欧盟的视角来看碳排放交易体系外文翻译（可编辑）

1、欧盟的视角来看碳排放交易体系外文翻译 外文翻译原文the european unions in perspective carbon emissions trading system in perspective material source: /.author: a.denny ellerman paul l.joskow as the worlds first cap-and-trade program for carbon dioxide co2 emissions.the european unions emissions trading system eu ets has attr

2、acted a lot of attention.some of it to meet its obligations to reduce greenhouse gas ghg concentrations under the kyoto protocol. the european union eu established the first cap-and-trade system for carbon dioxide emissions in the world tarting in 2005. proposed in october 2001. the eus emissions tr

3、ading system eu ets was up and runnin just over three years later. the first three-year trading period 2005-2007tma trial period before kyotoobligations begantmis now complete and. not surprisingly. has been heavily scrutinized. this report examine the development. structure. and performance of the

4、eu-ets to date. and provides insightful analysis regarding the controversies and lessons emerging from the initial trial phase. as the worlds earliest cap-and-trade program for carbon dioxide co2 emissions trading system. the eus row ets has attracted a lot of attention avorable and some of it unfav

5、orable.based on what can be observed to date. this paper attempts to place the eu ets in perspective for the observer who is interested in understanding the key features and performance of this important public policy experiment. in the following sections. we describe the principal design features o

6、f the eu ets; we highlight two contextual features that are important in understanding the development of the eu ets; we provide a brief evaluation of the performance of the eu ets to date; and finally we discuss several of the controversies that have arisen during its first three years of operation

7、. the eu ets was inspired by the kyoto protocol but it is also independent of it. the eu ets would not exist if it were not for the kyoto protocol and it is theflagship measure by which the member states of the eu will meet their obligations under the kyo protocol during the first commitment period

8、from 2008 through 2012 delbeke ed. 2006. yet. the eu ets exists independently of the kyoto protocol. it was enacted before the kyoto protocol became legally binding in international and eu law and it would have become operational even if the kyoto protocol had not entered into force in february 2005

9、. in particular. the trial or first trading period from 2005 through 2007 was wholly outside of the kyoto protocol. although conceived as a means of ensuring the eu compliance with the kyoto protocol during 2008-12. when the second trading period of the eu ets would occur. finally. the eu ets is exp

10、ected to continue beyond 2012 whatever the shape of the kyoto protocol or a successor agreement as concerns the post-2012 period. it also contains some significant design the eu ets is a classic cap-and-trade system. however differences from those reflected in cap-and-trade systems for other emissio

11、ns that have been implemented in the u.s. the common features are that 1 an absolute quantity limit or cap on co2 emissions has been placed on some 12.000 emitting facilities located in the european uniontradable allowances have been distributed to these facilities typically for free in an amount eq

12、ual to the cap. and these facilities must measure and report their co2 emissions and subsequently surrender an allowance for every ton of co2 they emit during annual compliance periods. the primary differences from /.erience with cap-and-trade mechanisms relate to how the cap is set. the process for

13、 allocating emission allowances. banking and borrowing provisions. the monitoring. reporting. and verification procedures. and the linking or off-system provisions. the main trading instruments in the eua market are forward and futures contracts for delivery in ecember of the specified year. the dec

14、ember maturity for each year is a convention that conforms to the reconciliation procedures in the eu ets. companies must surrender allowances equal to their emissions by the end of april in the following year. thus. a firm that needs to purchase euas to cover emissions or that wishes to hedge its e

15、xposure for current production can either purchase the required euas in the spot market or purchase a futures contract corresponding to the compliance year for which allowances will be surrendered.the eua market has exhibited the same characteristics as markets for tradable permits in the u.s.such a

16、s those for so2and nox. notably. a market developed relatively quickly without special effort on the part of the government beyond creating the scarcity. distributing the permits. and enforcing compliance. in all cases. there has been no lack of intermediaries to facilitate trading among parties wit

17、h either long or short positions and to create a single price at any one moment in time for trading instruments with similar attributes. whether all participants in the eu ets have taken advantage of that single price to optimize abatement is another question. but there can be no doubt that the pre-

18、requisite is present. while the basic outline of the eu ets was established during the trial period. significant changes in the design of the system have been proposed by the european commission in a set of amendments to the emissions trading directive. the authorizing legislation for the eu ets. wh

19、ich was made public in late january 2008. these proposed amendments resulted from a process that was mandated by the directive. known as the ets review. and which was to consider changes to the directive in light of the first three yearso experience. consultations with stakeholders have been held ov

20、er the pas year and a half and the proposed amendments will now be taken up by the european parliament and the european council in the european unions co2-decision process. the cap-setting process a first important difference between the eu ets and the classic cap-and-trade model is the decentralize

