIT) Deciphering the CITL Surrender Data
- pdf -75.8 kb Andreas Barkman (EEA) Deciphering: ‘Deciphering the CITL Surrender Data’
Session 2: Abatement: micro evidences
- pdf -637.1 kb Erik Delarue (Leuven University) Short-term CO2 abatement in the European Power Sector
Session 3: What were the transaction costs?
- pdf -94.6 kb Frank Convery (UCD) Transaction costs incurred by firms in the EU ETS – Irish case study
- pdf -144.6 kb Benoît Leguet (Mission Climat of Caisse des Dépôts) What were the transaction costs
Session 4: Carbon pricing: EUA and CER , spot and future prices
- pdf -420.2 kb Christian de Perthuis, Cate Hight et Morgan Hervé-Mignucci (Mission Climat of Caisse des Dépôts) Linkage and Global Implications
- pdf -158 kb Sylvain Goupille (BNP-Paribas) CO2 pricing: EUA and CER, Spot and Forward
Session 5: East European Countries Responses
- pdf -444.2 kb Dora Fazekas (University of Budapest) Hungarian experiences with the EU ETS
- pdf -135.9 kb Sophie Ducoloner (Dalkia) Dalkia experience in Eastern Europe
Session 6: Outlooks: toward the Third Period
- pdf -147.4 kb Tomáš Chmelík (ČEZ) Outlook: Toward the Third Period - Perspective of New Member States
- pdf -802.6 kb Andrei Marcu (BlueNext) Toward the Third Period
- pdf -340 kb Anaïs Delbosc (CDC Climat Research) et Cate Hight (formerly at the Mission Climat of Caisse des Dépôts) Le prix du carbone”, principal conclusions
- pdf -80.7 kb Jan Horst Keppler (Université Paris-Dauphine) Le prix du carbone - une nouvelle réalité pour le secteur énergétique
Assessing the impact of the EU ETS on emissions
- pdf -31.1 kb A. Denny Ellerman (MIT CEEPR) The Impact of the EU ETS on CO2 Emissions
- pdf -317.4 kb Barbara Buchner (IEA) Effects of Free Allocation
- pdf -612.9 kb Jean-Yves Caneill (Electricité de France) Assessing the impact of EU ETS on emissions
Assessing the economic impact of the EU ETS
- pdf -43.1 kb Frank Convery (UCD) Costs and Competitiveness
- pdf -354.2 kb Pierre Ducret (CDC Climat) Les acteurs économiques dans le SCEQE
- pdf -197 kb Brigitte Poot (Total) Assessing the economic impact of the EU ETS - Refinery sector
How can the EU ETS regulation be improved?
- pdf -219.3 kb Edouard Vieillefond (Autorité des Marchés Financiers) La régulation des marchés du CO2
