Sistema De Comercio De La Ue
Sistema de comercio de derechos de emisión de la UE - el futuro del sistema
Contenido
El Reino Unido cree que el sistema de comercio de derechos de emisión de la UE (ETS de la UE), el sistema más importante del comercio y el comercio mundial, debería seguir siendo la piedra angular de la política de la UE en materia de energía y cambio climático. El ETS de la UE demuestra la ambición de Europa de actuar como un líder mundial en la lucha contra el cambio climático a través de la entrega de un mercado de carbono funcional y eficaz. El éxito continuado del ETS de la UE es vital para ayudar a la UE a cumplir sus objetivos de 2030 y 2050 a un coste mínimo y sentar las bases de un mercado mundial del carbono.
Sistema de comercio de derechos de emisión de la UE: cuestiones y reformas
El mercado del RCDE en la UE tiene actualmente un superávit de alrededor de 2.000 millones de derechos de emisión (equivalentes a un año de derechos de emisión bajo el límite del ETS de la UE) que, si no se aborda, debilitará la señal de inversiones bajas en carbono durante al menos una década, Y es probable que aumente los costos generales de cumplir nuestros futuros objetivos de reducción de emisiones.
El excedente es el resultado de una combinación de factores, que incluyen:
Un shock inesperado - la recesión económica;
Un objetivo débil de 2020 que no coincida con la vía de menor costo para alcanzar los objetivos de reducción de emisiones de 2050; y
Acceso a los créditos del proyecto dentro del límite del ETS de la UE.
Con el fin de hacer frente a los excedentes de derechos de emisión y avanzar hacia una economía con un bajo nivel de emisiones de carbono de manera rentable, es necesario reformar y reforzar el régimen de comercio de derechos de emisión. En la actualidad, existen dos propuestas del ETS de la UE para realizar estos objetivos:
ETS de la UE Fase IV: una reforma más amplia de 2021-2030 del RCCDE que aborda aspectos tales como la ambición general, las fugas de carbono y el apoyo a la modernización del sector energético y la innovación tecnológica; y
Reserva de estabilidad del mercado: una medida acordada para hacer frente al excedente de 2 000 millones de derechos de emisión en el sistema, reforzar la señal de inversión y mejorar la resiliencia del RCCDE.
EU ETS Phase IV (2021-2030)
En julio de 2017, la Comisión Europea publicó una propuesta legislativa para reformar el ETS de la UE para la próxima fase (2021-2030). Entre los elementos clave de las propuestas de la Comisión cabe citar el aumento de la tasa de reducción anual de las limitaciones de las emisiones, la preservación de las subastas como principal medio de asignación de derechos de emisión, la reducción del número de sectores industriales considerados con riesgo de fuga de carbono, Apoyar el desarrollo de Captura y Almacenamiento de Carbono (CCS), proyectos innovadores en materia de energías renovables e innovación industrial en toda la UE y un fondo para apoyar la modernización del sector energético en los Estados miembros de bajos ingresos.
El Reino Unido acoge con satisfacción estas propuestas como un paso hacia la creación de un sistema más sólido y eficaz. En particular, la propuesta división entre la subasta y la asignación gratuita de derechos de emisión, el amplio alcance del nuevo Fondo de Innovación y la racionalización de la lista de fugas de carbono son medidas positivas para reforzar el RCCDE. Sin embargo, siguen existiendo problemas con la propuesta que deben abordarse para crear un sistema más eficaz. Con el fin de proporcionar los incentivos adecuados para lograr la reducción al mínimo costo, mientras apoya a la industria a través de la transición a una economía baja en carbono, el Reino Unido apoya:
Un límite del ETS de la UE en línea con el objetivo de la UE de reducir al menos el 40% de las emisiones nacionales de gases de efecto invernadero para el 2030, respetando las conclusiones del Consejo Europeo de octubre de 2017.
Un mercado de carbono seguro y líquido. Esto es crítico para proporcionar los incentivos adecuados para que las instalaciones reduzcan sus emisiones, lo que conduce a reducciones e innovaciones rentables.
Apoyo de fugas de carbono dirigido, rentable y basado en el riesgo. En el contexto de la disminución de la oferta de asignación gratuita, el apoyo debería centrarse en los sectores con mayor riesgo de fuga de carbono a fin de reducir al mínimo las fugas de carbono en general, y los sectores de menor riesgo también reciben apoyo. Una base de evidencia fuerte es vital para lograr esto.
