유럽 탄소배출권 시장의 발전과 이슈 = Carbon Market Debates

다국어 초록 (Multilingual Abstract)

This paper considers two major emission markets of carbon permits: European Union Allowances (EUAs, arising from the European Union Emissions Trading Scheme, EU ETS) and certified emissions reductions (CERs). The Emissions Trading Scheme (ETS) is the key instrument of the European Commission's Climate Change Program aimed at reducing greenhouse gas emissions to eight percent below 1990 level. The findings of this study are as follows. First, this paper investigated the market architecture and emission price behavior in emission reduction instruments. The critically important elements of the emission markets are the market scheme and the behavior of the emission price. Second, utilizing the cointegration analysis of EUA prices in global exchange markets previous studies look for the possibility of integration between exchanges of the EU ETS. Third, This analysis finds that the spot and near-term futures expiries are cointegrated across exchanges, so we can arbitrage trading by using spot and futures of each EUA and CER price. CER prices do not have a statistically significant effect on EUA prices. however, it appears that EUA prices drive CER prices. We also provide the evidence on catalysts for price discovery of Futures in the EU-ETS. Last, Despite narrower spreads between EUA and CER, political uncertainties about the Clean Development Mechanism have kept EUA and CER prices from converging. The analysis reveals that a lack of competitive conditions in markets, access constraints on the use and the availability of CERs, regulatory changes regarding both EUAs and CERs, uncertainty surrounding CERs, and the lack of the eligibility and bank ability of CER credits can totally explain a significant portion of the price spread between EUAs and CERs.

참고문헌 (Reference)

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