• Bulletin of Korea Environmental Preservation Association
• /
• s.403
• /
• pp.19-21
• /
• 2013

국내 배출권거래제는 2015년 1월부터 도입된다. 정부는 그 동안 시행령을 마련하였고, 앞으로 기본계획과 할당계획을 확정할 예정이다. 기본계획과 할당계획은 구체적인 최종 세부 운영규칙과 관련된 사항이다. 각 운영요소의 대안별 선택 및 대안간 평가에 관한 실증적 검토, 운영요소 간 상호 연계 효과 등에 관한 최종적 점검이 필요하다.

• Environmental and Resource Economics Review
• /
• v.19 no.4
• /
• pp.915-961
• /
• 2010

This study is concerned with health damages from $SO_2$ under different assumptions on the relationship between air concentrations and their marginal health impacts. $SO_2$ concentration profiles resulting under emission caps, and a system of tradable emission allowances are compared. Using slopes and curvatures of the health response function consistent with evidence in medical literature, emission caps are shown to lead to lower aggregate damages under all considered parameters, an advantage of $26~452 million. The benefit of emission caps over tradable allowances increases with the curvature of the response function, but falls with its slope. The advantage of emission caps in terms of environmental damages is never overturned completely for the considered functional forms. The marginal damage function would have to be steeper than what the current medical evidence suggests for price instruments to outperform emission caps in terms of aggregate damages. With other welfare consequences included-emission abatement costs, consumer and producer surpluses, and government revenue-emission caps always lead to a $3.7~4.1 billion greater measure of social welfare.

• Environmental and Resource Economics Review
• /
• v.21 no.3
• /
• pp.519-542
• /
• 2012

In this paper, we empirically analyzed whether carbon leakage really happened in EU by comparing before and after the period of EU ETS. We regarded foreign direct investment outflows as indicator of carbon leakage and analyzed panel regression between production cost including environment cost and this FDI variable. Also we consider foreign market potential to analyze market oriented FDI. According to this analysis, carbon leakage was observed in some models for manufacturing industry. However carbon leakage did not prove consistently in a variety of models and it is hard to speak carbon leakage was happened in EU ETS. Notwithstanding relatively short time series of data, in the view of the fact that carbon leakage was tested in some models, Korea also should keep in mind the possibility of carbon leakage and design emission trading scheme.

• Environmental and Resource Economics Review
• /
• v.32 no.3
• /
• pp.149-166
• /
• 2023

The emissions trading system, introduced to reduce greenhouse gas emissions, experienced a sharp increase in emission allowance prices during the second plan period (2018-2020), which led to an increase in the demand for smooth supply and demand of emission allowances, while suppliers anticipating a shortage of emission allowances in the future did not participate in trading. Therefore, the authority temporarily revised the guidelines to ensure that the amount of allowances carried forward is proportional to the trading volume as a market stabilization measure. Through an optimization process using a dynamic nonlinear mathematical model, this paper analyzes the impact of the government's intervention on the carryover policy on GHG emission reductions and emission allowance market prices. According to the simulation analysis results, banking regulations could cause a decline in prices during the regulation period, even though the initial policy was predicted to be adopted.

• Environmental and Resource Economics Review
• /
• v.19 no.4
• /
• pp.875-896
• /
• 2010

Using the difference in differences (DID) estimation method, this paper analyzes the effect of European Union's Emission Trading Scheme (EU ETS) on the reduction of per capita $CO_2$ emission among the twenty five participating countries. For this, the panel dataset of forty two European countries for the period 1990~2007 is constructed. Special attention is paid to the bias of the standard errors in the DID estimation due to the presence of serial correlation in the error terms. The results shows quite a robust effect of EU ETS on the reduction of per capita $CO_2$ emission among the participating countries regardless of the calculation methods of standard errors. The results also shows that the increased implicit tax rate on energy has a robust effect on the reduction of per capita $CO_2$ emission. On the contrary, the estimation results regarding the effects of per capita GDP and population density on the per capita $CO_2$ emission seem inconsistent. In particular, the environmental Kuznets curve is not statistically supported with the use of robust standard errors.