La minimización de las cargas administrativas sobre los operadores, especialmente los pequeños emisores. Es vital que los costes para todos los operadores se mantengan lo más bajos posible a fin de reducir los impactos en la competitividad del RCCDE.
Administración transparente y rentable de los fondos para apoyar la descarbonización de los sectores industrial y energético del Reino Unido y de la UE. Los Fondos de Innovación y Modernización deben contribuir a impulsar la descarbonización, que será clave para que la UE pueda alcanzar sus objetivos de 2030 y 2050.
Encontrará más detalles en el Documento de Política del Reino Unido.
Si desea contribuir con sus comentarios e ideas sobre el futuro del ETS de la UE, póngase en contacto con el equipo DECC EU ETS en eu. ets@decc. gsi. gov. uk
Reserva de Estabilidad del Mercado
En septiembre de 2017, el Consejo de la UE votó a favor de la introducción de una Reserva de Estabilidad del Mercado (RCM) al RCCDE; Que fue aprobado por el Parlamento Europeo en julio de 2017. El MSR se aplicará a partir de principios de 2019 y es un mecanismo robusto y previsible basado en normas para ajustar el volumen de licencias subastadas con el fin de hacer que la oferta responda a las circunstancias cambiantes. Como un choque imprevisto), como en los mercados naturales, y promover el equilibrio del mercado.
La MSR se ocupará de los estimados 2 000 millones de excedentes de derechos de emisión que se han acumulado en el régimen de comercio de derechos de emisión de la UE, colocando aproximadamente 1,5 mil millones de derechos de emisión directamente en la reserva antes de 2021, comienzo de la fase IV del ETS. Cuando el superávit se encuentre por encima de un umbral superior, el MSR eliminará las asignaciones del mercado y las colocará en una reserva, y las asignaciones se devolverán de la reserva cuando el superávit caiga por debajo de un umbral inferior o si los precios aumenten bruscamente.
Abordar el excedente de derechos de emisión fortalecerá los incentivos para las tecnologías con bajas emisiones de carbono y proporcionará una señal de precios del carbono eficaz y de largo plazo que se desarrolle sin contratiempos, protegiendo a la industria frente a los precios que aumentan demasiado rápido en el futuro. Puede encontrar más información sobre el MSR en el sitio web de la Comisión Europea.
El Reino Unido desempeñó un papel prominente en el logro de un acuerdo sobre un MSR sólido y eficaz, que ayudará a garantizar que Europa pueda cumplir las obligaciones a largo plazo de reducción de las emisiones de manera rentable.
Para informar a la posición del Reino Unido, el Gobierno llevó a cabo un análisis de los impactos de una serie de escenarios MSR, incluyendo el análisis del precio del carbono de los analistas de mercado. Más información sobre la posición del Reino Unido se puede encontrar en nuestro documento de política. El análisis del gobierno del Reino Unido se establece en nuestro documento analítico y en enero de 2017, publicamos un informe de investigación externo encargado por el Departamento de Energía & amp; Climate Change y emprendido por Ecofys y la London School of Economics (LSE), para evaluar las opciones de diseño de una Reserva de Estabilidad de Mercado. El informe final y la revisión por pares están disponibles.
Póngase en contacto con el equipo DECC EU ETS si desea más información sobre el MSR eu. ets@decc. gsi. gov. uk
Participación y recopilación de pruebas
Para ampliar nuestra base de datos sobre la forma en que se debería reformar el RCCDE y para informar la posición del Gobierno sobre la reforma estructural en el RCCDE, el Departamento de Energía y Cambio Climático encargó un proyecto de investigación sobre los enfoques de fijación de límites y la importancia de la seguridad de precios En el RCDE de la UE. El informe fue producido por Ecofys UK Ltd. y Oxford Energy Associates y revisado por el Dr. Herman Vollebergh (Erasmus University, Rotterdam).
La Comisión Europea lanzó dos consultas de partes interesadas en 2017 sobre la reforma del RCD de la UE después de 2020. Las respuestas del Reino Unido a la fuga de carbono y las consultas más amplias sobre la reforma de la fase IV están disponibles en línea.
Bruselas, 23 de enero de 2008
Preguntas y respuestas sobre la propuesta de la Comisión de revisar el sistema de comercio de derechos de emisión de la UE
1) ¿Cuál es el objetivo del comercio de emisiones?
El objetivo del sistema de comercio de derechos de emisión de la UE (ETS) es ayudar a los Estados miembros de la UE a cumplir sus compromisos de limitar o reducir las emisiones de gases de efecto invernadero de manera rentable. Permitir que las empresas participantes compren o vendan derechos de emisión significa que los recortes de emisiones pueden lograrse al menos costo.
