Catálogo de publicaciones - libros

This paper analyses the relevance of the European emissions trading scheme for the strategic energy management of those enterprises covered by the scheme. The administrative requirements are discussed and a short estimation of the prospective financial burden is given, based on different scenarios.

Since January 2005, companies are operating in a “carbon restrained market”. To make adequate “make-or-buy” decisions in this market, the internal options and the internal reduction potentials need to be known, the dynamic development of the emission trading market should be continuously studied and analysed and an internal operation strategy has to be developed. Regarding the financial burden, different scenarios are analysed for an industrial boiler as well as for a cement production plant. The results show that the impact brought about by the limitation of emissions allowances within the European emissions trading scheme depends largely on the circumstances considered. However, the financial impact on the considered industrial installations is assessed as rather insignificant.

The conferences of Rio de Janeiro 1992 and Kyoto 1997 expressed the world-wide demand for new economic instruments which focus on environmental management in both macro and micro economies. In this contribution we describe two main software tools which help to establish such an optimal energy management within future emissions trading markets: TEMPI and VEREGISTER. The tools are characterized and their features, as they are related to emissions trading markets, are discussed.

In climate policy a shift from traditional command and control regulations to more market-oriented approaches such as emissions trading can be observed. Concerning the European context, the Directive for a European-wide emissions trading regime that started in 2005 is currently one of the major topics in European climate policy debates. We used contingent claims analysis in order to shed some light on the investment behaviour of companies covered by the EU Directive. Two different approaches to design an allocation free of charge were looked at: grandfathering without updating the base year and a rolling base year. It is shown that in the first case a considerable option value exists, whereas in the second case the option will more or less expire worthless.

In co-operation with the Association of the Chambers of Industry and Commerce in Schleswig-Holstein and the Union of Employers’ Associations in Hamburg and Schleswig-Holstein, the Energy Foundation Schleswig-Holstein carried out the pilot project Emission Trading North - Benefits for the Economy and the Environment (May 2002 – May 2003). It focused on capacity building, communication of important findings into the national political decision-making process (based on detailed company focused case studies) and the positioning of the Energy Foundation in a future emissions trading system. The opportunity to prepare for EU emissions trading at an early stage was taken by nine companies: three from the power sector, three from the pulp and paper sector, one from the cement industry and non ferrous metal sector each and one from the renewable energy sector. Special attention was paid to questions relating to internal requirements within the corporations, the identification and evaluation of emission reduction measures, the development of an emissions trading strategy, including an internet based trading simulation and the allocation of emission allowances in the context of the national allocation plan. Emission Trading North revealed a number of important findings on information, reporting and decision-making processes and on an optimal emission management strategy in the short, medium and long term and it, finally, allowed the identification of research questions for future work. Detailed information on the project can be obtained from www.emisssionshandel-nord.de.

The article analyses the impact greenhouse gas emissions trading (GHG-ET) regimes have on companies from the angle of ecological involvement, the stakeholder approach and the organizational field. It concludes that some form of GHG management is advisable. The main consequences of the European Union’s emissions trading scheme (which, albeit limited to CO emissions, has come into effect in January 2005) are discussed, in particular strategy options for procurement management for GHG certificates and the scheme’s impact on corporate environmental management.

From 2005 companies have to account for emission rights. This article presents an overview on the international, European and national climate policy and shows alternatives for greenhouse gases to be reported. The focus of the article is based on the influence of climate policy on accounting. Moreover, the interdependencies of the development of accounting and the treatment of ecological resources are shown.

BP has adopted a commitment to reduce the GHG emissions from its operations. This commitment has been and will be implemented using a variety of measures, including emissions trading and emission credits. This article analyses why BP has adopted this GHG commitment. The research approach rests on using policy network analysis and evaluation.

Climate change and its effects on business has become a focal discussion point in relation to corporate financial performance. As emissions trading is one of the closest and most self-evident influences on climate change, many companies have to face new financial constraints, especially in emissions-intensive sectors. However, these direct and indirect effects of emissions trading are not only affecting single companies and entire industry sectors. Due to the financial links to companies, there is also a strong linkage to financial markets; new business opportunities and challenges emerge. Furthermore, financial institutions can contribute to establishing and fostering emissions trading as a business case in general by a proactive involvement. Thus, all actors in financial markets should anticipate the business opportunities and assume a proactive role in supporting ET to on its path to success.

The EU emissions trading scheme will not only affect the cost structures and competitiveness of the sectors covered directly by the trading scheme, but — through changes in energy demand and thus energy prices — will also have repercussions on the entire EU market. As Europe is closely tied to the rest of the world by international trade, it will also change the position of European business on the world markets and is likely to influence international energy prices as well.

So far, research has been mainly confined to a qualitative analysis of the EU. Few studies — mainly focussing on Kyoto trading and not the EU scheme — have tried to give quantitative results. Other EU specific studies estimate abatement costs of emission reductions and prices, but ignore international effects. Against this background, the aim of this study is to assess the range of possible implications of the trading scheme using the computable general equilibrium model DART that accounts for European and international linkages. As a result, it is possible to estimate the direct economic costs for the European business as well as the trade and competitiveness effects in a globalizing world.

Although emissions trading has proved cost effective at the theoretical level, a very conflicting issue (which may lead to significant administrative costs) is the distribution of allowances between polluting sources. There are winners and losers in this process and, of course, an incentive to get as many allowances as possible. The NAPs are, therefore, a relevant source of conflict between interest groups and their final version reflects the interactions between actors with different interests, strategies and negotiation power. In this context, the Spanish NAP is no exception. By adopting a Public Choice perspective, this paper takes a closer look at the Spanish allocation process, analysing the interests and strategies of the different actors and their interactions. At the individual firm level, the Directive was considered a big threat. At the sector level, distinct sectors put forward different arguments in order to have more allowances allocated to them. Coalitions at different levels were created and lobbying already started very early in the process. The negotiations reflected the tension between the need to control emissions, the arguments put forward by firms and sectors and the minimisation of the negative impact on the overall economy.