Reflections—The Emerging Literature on Emissions Trading in Europe

Abstract

The European Union Emissions Trading Scheme (EU ETS), inaugurated in 2005, is arguably the most important application of environmental economics the world has ever seen. It has generated an important literature, focused on understanding its origins and history, the allocation of allowances, the implications of competitiveness and the distribution of costs and benefits, the extent of abatement, the economic efficiency of the scheme, the implications of the new entrant provisions, and the study of markets, trading, and finance. This article reviews the recent literature and other sources of information and data on the EU ETS; identifies some of the most interesting emerging trends and articles in the emissions trading literature, especially those that appear to have been interesting and useful to our peers in the profession; and provides some general insights concerning what the emissions trading literature has to offer to those involved in the policy process. The author used survey responses from twenty-eight scholars in the emissions trading field to help identify some of the most interesting, valuable, and prescient research on the EU ETS.

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