El ETS de la UE es la piedra angular de la estrategia de la UE para luchar contra el cambio climático. Es el primer sistema internacional de comercio de emisiones de CO 2 en el mundo y desde comienzos de este año se aplica no sólo a los 27 Estados miembros de la UE, sino también a los otros tres miembros del Espacio Económico Europeo - Noruega, Islandia y Liechtenstein. Actualmente cubre más de 10.000 instalaciones en los sectores energético e industrial que son responsables colectivamente de cerca de la mitad de las emisiones de CO 2 de la UE y el 40% de sus emisiones totales de gases de efecto invernadero. Se están celebrando debates sobre la legislación para incorporar el sector de la aviación al sistema a partir de 2011 o 2012.
2) ¿Cómo funciona el comercio de emisiones?
El ETS de la UE es un sistema de "cap and trade", es decir, limita el nivel global de emisiones permitidas, pero dentro de ese límite, permite a los participantes en el sistema comprar y vender derechos como lo requieran. Estos subsidios son la moneda de comercio común en el corazón del sistema. Una asignación le da al titular el derecho a emitir una tonelada de CO 2. La limitación del número total de derechos de emisión es lo que crea escasez en el mercado.
Actualmente, los Estados miembros elaboran planes nacionales de asignación (PNA) que determinan su nivel total de emisiones de ETS y el número de derechos de emisión que cada instalación recibe en cada país. Al final de cada año, las instalaciones deben entregar indemnizaciones equivalentes a sus emisiones. Las empresas que mantienen sus emisiones por debajo del nivel de sus asignaciones pueden vender sus excedentes de licencias. Los que tienen dificultades para mantener sus emisiones en consonancia con sus derechos de emisión pueden elegir entre adoptar medidas para reducir sus propias emisiones - como invertir en tecnología más eficiente o utilizar fuentes de energía menos intensivas en carbono - o comprar los complementos adicionales que necesitan en el mercado , O una combinación de los dos. Es probable que tales opciones sean determinadas por los costos relativos. De esta manera, las emisiones se reducen donde sea más rentable hacerlo.
3) ¿Cuánto tiempo lleva funcionando el sistema ETS de la UE?
El ETS de la UE se puso en marcha el 1 de enero de 2005. El primer período de comercio duró tres años hasta finales de 2007 y fue una fase de aprendizaje por hacer para prepararse para el segundo período de negociación crucial. El segundo período de comercio comenzó el 1 de enero de 2008 y tiene una duración de cinco años hasta finales de 2012. La importancia del segundo período comercial se debe al hecho de que coincide con el primer período de compromiso del Protocolo de Kioto durante el cual la UE y otros Los países industrializados deben cumplir sus metas para limitar o reducir las emisiones de gases de efecto invernadero. Para el segundo período de comercio, la Comisión ha limitado las emisiones nacionales de los sectores del RCCDE a un promedio de alrededor del 6,5% por debajo de los niveles de 2005 para ayudar a garantizar que la UE en su conjunto y los Estados miembros cumplan sus compromisos de Kioto.
4) ¿Cuáles son las principales lecciones aprendidas de la experiencia hasta ahora?
El ETS de la UE ha fijado un precio para el carbono y ha demostrado que funciona el comercio de emisiones de gases de efecto invernadero. El primer período de comercio estableció con éxito el libre comercio de derechos de emisión en toda la UE, puso en marcha la infraestructura necesaria y desarrolló un mercado de carbono dinámico. El beneficio medioambiental de la primera fase puede verse limitado debido a la asignación excesiva de derechos de emisión en algunos Estados miembros y en algunos sectores, debido principalmente a la utilización de proyecciones de emisiones antes de que se pusieran a disposición datos sobre emisiones verificadas en el marco del RCCDE. Cuando la publicación de los datos de emisiones verificadas para 2005 puso de relieve esta sobreasignación, el mercado reaccionó como se esperaría al reducir el precio de mercado de los derechos de emisión. La publicación de datos de emisiones verificadas ha permitido a la Comisión garantizar que el tope de las asignaciones nacionales en la segunda fase se fije en un nivel que resulte en reducciones reales de las emisiones.
