Political Economy of the European Union's Emissions Trading System

Climate change is the major international environmental problem of our time, and emission trading is the best instrument for combating it. This book analyses the European Union Emission Trading Scheme, its workings during the first two trading periods, and the initiation of the third phase. It offers a critical assessment of the scheme from a radical political economy standpoint, revealing its limited environmental effectiveness and distributional injustice. Enduring solutions to climate change require a new energy structure primarily based on renewable energy.

Format: Hardback
Length: 224 pages
Publication date: 01 January 2021
Publisher: Taylor & Francis Ltd

Climate change is widely acknowledged as one of the most pressing and significant global environmental challenges of our time. The Kyoto Protocol incorporated emission trading as a key strategy to combat global warming, and it is widely regarded as the most effective tool available for addressing this issue. The European Union Emissions Trading System (EU ETS) stands as a pioneering example of such a trading scheme, serving as the flagship of the EU's efforts to combat climate change.

In this comprehensive book, the authors delve into the rationale and fundamental design of the EU ETS. They examine its operations during the first two trading periods (2005-2007 and 2008-2012), as well as the initiation of the third phase (2013-2020), following a revision of the scheme. The book offers a critical assessment of the EU ETS from a radical political economy perspective, challenging mainstream accounts. Through their analysis, the authors reveal the limited environmental effectiveness and distributional injustice of the scheme. They conclude that, given the inherent flaws of the scheme and its deep integration into the EU capitalist economies, lasting solutions to climate change necessitate a profound transformation of the economy and society, encompassing a new energy structure primarily based on renewable energy sources.

This book is a valuable resource for scholars, policymakers, and activists seeking to understand the complexities of emission trading and explore alternative approaches to addressing climate change. It provides a comprehensive analysis of the EU ETS, highlighting its strengths and weaknesses, and offering insights into the challenges and opportunities associated with this policy instrument. By challenging the dominant narratives and advocating for a more radical and sustainable approach, this book contributes to the ongoing debate about climate change mitigation and adaptation strategies.

Dimension: 234 x 156 (mm)
ISBN-13: 9781138839267