21、d nature by which the cap has been determined. there was no initially determined overall limit; it was the sum of 25 now 27 separate decisions concerning the total number of european union allowances euas that each member state could distribute to affected installations within its jurisdiction. each

22、 member state proposed a quantity of euas. but that quantity was subject to review and pproval by the european commission according to procedures and criteria specified in the eu emissions trading directive. a second significant difference is that the long-term trajectory of the overall cap and of t

23、he member state allocations was not known initially since the decentralized cap-setting process is repeated for relatively short sequential multi-year trading periods.the eu ets directive mandates a first. three year trading period for 2005-07. often called the pilot or trial phase. to be followed b

24、y a second. five-year trading period for 2008-12 that corresponds to the first commitment period under the kyoto protocol. and subsequent post-2012 trading periods. the cap for the first period was determined in mid-2005 and the 2008-12 cap was not finalized until late 2007. just before the second t

25、rading period began. for the period after 2012. the european council has declared that the eus greenhouse gas ghgemissions will be at least 20 percent lower than the 1990 level by 2020. this goal has been translated into more concrete terms in the recently released amendments which propose that the

26、next trading period be eight years long. from 2013 through 2020. and that the annual cap for the eu ets will decline indefinitely at an annual rate of 1.74 percent. a third difference of the eu ets is that it is a cap within a cap from 2008 on. the kyoto protocol. as modified for the eu15 by the bur

27、den sharing agreement bsa imposes an economy-wide cap on all greenhouse gas emissions. the eu ets includes only co2 emissions and only a subset of the economytmthe power sector. specified industrial sectors and all combustion facilities with a thermal input of greater than 20 mw regardless of the se

28、ctor in which they are found including commercial and the sectors included under the eu ets comprise about half of eu co2 institutional establishments.emissions and about 40 percent of the ghg emissions covered by the kyoto protocol. ghg emissions from sources not included in the eu ets. notably tra

29、nsportation and buildings. are to be limited by other policies and measures. the emissions trading directive anticipates the inclusion of other ghgs and other activities in an expanded eu ets in subsequent periods and a proposal to include co emissions from aviation beginning in 2011 is expected to

30、be approved in the course of 2008. the primary goal of the trial period was to develop the infrastructure and to provide the experience to enable the successful use of a cap-and-trade system to limit european ghg emissions in 2008-12 and beyond. the 2005-2007 trial period was never intended to achie

31、ve emissions in only three years. in light of the speed with which the program significant reductions in co2 was developed. the many sovereign countries involved. the unexpected increase in natural gas prices affecting a partially liberalized electricity sector. the need to develop the necessary dat

32、a and compliance procedures. and the lack of extensive experience with emissions trading in europe. we think that the system has evolved surprisingly well. although there have been plenty of rough edges. a transparent price on tradable co2 allowances emerged as of january 1. 2005. a functioning mark

33、et in allowances has developed effortlessly without any prodding by the commission or member state governments. the trading infrastructure of markets. registries and monitoring. reporting and verification is in place. and a significant segment of european industry is incorporating the price of co2 e

34、missions into their daily production decisions. the proof of the value of this experience will be seen as the just begun second trading period progresses. so far. all indications are that the trial period accomplished its goal. the eu ets has evolved from being an engaging possibility in the 2000 gr

35、een paper ec. 2000 to being what is now regularly characterized as the flagship of the european climate change program. the eu ets is also interesting because it provides some insights into the problems to be faced in constructing a global ghg emission trading system. this will be the next stage in

36、global climate diplomacy if and when the u.s. adopts a cap-and-trade system. in imagining a multinational system. it seems clear that participating nations will retain significant discretion in deciding tradable national emission caps albeit with some negotiation; separate national registries will b

37、e maintained with some arrangement for international transfers; monitoring. reporting and verification procedures will be administered nationally although necessarily subject to some common standard; and it seems doubt fu that internal allocations will be harmonized. as the world moves to develop an

38、d to link ghg tradi systems. challenges similar to those characterizing the eu ets will have to be confronted. he deeper significance of the trial period of the eu ets may be that its explicit status as a work in progress is emblematic of all climate change programs. even when not enacted in haste.