Además de subrayar la necesidad de datos verificados, la experiencia hasta ahora ha demostrado que es necesaria una mayor armonización dentro del RCCDE para garantizar que la UE alcance sus objetivos de reducción de emisiones a un coste mínimo y con distorsiones competitivas mínimas. La necesidad de una mayor armonización es más clara en lo que respecta a la forma en que se fija el tope sobre los derechos de emisión globales.
Los dos primeros períodos de negociación demuestran también que los métodos nacionales de asignación de derechos de emisión, que son muy diferentes, amenazan una competencia leal en el mercado interior. Además, es necesario un mayor grado de armonización, clarificación y perfeccionamiento en relación con el alcance del sistema, el acceso a créditos procedentes de proyectos de reducción de emisiones fuera de la UE, las condiciones de vinculación a los sistemas de comercio de derechos de emisión en otros lugares y los requisitos de supervisión,
5) ¿Cuál es el propósito de la propuesta actual?
La propuesta tiene por objeto modificar la Directiva [1] por la que se establece el RCCDE. El objetivo es, para el período posterior a 2012, reforzar, ampliar y mejorar el funcionamiento del RCCDE como uno de los instrumentos más importantes y rentables para alcanzar el objetivo de la UE de reducir las emisiones de gases de efecto invernadero. Este objetivo, refrendado por el Consejo Europeo de marzo de 2007, pide una reducción de las emisiones de la UE de al menos el 20% en 2020 con respecto a los niveles de 1990 y de un 30% si otros países industrializados se comprometen a realizar esfuerzos comparables en el marco de un acuerdo global Para combatir el cambio climático después de 2012. La decisión de iniciar negociaciones para elaborar este acuerdo se tomó en la conferencia de diciembre de 2007 sobre el cambio climático de la ONU en Bali y se espera que las negociaciones comiencen en marzo o abril.
La propuesta de revisión de la Directiva equilibra las necesidades de eficiencia económica y equidad entre los sectores y los Estados miembros y proporcionará más previsibilidad a la industria. Establece una línea de tendencia previsible para las reducciones de emisiones requeridas por los sectores cubiertos por el RCCDE. Una mayor armonización hará que el sistema sea más simple y transparente, aumentando su atractivo para que otros países y regiones se vinculen a él.
6) ¿Qué pasará ahora con la propuesta?
La propuesta se inscribe en el procedimiento de codecisión, es decir, debe ser aprobada tanto por el Consejo de la UE como por el Parlamento Europeo para convertirse en ley. Se espera que comiencen a discutirlo pronto. La Comisión espera que una decisión final por la que se adopten las modificaciones de la Directiva se adopte en 2009.
7) ¿Cuáles son los principales cambios propuestos al ETS?
Los principales cambios son los siguientes:
- Habrá un tope a nivel de la UE sobre el número de derechos de emisión en lugar de 27 límites nacionales. El tope anual disminuirá a lo largo de una línea de tendencia lineal, que continuará más allá del final del tercer período comercial (2017-2020).
- Una proporción mucho mayor de los derechos de emisión se subastará en lugar de asignados de forma gratuita.
- Se introducirán normas armonizadas en materia de asignación gratuita.
- Parte de los derechos a los derechos de subasta se redistribuirán de los Estados miembros con un alto ingreso per cápita a aquellos con bajo ingreso per cápita con el fin de fortalecer la capacidad financiera de este último para invertir en tecnologías amigables con el clima
- Una serie de nuevas industrias (por ejemplo, productores de aluminio y amoníaco) se incluirán en el ETS; Así que otros dos gases (óxido nitroso y perfluorocarbonos).
- Los Estados miembros podrán excluir las pequeñas instalaciones del ámbito del sistema, siempre que estén sujetas a medidas equivalentes de reducción de las emisiones.
8) ¿Habrá planes nacionales de asignación?
No. En sus PNA correspondientes a los primeros períodos de intercambios (2005-2007) y al segundo (2008-2012), los Estados miembros determinaron la cantidad total de derechos de emisión que se emitirían - el tope - y cómo se asignarían a las instalaciones en cuestión. Este enfoque ha generado diferencias significativas en las normas de asignación, creando un incentivo para que cada Estado Miembro favorezca su propia industria y ha dado lugar a una gran complejidad.
La Comisión propone fijar un límite único a nivel de la UE y asignar derechos de emisión sobre la base de normas plenamente armonizadas. Por lo tanto, los planes nacionales de asignación no serán necesarios.
9) ¿Cómo se determinará el límite de emisiones en la fase 3?
En la propuesta se establecen las normas para el cálculo del tope a escala comunitaria.
