1,161
Views
10
CrossRef citations to date
0
Altmetric
Contradictions and Struggles

The EU’s Emissions Trading System, Part 2: A Political Economy Critique

&
Pages 108-127 | Received 09 Jul 2015, Accepted 27 Jul 2016, Published online: 29 Sep 2016

References

  • Aldred, Jonathan. 2012. “Climate Change Uncertainty, Irreversibility and the Precautionary Principle.” Cambridge Journal of Economics 36: 1051–1072. doi: 10.1093/cje/bes029
  • Bond, Patrick, and Michael Dorsey. 2010. “Anatomies of Environmental Knowledge & Resistance: Diverse Justice Movements and Waning Eco-Neoliberalism.” Journal of Australian Political Economy 66: 286–316.
  • Bryan, Dick, and Michael Rafferty. 2011. “Deriving Capital’s (and Labour’s) Future.” Socialist Register 47: 196–223.
  • Bryan, Dick, Randy Martin, and Mike Rafferty. 2009. “Financialization and Marx: Giving Labor and Capital a Financial Makeover.” Review of Radical Political Economics 41 (4): 458–472. doi: 10.1177/0486613409341368
  • CDC CLIMAT Research. 2013. “ One Billion Tonnes of CO2 Avoided by the EU Power Sector and Industry Since 2005: Half Due to Energy Climate Policies and Half Due to Economic Context.” Climate Brief no. 32. Accessed March 20 2016. http://www.cdcclimat.com/spip.php?action=telecharger&arg=2197.
  • Chevalier, Julien. 2014. “Review of the Stochastic Properties of CO2 Futures Prices.” IPAG Business School. Working Paper: 2014-565, 1–26.
  • Creti, Anna, Pierre-André Jouvet, and Valérie Mignon. 2012. “Carbon Price Drivers: Phase I versus Phase II Equilibrium?” Energy Economics 34 (1): 327–334. doi: 10.1016/j.eneco.2011.11.001
  • Daskalakis, George, Dimitris Psychoyios, and Raphael Markellos. 2009. “Modelling CO2 Emission Allowance Prices and Derivatives: Evidence from the European Trading Scheme.” Journal of Banking & Finance 33 (7): 1230–1241. doi: 10.1016/j.jbankfin.2009.01.001
  • Daskalakis, George, Gbenga Ibikunle, and Ivan Diaz-Rainey. 2011. “The CO2 Trading in Europe: A Financial Perspective.” In Financial Aspects in Energy: A European Perspective, edited by André Dorsman, Wim Westerman, Mehmet Baha Karan, and Özgür Arslam, 51–67. Berlin: Springer.
  • EDF (Environmental Defense Fund), CDC Climat Research, Caisse de Dépôts Group, and IETA. 2015. European Union: An Emissions Trading Case Study. Accessed March 20 2016. http://www.ieta.org/resources/Resources/Case_Studies_Worlds_Carbon_Markets/euets_case_study_may2015.pdf.
  • Ellerman, Denny A., Claudio Marcantonini, and Aleksandar Zaklan. 2016. “The European Union Emissions Trading System: Ten Years and Counting.” Review of Environmental Economics and Policy 10 (1): 89–107. doi: 10.1093/reep/rev014
  • EurActiv. 2008. “EU Emissions Trading Scheme.” February 1. Accessed April 4. http://www.euractiv.com/en/climate-change/.
  • European Commission. 2003. “Establishing a Scheme for Greenhouse Gas Emission Allowance Trading Within the Community and Amending Council Directive 96/61/EC.” Directive 2003/87/EC of the European Parliament and of the Council. October 13.
  • European Commission. 2009. “Directive 2009/29/EC of the European Parliament and Council Amending Directive 2003/87/EC So As to Improve and Extend the Greenhouse Emission Allowance Trading System of the Community.” April 23.
  • European Commission. 2010a. “Report from the Commission to the Council and the European Parliament on the Implementation of the European Energy Programme for Recovery.” Impact Assessment. COM (2010) 191, April 27.
