This book tells the fascinating story of how the EU's emissions trading system - its climate policy flagship - was rescued. In spring 2013 the ETS was in severe crisis, with a huge surplus of allowances and a sagging carbon price. Even a formally simple measure to change the timing of auctioning was initially rejected by the European Parliament. Two years later a much more important market thermostat was adopted (i.e. the Market Stability Reserve) and proposals for a complete ETS overhaul were put on the table. This book examines and explains how it was possible to turn the flagship around so quickly. Crucial changes at national and EU levels are identified, chief among them in Germany and the European Parliament. "
Bibliography, etc. Note
Includes bibliographical references and index.
Formatted Contents Note
Chapter 1. Introduction Chapter 2. Analytical framework Chapter 3. Background: Initiation and First Reform of a Frontrunner System Chapter 4 . The ETS Post-2008 Years : From Crisis and Turmoil to 'Market Thermostat' Chapter 5. Analysis: Exploring the Six Explanations Chapter 6. Conclusions and Reflections.