A partir de 2017, el número total de derechos de emisión deberá disminuir anualmente de forma lineal. El punto de partida de esta línea es la cantidad total media de derechos de emisión (límite de la fase 2) que deberán emitir los Estados miembros para el período 2008-12, ajustada para reflejar el alcance ampliado del sistema a partir de 2017. El factor lineal por el que la El monto disminuirá será de 1,74% en relación con el tope de la fase 2.
El punto de partida para determinar el factor lineal del 1,74% es la reducción global del 20% de los gases de efecto invernadero en comparación con 1990, lo que equivale a una reducción del 14% con respecto a 2005. Sin embargo, se requiere una reducción mayor del sector ETS de la UE, Es más barato reducir las emisiones en los sectores ETS. La división que minimiza el costo de reducción global equivale a:
Una reducción del 21% en las emisiones del sector ETS de la UE en comparación con 2005 para 2020;
Una reducción de alrededor del 10% con respecto a 2005 para los sectores que no están cubiertos por el ETS de la UE.
La reducción del 21% en 2020 se traduce en un tope de ETS en 2020 de un máximo de 1720 millones de licencias e implica un límite medio de fase 3 (2017-2020) de unos 1846 millones de permisos y una reducción del 11% en comparación con el tope de fase 2.
Todas las cifras absolutas indicadas corresponden a la cobertura al inicio del segundo período de comercialización y, por lo tanto, no tienen en cuenta la aviación, que se añadirá al final del segundo período comercial, ni los demás sectores que se añadirán en la fase 3 Para más detalles, véase la respuesta a la pregunta 12).
10) ¿Cómo se determinará el límite de emisiones más allá de la fase 3?
El factor lineal de 1,74% utilizado para determinar el tope de la fase 3 continuará aplicándose después del final del período comercial en 2020 y determinará el tope para el cuarto período comercial (2021 a 2028) y más allá. Puede ser revisado a más tardar en 2025. De hecho, para el año 2050 será necesario reducir significativamente las emisiones del 60% al 80% en comparación con 1990, si queremos alcanzar el objetivo estratégico de limitar el aumento de la temperatura media mundial a no más de 2 ° C por encima de los niveles preindustriales.
11) Se fijará un límite máximo a nivel de la UE para los derechos de emisión para cada año. ¿Esto reducirá la flexibilidad para las instalaciones afectadas?
No, la flexibilidad para las instalaciones no se reducirá en absoluto. En cualquier año, las asignaciones que vayan a distribuirse deberán ser expedidas por las autoridades competentes a más tardar el 28 de febrero. La fecha límite para que los operadores entreguen los derechos de emisión es el 30 de abril del año siguiente al año en que se produjeron las emisiones. Por lo tanto, los operadores reciben subsidios para el año en curso antes de que tengan que entregar los derechos de emisión para cubrir sus emisiones del año anterior. Las asignaciones siguen siendo válidas durante todo el período de negociación y cualquier exceso de derechos de emisión puede ahora ser "bancado" para su uso en los períodos de negociación posteriores. En este sentido nada cambiará.
El sistema permanecerá basado en períodos de comercio, pero el tercer período comercial durará ocho años, de 2017 a 2020, en lugar de cinco años para la segunda fase de 2008 a 2012.
En el segundo período de negociación, los Estados miembros decidieron, en general, asignar cantidades iguales de derechos de emisión por año. La disminución lineal cada año a partir de 2017 corresponderá mejor a las tendencias de emisiones esperadas durante el período.
12) ¿Cuáles son las cifras anuales del ETS para el período 2017-2020?
Las cifras anuales del tope son las siguientes:
Estas cifras se basan en el ámbito de aplicación del ETS en la fase 2 (2008 a 2012) y en las decisiones de la Comisión sobre los planes nacionales de asignación de la fase 2, que ascienden a 2083 millones de toneladas tras la decisión de la Corte sobre el plan eslovaco. Estas cifras necesitan ser ajustadas por varias razones. En primer lugar, en consonancia con las prórrogas del ámbito de aplicación de la fase 2, siempre que los Estados miembros justifiquen y verifiquen las emisiones procedentes de estas prórrogas. En segundo lugar, a raíz de la propuesta de la Comisión de ampliar el ámbito del RCCDE a partir del tercer período comercial. En tercer lugar, las cifras no tienen en cuenta la inclusión de la aviación, ni de las emisiones de Noruega, Islandia y Liechtenstein.
13) ¿Se asignarán todavía las asignaciones de forma gratuita?
