Pricing Carbon

'With the global debate now firmly focused on the creation of further carbon markets and the need for international linking, we must never underestimate the influence of the EU's pioneering Emissions Trading Scheme. This created the world's largest carbon market and is the most significant public policy initiative ever to use the market place to protect the environment. Pricing Carbon is a fascinating, detailed but reader-friendly description of the EU ETS by an international team of experts and provides an invaluable evidence-based review of the first phase (2005-2007) - 'warts and all'. Even the impressive bibliography itself was worth publishing!' Avril Doyle, former MEP and Rapporteur of the 2008 ETS Directive

'With its empirical focus, this myth-busting book demonstrates the scheme's achievements and flags its ongoing challenges. ... For those who want to learn the real lessons of the EU ETS experience, there is no better source than Pricing Carbon.' Nature

A. Denny Ellerman is Senior Lecturer at the Sloan School of Management, Massachusetts Institute of Technology. Frank J. Convery is Heritage Trust Professor of Environmental Policy at University College Dublin. Christian de Perthuis is Associate Professor of Economics at the University Paris-Dauphine and Head of the Mission Climat of the Caisse des Dpts, France.

List of figures; List of tables; List of boxes; List of appendices; Frequently used abbreviations; 1. Introduction; 2. Origins and development of the EU ETS; 3. Allowance allocation; 4. Effects of free allocation; 5. Market development; 6. Emissions abatement; 7. Industrial competitiveness; 8. Costs; 9. Linkage and global implications; 10. Conclusions; Annex: the interaction between the EU ETS and European electricity markets; Appendices; Bibliography; Index.