Economics Dictionary of ArgumentsHome
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Robert N. Stavins on Emission Reduction Credits - Dictionary of Arguments
Stavins I 159 Emission-Reduction-Credit Systems/ERC/Aldy/Stavins: An emission-reduction-credit (ERC) system delivers emission mitigation by awarding tradable credits for “certified” reductions. Generally, firms that are not covered by some set of regulations—be they command-and-control or market-based — may voluntarily participate in such systems, which serve as a source of credits that entities facing compliance obligations under the regulations may use. Individual countries can implement an ERC system without having a corresponding cap-and-trade program. A firm earns credits for projects that reduce emissions relative to a hypothetical “no project” baseline. In determining the number of credits to grant a firm for a project, calculation of the appropriate baseline is therefore as important as measuring emissions. VsEmission-Reduction-Credit: Dealing with this unobserved and fundamentally unobservable hypothetical baseline is at the heart of the so-called “additionality” problem. While ERC systems can be self-standing, as in the case of the CDM [Clean Development Mechanism], governments can also establish them as elements of domestic cap-and-trade or other regulatory systems. These ERC systems—often referred to as offset programs—serve as a source of credits that can be used by regulated entities to meet compliance obligations under the primary system. >Carbon Pricing/Stavins. >Emission permits, >Emission reduction credits, >Emission targets, >Emissions, >Emissions trading, >Climate change, >Climate damage, >Energy policy, >Clean Energy Standards, >Climate data, >Climate history, >Climate justice, >Climate periods, >Climate targets, >Climate impact research, >Carbon price, >Carbon price coordination, >Carbon price strategies, >Carbon tax, >Carbon tax strategies. Robert N. Stavins & Joseph E. Aldy, 2012: “The Promise and Problems of Pricing Carbon: Theory and Experience”. In: Journal of Environment & Development, Vol. 21/2, pp. 152–180._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Stavins I Robert N. Stavins Joseph E. Aldy The Promise and Problems of Pricing Carbon: Theory and Experience 2012 |
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