Sí, algunos lo harán, pero en general significativamente menos de lo que es el caso hoy en día.
Si bien la gran mayoría de los derechos de emisión ha sido asignada gratuitamente a las instalaciones en el primer y segundo período de negociación, la Comisión considera que la subasta de derechos de emisión debería ser el principio básico para la asignación a partir de la tercera fase. Esto se debe a que la subasta mejor asegura la eficiencia, transparencia y simplicidad del sistema y crea el mayor incentivo para las inversiones en una economía baja en carbono. Cumple mejor con el principio de "quien contamina paga" y evita dar ganancias inesperadas a ciertos sectores que han pasado el coste nocional de los derechos a sus clientes a pesar de recibirlos gratuitamente.
Se estima que alrededor del 60% del número total de licencias se subastará en 2017, y esta proporción aumentará en años posteriores.
14) ¿Cómo se propone asignar las asignaciones que se entregarán de forma gratuita?
Se propone que las asignaciones que se asignen de forma gratuita se distribuyan de acuerdo con normas a escala de la UE que se desarrollarán posteriormente en el marco de un procedimiento de comité ( "comitología"). Estas normas armonizarán plenamente las asignaciones y, por lo tanto, todas las empresas de la UE con actividades iguales o similares estarán sujetas a las mismas normas. Las normas garantizarán, en la medida de lo posible, que la asignación promueva tecnologías eficientes en relación con el carbono. Las reglas pueden, por ejemplo, especificar que las asignaciones deben basarse en los llamados puntos de referencia, p. Un número de permisos por cantidad de producción histórica. Dichas reglas recompensarían a los operadores que han tomado medidas tempranas para reducir los gases de efecto invernadero, reflejarían mejor el principio de quien contamina paga y darían incentivos más fuertes para reducir las emisiones, ya que las asignaciones ya no dependerían de las emisiones históricas. Todas las asignaciones deben determinarse antes del inicio del tercer período de negociación y no se permitirán ajustes ex post.
15) ¿Qué instalaciones recibirán una asignación gratuita y cuáles no, según la propuesta? ¿Cómo se evitarán los impactos negativos sobre la competitividad?
Teniendo en cuenta su capacidad para repercutir el aumento del costo de los derechos de emisión, la subasta completa debería ser la regla a partir de 2017 en el sector eléctrico. También debería haber una subasta completa para la captura y almacenamiento de carbono, ya que el incentivo para ello surge del hecho de que no se tendrán que entregar licencias por las emisiones que se almacenan.
En otros sectores, las asignaciones gratuitas se suprimirán progresivamente a partir de 2017, lo que no dará lugar a una asignación gratuita en 2020. Sin embargo, se hará una excepción para las instalaciones en sectores que se consideren con un riesgo significativo de «fuga de carbono», Se verían obligados por las presiones competitivas internacionales a reubicar la producción a países fuera de la UE que no impusieran limitaciones comparables a las emisiones. Esto simplemente aumentaría las emisiones globales sin ningún beneficio ambiental.
Para 2010, la Comisión determinará los sectores en cuestión, teniendo en cuenta la medida en que el sector afectado puede repercutir el coste de las prestaciones exigidas en los precios de los productos sin pérdida significativa de cuota de mercado en instalaciones menos eficientes con carbono fuera de la UE . A este respecto, la Comisión evaluará, entre otras cosas, el coste de los derechos de emisión en comparación con el coste de producción y la exposición a la competencia internacional. Las instalaciones de estos sectores recibirán hasta el 100% de sus asignaciones de forma gratuita.
En virtud de un acuerdo internacional que garantiza que los competidores de otras partes del mundo soporten un coste comparable, el riesgo de fuga de carbono puede ser insignificante. Por lo tanto, para 2011, la Comisión llevará a cabo una evaluación en profundidad de la situación de la industria con alto consumo de energía y del riesgo de fuga de carbono, teniendo en cuenta los resultados de las negociaciones internacionales y teniendo en cuenta cualquier acuerdo sectorial vinculante que Puede haber sido concluido. El informe irá acompañado de las propuestas que considere oportunas. Éstas podrían incluir el mantenimiento o el ajuste de la proporción de derechos concedidos gratuitamente a las instalaciones industriales que estén particularmente expuestas a la competencia mundial o que establezcan un sistema eficaz de compensación del carbono para neutralizar los efectos de distorsión de las importaciones, p. Al incluir a los importadores de los productos en cuestión en el RCCDE.
