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Capital Markets Law Journal Advance Access originally published online on December 6, 2007
Capital Markets Law Journal 2008 3(1):5-17; doi:10.1093/cmlj/kmm036
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© The Author (2007). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Emissions trading in the European Union

Rhian Roberts and Chris Staples*
*Rhian Roberts is a Managing Associate in the Derivatives and Structured Products Group and Chris Staples is a Managing Associate in the Environment Group, both at Linklaters LLP, London.

The first 150 words of the full text of this article appear below.


Key points

  • The EU ETS will undergo a number of changes consequent upon the commencement of the first Kyoto Commitment Period on 1 January 2008.
  • This article considers the existing EU ETS framework and also the key developments that are anticipated in the European emissions market for 2008–2012.
  • A secondary market for trading EUAs has already developed and this market, together with the standard-form documentation used, is discussed.
  • In conclusion, the article questions the future of emissions trading in Europe—particularly after the current Kyoto targets expire in 2012.

 

European businesses entered a carbon-constrained economic environment on 1 January 2005. For some, the impacts were immediate and direct in the form of caps on their emissions. The majority felt it indirectly and more slowly through increased energy costs as the perceived cost of compliance was passed on by generators. The full impacts are not yet clear, but a quiet revolution is . . . [Full Text of this Article]


   1. Sector coverage
 

   2. Allocation
 

   3. Treatment of new entrants
 

   4. Installation closure
 

   5. Auctioning
 

   6. Trading
 

   7. The Kyoto Protocol
 

   8. Linking to the Kyoto Mechanisms
 

   9. Buying from clean development and joint implementation projects
 
CDM projects
JI projects

   10. The primary market
 

   11. The secondary market
 

   12. Existing documentation for trading EUAs
 

   13. Deliverability issues for Kyoto Credits
 

   14. Eligibility requirements for emissions trading
 

   15. The International Transaction Log
 

   16. Commitment period reserves
 

   17. The impact on secondary trading documentation
 

   18. The voluntary market for CERs
 

   19. The future for emissions trading
 

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