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BOOK chapter / Climate

The EU Emission Trading Scheme: A Prototype Global System?

Author(s): ELLERMAN Denny

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ABSTRACT

This chapter in a volume addressing the architectural choices for an eventual global climate regime analyses the experience of the European Union's Emissions Trading System for lessons that may or may not be applicable at the global level. The starting point of the observation is that the EU is a weak federation of sovereign nations among which there are significant differences in economic circumstance, institutional development with respect to markets, and commitment to climate policy, much as is the case for the world as a whole.