16) ¿Quién organizará las subastas y cómo se llevarán a cabo?
Los Estados miembros realizarán las subastas. La distribución de los derechos de subasta a los Estados miembros se basará en gran medida en emisiones históricas, pero una parte de los derechos se redistribuirá de los Estados miembros más ricos a los más pobres. Esto es para tener en cuenta el menor PIB per cápita y las mayores perspectivas de crecimiento y emisiones entre estos últimos y fortalecer su capacidad financiera para invertir en tecnologías amigables con el clima.
Toda subasta debe respetar las normas del mercado interior y, por lo tanto, debe estar abierta a cualquier comprador potencial en condiciones no discriminatorias. La propuesta proporciona una base para la adopción de un Reglamento (mediante el procedimiento de comitología) que proporcionará las condiciones adecuadas para garantizar subastas eficientes y coordinadas sin perturbar el mercado de derechos de emisión.
17) ¿Qué sectores y gases están cubiertos por la nueva propuesta?
El ETS cubre las instalaciones que realizan actividades especificadas. Desde el inicio ha cubierto, por encima de ciertos umbrales de capacidad, centrales eléctricas y otras plantas de combustión, refinerías de petróleo, hornos de coque, plantas de hierro y acero y fábricas de cemento, vidrio, cal, ladrillos, cerámica, pulpa, papel y cartón.
Hasta ahora, el ETS sólo cubre las emisiones de dióxido de carbono. La Comisión propone ahora incluir sectores adicionales y gases de efecto invernadero en el anexo 1 de la Directiva, que ampliará el ámbito del RCCDE. Se incluirán el CO2 de las emisiones de petroquímicos, amoníaco y aluminio, así como las emisiones de N2O de la producción de ácido nítrico, adípico y glioxílico y los perfluorocarbonos del sector del aluminio. También se cubrirá la captura, el transporte y el almacenamiento geológico de todas las emisiones de gases de efecto invernadero.
18) ¿Se excluirán del ámbito de aplicación las pequeñas instalaciones?
Un gran número de instalaciones que emiten cantidades relativamente bajas de CO 2 están actualmente cubiertas por el ETS y se han planteado dudas sobre la rentabilidad de su inclusión. Por consiguiente, la Comisión propone autorizar a los Estados miembros a eliminar estas instalaciones del RCCDE en determinadas condiciones. Las instalaciones en cuestión son aquellas con una potencia térmica nominal inferior a 25 MW, cuyas emisiones notificadas eran inferiores a 10 000 toneladas de equivalente de CO 2 en cada uno de los tres años anteriores al año de aplicación. Sólo podrán quedar excluidas del régimen de comercio de derechos de emisión si se dispone de medidas que permitan obtener una contribución equivalente a las reducciones de emisiones. Se estima que alrededor de 4.200 instalaciones, que representan en conjunto un 0,7% de las emisiones totales de ETS, podrían ser excluidas del sistema en virtud de estas disposiciones.
19) ¿Cuál es el impacto de nuevos sectores y gases en el tope total?
Se estima que la extensión propuesta del ámbito de aplicación, junto con la posibilidad de que los Estados miembros excluyan las pequeñas instalaciones, dará lugar a un aumento neto de la cobertura de alrededor del 6%, o de 120 a 130 millones de toneladas equivalentes de CO2 Con el período de comercio actual (2008-2012).
20) ¿Cómo se asignarán los derechos de emisión a nuevos sectores y gases?
La Comisión propone que se asignen a través de normas a escala de la UE, al igual que para otros sectores industriales ya cubiertos.
21) ¿Cuántos créditos de emisiones de terceros países se permitirán?
En virtud del RCCDE, los Estados miembros podrán autorizar a sus operadores a utilizar los créditos generados por proyectos de ahorro de emisiones realizados en terceros países para cubrir sus emisiones de la misma manera que las franquicias ETS. Estos proyectos deben ser reconocidos oficialmente en el marco del mecanismo de aplicación conjunta del Protocolo de Kyoto (que abarca proyectos realizados en países con un objetivo de reducción de emisiones en virtud del Protocolo) o Mecanismo de Desarrollo Limpio (MDL) (para proyectos realizados en países en desarrollo). Los créditos de los proyectos de IC son conocidos como Unidades de Reducción de Emisiones (ERU), mientras que los de los proyectos del MDL se denominan Reducciones Certificadas de Emisiones (CERs).