• Journal of Environmental Policy
• /
• v.14 no.3
• /
• pp.41-73
• /
• 2015

The Korea Emissions Trading System that was launched in Jan. 2015 is expected to be a crucial policy measure to abate domestic $CO_2$ emission. For accomplishing its purpose, prior information on the price discovery process needs to be presented in order to facilitate the trading of spot allowances with different vintages. We develope a customized pricing method for Korean ETS using the concept of term structure and the cost of carry model.

• Environmental and Resource Economics Review
• /
• v.11 no.1
• /
• pp.57-79
• /
• 2002

동 연구는 미국 캘리포니아주 San Joaquin Valley의 고정오염원들로부터 발생되는 ROG(Reactive Organic Gases) 배출량을 저감하기 위하여 명령통제방식(CAC)과 경제적 유인제도를 적용할 경우의 비용효과성을 비교 분석하였다. 경제적 유인제도로서는 UMPS(uniform marketable permit system)와 LMPS(localized marketable permit system) 배출권거래제도를 적용하였다. 분석결과 배출권거래제도(UMPS, LMPS)를 이용한 ROG 배출량 저감이 명령통제방식보다 비용이 적게 드는 것으로 나타났다. 한편, one-to-one permits trading이 허용되는 UMPS의 경우에는 일부 특정 지역에 대한 환경질이 악화되는 결과를 초래하는 경우가 발생하여, 궁극적으로 San Joaquin Valley의 ROG 배출량 저감을 위해서는 UMPS 방식의 배출권거래제도 도입이 보다 바람직한 것으로 나타났다.

• Environmental and Resource Economics Review
• /
• v.21 no.2
• /
• pp.301-319
• /
• 2012

The primary purpose of Renewable Portfolio Standard (RPS) is to facilitate investment in renewable energy technology. Since emission trading program has similar purpose, it is conceivable to attempt to link RPS and emission trading program through interlinked markets. RPS in Korea with single REC and emission allowance markets has particular advantages for constructing linkages between two markets. This paper provides a real option model to examine investment effects of linkage of RPS to the trading program. Emission permit price and REC price are assumed to follow stochastic processes and renewable investment is irreversible. The result shows that linked market provides further incentive for renewable investment by raising managerial flexibility for power companies.

• Environmental and Resource Economics Review
• /
• v.24 no.3
• /
• pp.489-522
• /
• 2015

According to Law on Allocation and Trading of GHG Allowances of 2013 in Korea as well as the 2014 National Master Plan for Korean Emissions Trading System, the System should be designed to minimize the change in the market positions of the affected firms. In this paper, we investigate how that principle might become ineffective by the ways of distributing allowances and applying different accounting methods using a Cournot duopoly model. Although the way of allocating allowances freely to firms combined with accounting them for having no values would minimize their market positions, it would not the most cost-effective way of GHG reduction since it does not provide financial market with accurate informations.

• Cement
• /
• s.200
• /
• pp.40-43
• /
• 2013

최근 탄소시장에는 3가지 이슈가 있다. 첫 번째는 EU 탄소시장의 회생 가능성이고, 두 번째는 중국 배출권거래제의 성공 여부이고, 마지막으로는 호주 탄소세의 지속가능 여부이다. 2015년부터 배출권거래제를 시행할 예정인 우리나라 입장에서는 EU나 호주 등의 실패사례와 중국과 같은 신규시장을 철저히 벤치마킹함으로씨 국내기업의 경쟁력 제고와 시너지 창출을 도모해 나가야 할 것이다. 여기서는 삼성경제연구소의 '탄소시장의 3대 이슈와 전망' 보고서를 통해 탄소시장의 구조와 현황, 주요 이슈, 국내 현황 및 시사점에 대해 살펴본다.