歐盟的視角來看碳排放交易體系外文翻譯（可編輯）

1、歐盟的視角來看碳排放交易體系外文翻譯 外文翻譯原文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. 譯文歐盟的視角來看碳排放交易體系 資料來源:/0. ellerman paul l.joskow 二氧化碳co2排放是世界上的限量管制與交易程序的首例,而歐盟的排放交易體系ets吸引了很多人的注意.有些是履行其職責(zé).如減少溫室氣體濃度溫室氣體的京都議定書. 在2005年,歐盟eu設(shè)立了第一家限量與貿(mào)易系統(tǒng)來實現(xiàn)對二氧化碳世界目標,2001年10月.提出了歐洲的排放交易體系ets的初步規(guī)劃.超過三年后,第3期2005-2007交易度tm一段試運行法規(guī)開始. 現(xiàn)在京都議定書tm已經(jīng)完成 。 二氧化碳co2排放作為世界上最早的限量管制與交易程序.歐

43、盟的排放交易體系ets吸引了很多人的注意.有些是有利的.有些是不利的. 基于可觀察到目前為止,本文試圖將歐盟的ets在視角觀察,使有興趣的人能了解其主要特點和性能的重要公共政策。我們描述的主要是結(jié)構(gòu)特點,而凸顯歐盟資產(chǎn)的特點最重要的是兩個文脈的發(fā)展在理解教育考試服務(wù)中心ets;還提供了歐洲的一些評價性能的資產(chǎn),迄今,歐盟最后討論的一些爭議出現(xiàn)在它的頭三年的操作之中。歐盟的資產(chǎn)是受京都議定書的約束的.如果獨立于它。歐盟ets將不會存在。京都議定書規(guī)定.在2012年期間,歐盟成員國將會實現(xiàn)他的第一個承諾。京都議定書從2008年通過delbeke主編.2006。至今.歐盟的ets獨立存在于京都議定書

44、。他是京都議定書在頒布之前.成為具有法律約束力的國際和歐盟的法律.它將會成為京都議定書的運作依據(jù).即使沒有在2005年2月正式生效。在特殊情況下.先試用或從2005年至2007年貿(mào)易時期是完全的外面京都議定書的國家.盡管作為確保歐盟符合京都議定書的2008-2012期間是第二次交易期間發(fā)生的歐盟資產(chǎn)。最后.歐盟資產(chǎn)預(yù)計將在2012年前任何形狀的京都議定書或后續(xù)協(xié)議的2012關(guān)系。它也包含了一些重要的設(shè)計服務(wù)中心,ets是一個經(jīng)典的歐盟排放交易體系。但在美國從這些體現(xiàn)在不同的限量管制與交易系統(tǒng),實施其他排放物共同特點是:絕對數(shù)量限制cap的二氧化碳排放已被放置在位于歐洲聯(lián)盟大約12000的排放設(shè)

45、施 .交易的津貼已分散到這些設(shè)施通常是免費的數(shù)量相等的地方.這些設(shè)施必須衡量和報告他們的二氧化碳排放量.其后每噸投降零用錢的二氧化碳會發(fā)出在一年一度的符合性。他們主要的區(qū)別是聯(lián)系美國經(jīng)驗限量管制與交易機制的建立過程.上限為配置排放津貼、銀行、借款、監(jiān)測報告規(guī)定.并驗證程序.這個鏈接或放松體系規(guī)定。而歐盟主要的交易市場是在euas樂器和期貨合約交割的特定的一年。每年的12月到期.舉行一個會議.會議符合歐盟的和解手續(xù),公司必須交出津貼等于其在接下來的一年的排放量,因此.公司需要采購euas覆蓋排放或希望其產(chǎn)量為當(dāng)前對沖基金可以購買所需的euas在現(xiàn)貨市場或購買期貨合約的對應(yīng)符合性一年津貼。歐盟展出

46、的歐洲市場具有相同特征對排污權(quán)交易市場在美國.例如對那些so2和 nox氣體。值得注意的是.市場發(fā)展非常迅速的特別努力,而政府部分以外的稀缺.可以通過制造許可證來執(zhí)行彌補。在任何情況下.一直沒有缺乏中介來促進貿(mào)易雙方或長或短的位置.以創(chuàng)造一個單一的價格.在任何一個時刻為交易工具相似的特征。是否所有的參與者都在歐盟的資產(chǎn)價格的削減.這個優(yōu)化問題.不過是另一個是無可置疑的先決條件。 雖然基本輪廓的歐盟ets成立.然而在試用期內(nèi).顯著改變系統(tǒng)的設(shè)計中應(yīng)注意的問題提出了由歐盟委員會頒布一套修正的排放交易指令、授權(quán)資產(chǎn)立法.這是歐盟在2008年1月公布。這些提議修改的過程.是得益于第一百七十九條指令.稱為ets檢討.并被考慮改變指令的頭三年度的經(jīng)驗。而且咨詢與利益相關(guān)者,得出在這一年半的時間里.歐洲議會和歐洲委員會在歐盟的二氧化碳排放量的決策操作流程將會提議修改。 限價設(shè)置過程 第一個重要的區(qū)別.是歐盟ets與傳統(tǒng)的自然形成的交易模式,他沒有初步確定總的限制的總和;它是25現(xiàn)在27分離決策的總數(shù),每個成員國可能分布影響其轄區(qū)內(nèi)設(shè)施和每個成員國提出的數(shù)量.但是.歐盟津貼審核和質(zhì)量得由歐盟委員會批準.按程序和標準中規(guī)定的歐盟排放交易指令。 另一個重要的區(qū)別是長期的軌跡的總體帽和成員國的分配并