• Environmental and Resource Economics Review
• /
• v.12 no.2
• /
• pp.245-274
• /
• 2003

This paper analyzes the economic and environmental impacts of domestic policy to reduce greenhouse gas emissions by focusing on carbon tax, domestic emissions trading and the mixture of these policies. By utilizing a dynamic CGE model, KORTEM, this study shows that the economic cost under carbon tax is projected to be higher than that under emission trading. It is because under carbon tax scheme each emitter in economy must meet its emission target regardless of the abatement cost. On the other hand, emission trading allows emitters to reduce the marginal cost of abatement through trading of emission permits. In designing policy portfolio to address the climate change problem in Korea, therefore, this paper proposes the introduction of domestic emission trading scheme as the main domestic policy Instrument.

• Environmental and Resource Economics Review
• /
• v.9 no.1
• /
• pp.1-23
• /
• 1999

배출권거래제도의 비용절감효과를 분석함에 있어 요소간 대체가능성 등 외부환경 변화에 대한 기업의 적응도를 반영하지 않은 공학적 추정치는 그 신뢰성에 한계가 있다. 또한 경제학적 분석방식을 시도한 연구의 대부분이 외부거래만을 대상으로 해온 반면에 거래실적의 다수를 차지하고 있는 내부거래에 대한 연구는 미미한 실정이다. 본 연구에서는 Gollop and Roberts (1985)의 경제학적 추정모형을 이용하여 미국 석탄발전소를 대상으로 $SO_2$ 배출권에 대한 내부거래의 비용절감정도를 측정한 후 효과의 크기 변에서 외부거래와의 차이를 규명하고자 한다.

• Bulletin of Korea Environmental Preservation Association
• /
• s.413
• /
• pp.14-17
• /
• 2014

배출권거래제가 내년 1월부터 시행될 예정이다. 이에 기업들은 실제 온실가스 배출증가 추세와 신 증설 시설 투자계획 등을 고려한 현실적인 할당이 이루어지길 원하며 정부는 국가 감축목표 달성이 가능하도록 할당량을 결정하고자 한다. 온실가스 감축목표는 다양한 정책의 종합결과물로서 에너지정책, 산업발전정책, 온실가스 감촉기술발전 추이 등이 종합적으로 고려되어야 한다. 배출권거래제의 안정적 운영과 지속적인 경제성장을 담보하기 위해서라도 환경보전과 산업경쟁력을 동시에 고려하는 합리적 대안이 마련되기를 희망해 본다.

• 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.22 no.4
• /
• pp.759-784
• /
• 2013

Participants can use the allowances and offsets for implementing the compliance in the Emissions Trading Scheme(ETS). There are alternative commodities which are different prices it gives the opportunities to reduce the compliance costs and get the arbitrage. This study analyzes the price driver of spread which is the difference between EUA and sCER using AR-GARCH model, EUA and CER during the Phase 2 in EU ETS. The results show that there are common elements which impacts the EUA and sCER and also different elements between them. EUA and sCER get the effects from energy price and economic criteria such as coal price and financial crisis as common elements. However them get the effects from electric price, policy criteria such as restricted CERs and difference price between EUA and ERU price as different elements. The results shows that spread will be widen if energy price increase, especially oil and electric price give more impacts the spreads. This study has the means that it explains the reason why the spreads will broaden sharply in 2012. And it also suggests the price driver of spread during the whole period of Phase 2. In addition, this study shows that political aspects maybe become the main criteria of price change with structural elements shch as energy price in Korea ETS which starts in 2015.

• Journal of Environmental Policy
• /
• v.8 no.4
• /
• pp.95-124
• /
• 2009

This study aims to introduce greenhouse gas emission trading in Korea as a highly cost-effective mechanism for controlling emissions. The Basic Act on Low-Carbon Green Growth will cover methods of emissions allocation, national inventory, and trading systems (i.e. emissions trading platforms, national registry,and clearing and settlement platforms). The Korean emission scheme will be based on the Korean Climate Change Act proposed by the National Assembly and Government with a cap-and-trade scheme. The national allowances will be allocated by the hybrid system. To establish the national inventory, TRADEMARKS (Telemetering System) and emissions factors are effective for greenhouse gas emissions measurement. It will likewise be effective for the national registry to be implemented via a Korean Integrated Registry, the emissions trading platform via the KRX (Korean Exchange), and the clearing and settlement platform via the KSD (Korean Securities Depository). In other words, the KRX will manage product development and marketing for Korean Carbon Financial Instruments (including commodities, futures, and options contracts) listed and admitted to trading on the KRX. All emissions trades will be standardized and cleared by the KSD.

• Environmental and Resource Economics Review
• /
• v.25 no.3
• /
• pp.421-447
• /
• 2016

I examine the situation in which the players compete to obtain economic rents which is generated by the market-based environmental regulation, such as carbon taxes or tradable permit allocations. Drawing on contest theory, I employ the sharing rules which is devised to motivate players best effort, and consider two models in carbon taxes: one model with observable sharing rules and the other model with unobservable sharing rules. I show that, first, the overall welfare of carbon taxes is always less than that of tradable permit allocations under the model with observable sharing rules. Second, depending on the share of the preassigned allocation in tradable permit allocations, the overall welfare of carbon taxes may be larger than that of tradable permit allocations under the model with unobservable sharing rules.

• Journal of the Korean Data and Information Science Society
• /
• v.22 no.3
• /
• pp.401-412
• /
• 2011

This study uses a vector error correction model to analyze the daily time series data of the spot price of EUA (European Union Allowance). As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid Phase 1 period (2005-2007) where the EUA prices were distorted. Unit-root and cointegration test results reveal that all variables have a unit root and cointegration vectors exist, so a vector error correction model is adopted instead of a vector autoregressive model.

• Korean Chemical Engineering Research
• /
• v.60 no.4
• /
• pp.478-485
• /
• 2022

The certification performance issued through an external business is sold to companies subject to the emission trading system allocation, and the company subject to the allocation can secure the quota by converting the purchased external business certification performance into offset credits. In this methodology, when fossil fuels that used existing oil boilers (by oil type) were replaced with boilers using propane gas with a relatively low carbon content, the amount of carbon dioxide emission reduction by oil type was recognized. As an initial analysis to make up for the insufficient quota of large corporations, the amount of carbon reduction emissions and emission rights trading was calculated.

• Cement
• /
• s.203
• /
• pp.18-21
• /
• 2014

한국경제연구원(원장 : 권태신)은 지난 7월 16일 여의도 FKI타워 컨퍼런스센터에서 '배출권거래제와 저탄소차협력금제도: 개선방향의 모색'이라는 주제로 세미나를 개최했다. 이번 세미나는 배출권거래제와 저탄소차협력금제도가 초래할 경제적 사회적 문제를 짚어보고 개선방향을 논의하고자 마련됐다. 여기서는 이번 세미나의 주요 발표내용을 요약해 게재한다.