  • European Commission. 2010b. “Communication from the Commission to the European Parliament and the Council. Towards an Enhanced Market Oversight Framework for the EU Emissions Trading Scheme, Communication from the Commission to the European Parliament and the Council.” Brussels, European Commission. Accessed April 14 2016. http://ec.europa.eu/-clima/-events/-0034/-com_2010_yyy_en.pdf.
  • European Commission. 2011. “Discussion Paper in View of a European Climate Change Programme (ECCP) Stakeholder Meeting on Carbon Market Oversight Organised by the Commission Services.” Accessed April 16 2016. http://ec.europa.eu/clima/-events/-0034/-discussion_paper_en.pdf.
  • European Commission. 2012. “Report from the Commission to the European Parliament and the Council on the Implementation of the European Energy Programme for Recovery.” COM (2012) 445 final, dated 8 August 2012.
  • European Commission. 2014a. “Frequently Asked Question: Ensuring the Integrity of the European Carbon Market.” April. Accessed March 21 2016. http://ec.europa.eu/clima/policies/ets/oversight/faq_en.htm.
  • European Commission. 2014b. “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on Market Financial Instruments and Amending Directive 2002/92/EC and Directive 2011/61/EU.” Official Journal of the European Union L173: 349–496.
  • European Commission. 2014c. “Regulation (EU) no 600/2014 of the European Parliament and of the Council of 15 May 2014 on Market Financial Instruments and Amending Regulation no 648/2012.” Official Journal of the European Union L173: 84–148.
  • Friends of the Earth. 2009. “Subprime Carbon? Re-thinking the World’s Largest New Derivatives Market.” Report. http://www.foe.org/system/storage/877/77/4/452/SubprimeCarbonReport.pdf.
  • Harvey, David. 1999. The Limits to Capital. London: Verso.
  • Hill, Jonathan, Thomas Jennings, and Evie Vanezi. 2008. The Emissions Trading Market: Risks and Challenges. London: FSA Commodities Group, Financial Service Authority.
  • Hintermann, Beat, Sonja Peterson, and Wilfried Rickels. 2016. “Price and Market Behavior in Phase II: A Review of the Literature.” Review of Environmental Economics and Policy 10 (1): 108–128. doi: 10.1093/reep/rev015
  • Hull, John. 2012. Options, Futures and Other Derivatives. London: Pearson.
  • IEA (International Energy Agency). 2014a. Energy Policies of IEA Countries: European Union 2014 Review. Paris: IEA.
  • IEA (International Energy Agency). 2014b. World Energy Investment Outlook: A Special Report. Paris: IEA.
  • IETA (International Emissions Trading Association). 2011. “IETA Response MiFID Consultation.” February 2. https://circabc.europa.eu/webdav/CircaBC/FISMA/markt_consultations/Library/financial_services/MIFID—Review of the Markets in Financial Instruments Directive (2011)/registered_organisation/IETA—International Emissions Trading Association.pdf. Accessed March 20 2016.
  • Kachi, Aki, and Michel Freck. 2013. “ Carbon Market Oversight Primer.” International Carbon Action Partnership (ICAP), Berlin, Germany. Accessed March 20 2016. https://icapcarbonaction.com/ru/component/attach/?task=download&id=257.
  • Labban, Mazen. 2010. “Oil in Parallax: Scarcity, Markets, and the Financialization of Accumulation.” Geoforum 41 (4): 541–552. doi: 10.1016/j.geoforum.2009.12.002
  • Labban, Mazen. 2014. “Against Shareholder Value: Accumulation in the Oil Industry and the Biopolitics of Labour under Finance.” Antipode 46 (2): 477–496. doi: 10.1111/anti.12062
  • LiPuma, Edward, and Benjamin Lee. 2004. Financial Derivatives and the Globalization of Risks. Durham: Duke University Press.
  • LiPuma, Edward, and Benjamin Lee. 2005. “Financial Derivatives and the Rise of Circulation.” Economy and Society 34 (3): 404–427. doi: 10.1080/03085140500111931
  • Lohmann, Larry. 2009a. “Regulatory Challenges for Financial and Carbon Markets.” Carbon & Climate Law Review 3 (2): 161–171. doi: 10.21552/CCLR/2009/2/86
  • Lohmann, Larry. 2009b. “Climate as Investment.” Development and Change 40 (6): 1063–1083. doi: 10.1111/j.1467-7660.2009.01612.x
  • Macalister, Terry. 2009. “Britain’s Big Polluters Accused of Abusing EU’s Carbon trading Scheme.” The Guardian, January 27.
