Rescuing EU Emissions Trading

This book draws upon a meticulous study of background documents and a string of fresh interviews to tell the fascinating story of how the EU’s climate flagship was significantly improved. ‘The authors have followed the ins-and-outs and many twists of the EU Emissions Trading System story, writing with curiosity, insight, detail and wit about the complicated European coalitions that delivered the “mission possible” back-loading and market stability reserve reforms. Not only researchers, but also participants to the process can learn something about how we got to where we stand today.’ – Jesse Scott, Head of Environment at Eurelectric 2012-14 ‘Europe’s Emission Trading Scheme is the world’s biggest attempt to use markets to cut pollution. This timely and important book shows how smart political engineering has led to radical reforms that are saving Europe’s trading system and making it, once again, a model for many other countries.’ – David G. Victor, Professor, School of Global Policy and Strategy, UC San Diego, USA 'Another book on the EU’s Emissions Trading Scheme? Yes, and Wettestad and Jevnaker demonstrate the added value! They deliver a fascinating analysis of recent developments of the EU flagship climate policy that has much to tell. Their systematic study reveals the undercurrents that have driven recent ETS policy development and are likely to remain relevant for EU climate policy in future.' – Sebastian Oberthür, Professor, Institute for European Studies, Vrije Universiteit Brussels, Belgium This book tells the fascinating story of how the EU’s emissions trading system – its climate policy flagship - was rescued. In spring 2013 the ETS was in severe crisis, with a huge surplus of allowances and a sagging carbon price. Even a formally simple measure to change…