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首页> 外文期刊>Environmental & Resource Economics >Endogenizing the Cap in a Cap-and-Trade System: Assessing the Agreement on EU ETS Phase 4
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Endogenizing the Cap in a Cap-and-Trade System: Assessing the Agreement on EU ETS Phase 4

机译：在概要和贸易系统中提出内容的内容：评估欧盟ETS阶段4的协议

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摘要

In early 2018, a reform of the world's largest functioning greenhouse gas emissions cap-and-trade system, the EU Emissions Trading System (ETS), was formally approved. The reform changed the main principles of the system by endogenizing the emissions cap. We show that the emissions cap is now affected by the allowance demand and is therefore no longer set directly by EU policymakers. As a consequence, national policies that reduce allowance demand can now reduce long-run cumulative emissions, which is not possible in a standard cap-and-trade system. Using a newly developed dynamic model of the EU ETS, we show that policies that reduce allowance demand can have substantial effects on cumulative emissions after the reform. Model simulations also suggest that the reform reduces long-run cumulative emissions and, to a lesser extent, reduces emissions in the short run. Even so, the reform has a small short-run impact on the currently large allowance surplus.
机译：2018年初，世界上最大的工作温室气体排放厅和贸易系统，欧盟排放交易系统（ETS）的改革正式批准。改革通过内生制化排放盖改变了系统的主要原则。我们表明，排放盖现在受津贴需求的影响，因此不再由欧盟政策制定者直接设置。因此，减少津贴需求的国家政策现在可以减少长期累计排放，这在标准的上限和交易系统中是不可能的。使用新开发的欧盟ETS的动态模型，我们展示了减少津贴需求的政策可能对改革后累计排放有实质性影响。模型模拟还表明，改革减少了长期累积排放，并在较小程度上降低了短期内的排放。即便如此，改革对目前大额津贴剩余的短暂影响较小。

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