39、climate change programs will surely be changed over the long horizon during which they will remain effective. the trial period demonstrates that everything does not need to be perfect at the beginning. in fact. it provides a reminder that the best can be the enemy of the good. and this adage is like

40、ly to be especially applicable in an imperfect world where the income and wealth effects of proposed actions are significant and sovereign nations of widely varying economic circumstance and institutional development are involved. the initial challenge is simply to establish a system that will demon

41、strate the societal decision that ghg emissions shall have a price and to provide the signal of what constitutes appropriate short-term and long-term measures to take in limiting ghg emissions to the desired amounts. in this. the eu has done more with the ets. despite all its faults. than any other

42、nation or set of nations. 译文欧盟的视角来看碳排放交易体系 资料来源:/0. ellerman paul l.joskow 二氧化碳co2排放是世界上的限量管制与交易程序的首例,而欧盟的排放交易体系ets吸引了很多人的注意.有些是履行其职责.如减少温室气体浓度温室气体的京都议定书. 在2005年,欧盟eu设立了第一家限量与贸易系统来实现对二氧化碳世界目标,2001年10月.提出了欧洲的排放交易体系ets的初步规划.超过三年后,第3期2005-2007交易度tm一段试运行法规开始. 现在京都议定书tm已经完成 。 二氧化碳co2排放作为世界上最早的限量管制与交易程序.欧

43、盟的排放交易体系ets吸引了很多人的注意.有些是有利的.有些是不利的. 基于可观察到目前为止,本文试图将欧盟的ets在视角观察,使有兴趣的人能了解其主要特点和性能的重要公共政策。我们描述的主要是结构特点,而凸显欧盟资产的特点最重要的是两个文脉的发展在理解教育考试服务中心ets;还提供了欧洲的一些评价性能的资产,迄今,欧盟最后讨论的一些争议出现在它的头三年的操作之中。欧盟的资产是受京都议定书的约束的.如果独立于它。欧盟ets将不会存在。京都议定书规定.在2012年期间,欧盟成员国将会实现他的第一个承诺。京都议定书从2008年通过delbeke主编.2006。至今.欧盟的ets独立存在于京都议定书

44、。他是京都议定书在颁布之前.成为具有法律约束力的国际和欧盟的法律.它将会成为京都议定书的运作依据.即使没有在2005年2月正式生效。在特殊情况下.先试用或从2005年至2007年贸易时期是完全的外面京都议定书的国家.尽管作为确保欧盟符合京都议定书的2008-2012期间是第二次交易期间发生的欧盟资产。最后.欧盟资产预计将在2012年前任何形状的京都议定书或后续协议的2012关系。它也包含了一些重要的设计服务中心,ets是一个经典的欧盟排放交易体系。但在美国从这些体现在不同的限量管制与交易系统,实施其他排放物共同特点是:绝对数量限制cap的二氧化碳排放已被放置在位于欧洲联盟大约12000的排放设

45、施 .交易的津贴已分散到这些设施通常是免费的数量相等的地方.这些设施必须衡量和报告他们的二氧化碳排放量.其后每吨投降零用钱的二氧化碳会发出在一年一度的符合性。他们主要的区别是联系美国经验限量管制与交易机制的建立过程.上限为配置排放津贴、银行、借款、监测报告规定.并验证程序.这个链接或放松体系规定。而欧盟主要的交易市场是在euas乐器和期货合约交割的特定的一年。每年的12月到期.举行一个会议.会议符合欧盟的和解手续,公司必须交出津贴等于其在接下来的一年的排放量,因此.公司需要采购euas覆盖排放或希望其产量为当前对冲基金可以购买所需的euas在现货市场或购买期货合约的对应符合性一年津贴。欧盟展出

46、的欧洲市场具有相同特征对排污权交易市场在美国.例如对那些so2和 nox气体。值得注意的是.市场发展非常迅速的特别努力,而政府部分以外的稀缺.可以通过制造许可证来执行弥补。在任何情况下.一直没有缺乏中介来促进贸易双方或长或短的位置.以创造一个单一的价格.在任何一个时刻为交易工具相似的特征。是否所有的参与者都在欧盟的资产价格的削减.这个优化问题.不过是另一个是无可置疑的先决条件。 虽然基本轮廓的欧盟ets成立.然而在试用期内.显著改变系统的设计中应注意的问题提出了由欧盟委员会颁布一套修正的排放交易指令、授权资产立法.这是欧盟在2008年1月公布。这些提议修改的过程.是得益于第一百七十九条指令.称为ets检讨.并被考虑改变指令的头三年度的经验。而且咨询与利益相关者,得出在这一年半的时间里.欧洲议会和欧洲委员会在欧盟的二氧化碳排放量的决策操作流程将会提议修改。 限价设置过程 第一个重要的区别.是欧盟ets与传统的自然形成的交易模式,他没有初步确定总的限制的总和;它是25现在27分离决策的总数,每个成员国可能分布影响其辖区内设施和每个成员国提出的数量.但是.欧盟津贴审核和质量得由欧盟委员会批准.按程序和标准中规定的欧盟排放交易指令。 另一个重要的区别是长期的轨迹的总体帽和成员国的分配并