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Emissions Trading Systems as a Climate Policy Instrument: Evaluation & Prospects

Marc Gronwald and Beat Hintermann

Keynote Speakers:
Andreas Lange, Universität Hamburg
A. Denny Ellerman, European University Institute

Date: 22 - 23 July 2013

Climate change is one of the most important challenges today, and although the severity and distribution of effects are not known with certainty, it seems clear that every nation on the globe will be affected one way or another, and that the damages will far outweigh any potential benefits. Emission trading schemes figure prominently among the policy instruments used to tackle this problem.

The aim of this workshop is to bring together theoretical and empirical economists in order to discuss recent findings and to help improve the design of future emission trading schemes. It will contribute to our understanding of emission permit markets and other policy instruments aimed at mitigating climate change, a subject that is both relevant and timely. By combining theory and applications, the goal of the workshop is to identify open and relevant questions in this field and increase the policy relevance of future research.

Questions to be addressed in the workshop include:
• What drives carbon prices?
   Is there evidence that firms reduced emissions relative to a business-as-usual scenario?
   Has the EU ETS induced the development new technologies, and/or the adoption of existing
• What is the relationship between carbon, energy and financial markets?
• What are the costs and benefits of hybrid schemes relative to traditional emissions markets?
• Since linking emissions markets is beneficial in principle, what are the main obstacles for linking
   existing schemes?
• What are the most relevant interactions between emission permit markets and other policy

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