  • Malm, Andreas. 2016. Fossil Capital. London: Verso.
  • Martin, Ralf, Mirabelle Muûls, and Ulrich Wagner. 2016. “The Impact of the European Union Emissions Trading System on Regulated Firms: What Is the Evidence After Ten Years.” Review of Environmental Economics and Policy 10 (1): 129–148. doi: 10.1093/reep/rev016
  • New Energy Finance. 2009. “44% Plunge in Investment as Crisis Catches up with Clean Energy.” Press Release, April 2. http://www.energy2025.com/Energy_Investment_Figures-2009.pdf.
  • Paolella, Marc S., and Luca Taschini. 2008. “An Econometric Analysis of Emission Trading Allowances.” Journal of Banking & Finance 32 (10): 2022–2032. doi: 10.1016/j.jbankfin.2007.09.024
  • Reyes, Oscar. 2011. “Letting the Market Play: Corporate Lobbying and the Financial Regulation of EU Carbon Trading.” Carbon Trade Watch & CEO, October. Accessed March 10 2016. http://www.carbontradewatch.org/cap-and-trade/letting-the-market-play-corporate-lobbying-and-the-financial-regulation-of-carbon-trading.html.
  • Stern, Nicholas. 2009. “Connecting Climate Change and Economic Recovery.” McKinsey Quarterly, March. http://www.mckinsey.com/business-functions/sustainability-and-resource-productivity/our-insights/connecting-climate-change-and-economic-recovery. Accessed March 20 2016.
  • Tickell, Adam. 2000. “Dangerous Derivatives: Controlling and Creating Risks in International Money.” Geoforum 31 (1): 87–99. doi: 10.1016/S0016-7185(99)00013-5
  • Vlachou, Andriana. 2000. “The Economics of Global Warming: A Critical Assessment.” Rethinking Marxism 12 (4): 90–116. doi: 10.1080/08935690009359026
  • Vlachou, Andriana. 2002. “Nature and Value Theory.” Science & Society 66 (2): 169–201. doi: 10.1521/siso.66.2.169.20995
  • Vlachou, Andriana. 2005a. “Environmental Regulation: A Value-theoretic and Class-based Approach.” Cambridge Journal of Economics 29 (4): 577–599. doi: 10.1093/cje/bei017
  • Vlachou, Andriana. 2005b. “Debating Sustainable Development.” Rethinking Marxism 17 (4): 626–638.
  • Vlachou, Andriana. 2014. “The European Union’s Emissions Trading System.” Cambridge Journal of Economics 38 (1): 127–152. doi: 10.1093/cje/bet028
  • Vlachou, Andriana. 2016. “EU ETS: Financialization and Oversight.” Unpublished Mimeo, Athens University of Economics and Business.
  • Vlachou, Andriana, and Georgios Christou. 1999. “Contemporary Economic Theory: Some Critical Issues.” In Contemporary Economic Theory: Radical Critiques of Neoliberalism, edited by A. Vlachou, 1–37. London: Macmillan.
  • Vlachou, Andriana, and Georgios Pantelias. 2014. “Revisiting the EU’s Emissions Trading System.” Paper presented at the 5th IIPPE Conference on The Crisis: Scholarship, Policies, Conflicts, Alternatives, Naples, Italy, September 16–18.
  • Vlachou, Andriana, and Georgios Pantelias. 2016. “The EU’s Emissions Trading System, Part 1: Taking Stock.” Capitalism Nature Socialism.
  • Wigan, Duncan. 2009. “Financialization and Derivatives: Constructing an Artifice of Indifference.” Competition & Change 13 (2): 157–172. doi: 10.1179/102452909X417033
  • World Bank. 2010. State and Trends of the Carbon Market 2010. Washington, DC: The World Bank.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.