The European Union Emissions Trading Scheme: Origins, Allocation, and Early Results

@article{Ellerman2007TheEU,
  title={The European Union Emissions Trading Scheme: Origins, Allocation, and Early Results},
  author={A. Denny. Ellerman and Barbara K. Buchner},
  journal={Review of Environmental Economics and Policy},
  year={2007},
  volume={1},
  pages={66 - 87}
}
The European Union Emissions Trading Scheme (EU ETS) is the world's first large experiment with an emissions trading system for carbon dioxide (CO2) and it is likely to be copied by others if there is to be a global regime for limiting greenhouse gas emissions. After providing a brief discussion of the origins of the EU ETS, its relation to the Kyoto Protocol, and its precedents in Europe and the U.S., this paper focuses on allowance allocation—the process of deciding who will receive the newly… 
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