Prix versus quantités : les contorsions du marché du carbone européen
The European carbon market has been created to set a price to carbon emissions and to drive investments into low carbon technologies. Since its creation in 2015, and despite the successive cap restrictions, it experienced very low and volatile prices and thus failed to provide the expected incentive...
Saved in:
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Association Recherche & Régulation
2016-01-01
|
| Series: | Revue de la Régulation |
| Subjects: | |
| Online Access: | https://journals.openedition.org/regulation/11392 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1832577936298868736 |
|---|---|
| author | Nathalie Berta |
| author_facet | Nathalie Berta |
| author_sort | Nathalie Berta |
| collection | DOAJ |
| description | The European carbon market has been created to set a price to carbon emissions and to drive investments into low carbon technologies. Since its creation in 2015, and despite the successive cap restrictions, it experienced very low and volatile prices and thus failed to provide the expected incentives. As a consequence, the European Commission adopted several reforms, the main one being the creation of a market stability reserve. All these reforms try to control the price, but in an indirect way, through adjustments of the allowances supply. As a cap-and-trade instrument, the European market guaranties that the total emissions will not overtake the issued allowances — the cap. The trade is justified by the cost-effectiveness of the competitive allocation that it is supposed to reach. But contrary to a tax system, price uncertainty is intrinsic to allowances markets, to quantities instruments. Creating a competitive market because of the expected efficiency of its price setting and then trying ex post to regulate the price seems rather paradoxical. Furthermore, since this market is above all a financial market driven by derivatives, achieving price stability through ex post supply adjustments is a wild hope. Only a tax could provide the expected price stability. |
| format | Article |
| id | doaj-art-061c6935277f45c9b99f22fb38b2f690 |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2016-01-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-061c6935277f45c9b99f22fb38b2f6902025-01-30T14:26:08ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962016-01-011810.4000/regulation.11392Prix versus quantités : les contorsions du marché du carbone européenNathalie BertaThe European carbon market has been created to set a price to carbon emissions and to drive investments into low carbon technologies. Since its creation in 2015, and despite the successive cap restrictions, it experienced very low and volatile prices and thus failed to provide the expected incentives. As a consequence, the European Commission adopted several reforms, the main one being the creation of a market stability reserve. All these reforms try to control the price, but in an indirect way, through adjustments of the allowances supply. As a cap-and-trade instrument, the European market guaranties that the total emissions will not overtake the issued allowances — the cap. The trade is justified by the cost-effectiveness of the competitive allocation that it is supposed to reach. But contrary to a tax system, price uncertainty is intrinsic to allowances markets, to quantities instruments. Creating a competitive market because of the expected efficiency of its price setting and then trying ex post to regulate the price seems rather paradoxical. Furthermore, since this market is above all a financial market driven by derivatives, achieving price stability through ex post supply adjustments is a wild hope. Only a tax could provide the expected price stability.https://journals.openedition.org/regulation/11392climate changecarbon marketEU ETScarbon pricemarket stability reserveCOP21 |
| spellingShingle | Nathalie Berta Prix versus quantités : les contorsions du marché du carbone européen Revue de la Régulation climate change carbon market EU ETS carbon price market stability reserve COP21 |
| title | Prix versus quantités : les contorsions du marché du carbone européen |
| title_full | Prix versus quantités : les contorsions du marché du carbone européen |
| title_fullStr | Prix versus quantités : les contorsions du marché du carbone européen |
| title_full_unstemmed | Prix versus quantités : les contorsions du marché du carbone européen |
| title_short | Prix versus quantités : les contorsions du marché du carbone européen |
| title_sort | prix versus quantites les contorsions du marche du carbone europeen |
| topic | climate change carbon market EU ETS carbon price market stability reserve COP21 |
| url | https://journals.openedition.org/regulation/11392 |
| work_keys_str_mv | AT nathalieberta prixversusquantiteslescontorsionsdumarcheducarboneeuropeen |