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Breathing Life into the Carbon Market: Legal Frameworks of Emissions Trading in Europe

机译:为碳市场注入生命:欧洲排放交易的法律框架

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摘要

Directive 2003/87/EC establishes a scheme for "greenhouse gas emission allowance trading within the Community in order to promote reductions of greenhouse gas emissions in a cost-effective and economically efficient manner." Given its adoption as a directive, the achievement of this mandate largely depends on the domestic implementation by Member States, and in particular on the creation of a functional carbon market enabling the price mechanism to signal investment decisions throughout Europe. Unlike many other commodities, however, emission allowances are a legal construct, and the legal frameworks reifying them are of crucial importance. Domestic regulation of taxation, financial services, insolvency, and accounting issues, to name but a few, all hold the potential to compromise the development of a liquid market. Based on an extensive survey of the implementing legislation adopted in Finland, Germany, Sweden, and the United Kingdom, this article identifies some of the main challenges faced by the Member States in the evolving carbon market, highlighting aspects whose treatment differs and may lead to conflicts or inconsistencies.
机译:指令2003/87 / EC制定了一项计划,“在欧共体内进行温室气体排放配额交易,以便以经济有效的方式促进温室气体排放量的减少”。如果将其作为一项指令通过,则该任务的完成在很大程度上取决于成员国在国内的执行情况,尤其取决于建立功能性碳市场,使价格机制能够向整个欧洲发出投资决策的信号。但是,与许多其他商品不同的是,排放配额是一种法律依据,而将排放配额化的法律框架至关重要。仅举几例,税收,金融服务,破产和会计问题的国内监管都具有损害流动性市场发展的潜力。在对芬兰,德国,瑞典和英国通过的实施法规进行的广泛调查的基础上,本文确定了成员国在不断发展的碳市场中面临的一些主要挑战,着重强调了各方面的不同之处,并可能导致冲突或不一致。

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