La propuesta establece dos hipótesis para la utilización de estos créditos entre 2017 y 2020. La primera refleja únicamente el compromiso independiente de la UE de reducir sus emisiones al 20% por lo menos a los niveles de 1990 para 2020. La segunda aumenta esta reducción en el contexto de un Acuerdo global satisfactorio para combatir el cambio climático después de 2012.
Basado en una reducción de 20% de emisiones. Es decir, antes de que se llegue a un acuerdo global satisfactorio, los operadores podrán utilizar los créditos concedidos por sus gobiernos para el período 2008-2012 que no hayan agotado. Dado que el límite de estos créditos es generoso, se espera que los operadores puedan alcanzar más de un tercio de las reducciones de emisiones requeridas entre 2017 y 2020 mediante su uso.
Sin embargo, los créditos de los tipos de proyectos que fueron aceptados por todos los Estados miembros durante el período 2008-12 serán elegibles para su uso. Esta restricción es necesaria para garantizar que los créditos JI / CDM se tratan de forma equitativa en todo el ETS. Sin esta regla, el mercado de créditos JI / CDM podría estar fragmentado entre los créditos aceptados por todos los Estados miembros y otros aceptados sólo por algunos.
Para crear una mayor flexibilidad, los créditos de nuevos proyectos de eficiencia energética o de energías renovables que promuevan el desarrollo sostenible podrían utilizarse de conformidad con los acuerdos celebrados con terceros países, siempre que estos nuevos créditos no aumenten el número total de créditos disponibles. Con sujeción a la misma restricción, las RCE de los nuevos proyectos que comenzaron a partir de 2017 se permitirían a los países menos desarrollados sin necesidad de celebrar un acuerdo con esos países. Una vez más, sólo los tipos de proyectos que fueron aceptados por todos los Estados miembros durante el período 2008-2012 serían elegibles.
Sobre la base de una reducción más estricta de las emisiones en el contexto de un acuerdo internacional satisfactorio. El límite en el uso de créditos JI / MDL se incrementará automáticamente hasta la mitad del esfuerzo de reducción adicional. Esto significa que si el tope anual bajo el ETS de la UE se redujera, p. 200 millones de toneladas después de un acuerdo global (para lograr el objetivo de reducción más estricto para las emisiones globales), el límite en el uso de los créditos de la JI / MDL se aumentaría automáticamente en 100 millones de créditos.
Los créditos adicionales a los remanentes de 2008-12 sólo se aceptarán de proyectos en terceros países que ratifiquen el acuerdo internacional o de otros tipos de proyectos aprobados por la Comisión. La Comisión adoptará medidas para prever la utilización de tipos adicionales de créditos de proyectos y / o la utilización por estos operadores de otros mecanismos creados en virtud del acuerdo internacional, según proceda. Estos créditos adicionales ayudarían a que el objetivo de reducción fuera más barato para la UE.
22) ¿Por qué se restringirá el uso de créditos JI / CDM por las empresas antes de que se alcance un acuerdo internacional?
Antes de alcanzar un acuerdo internacional satisfactorio, cualquier aumento en el uso de los créditos de JI / MDL después de 2012 por encima de los otorgados para 2008-2012 reduciría los incentivos para que las empresas inviertan en tecnologías eficientes en carbono y, por lo tanto, Para alcanzar los objetivos de emisiones y energías renovables para 2020.
23) ¿Será posible utilizar créditos de los "sumideros" de carbono como los bosques?
No. La Comisión ha analizado la posibilidad de conceder créditos de determinados tipos de proyectos de aprovechamiento de la tierra, cambio de uso de la tierra y silvicultura ( «UTCUTS») que absorben carbono de la atmósfera. Ha llegado a la conclusión de que hacerlo podría socavar la integridad ambiental del RCCDE, por las siguientes razones:
Los proyectos LULUCF no pueden entregar físicamente reducciones permanentes de emisiones. Se han desarrollado soluciones insuficientes para hacer frente a las incertidumbres, la no permanencia del almacenamiento de carbono y los problemas de "fugas" de emisiones potenciales que surgen de dichos proyectos. El carácter temporal y reversible de tales actividades supondría riesgos considerables en un sistema de comercio basado en la empresa e impondría grandes riesgos de responsabilidad a los Estados miembros.
La inclusión de los proyectos LULUCF en el RCCDE requeriría una calidad de seguimiento y presentación de informes comparable al seguimiento y notificación de las emisiones de las instalaciones actualmente cubiertas por el sistema. Esto no está disponible en la actualidad y es probable que incurra en costos que reducirían sustancialmente el atractivo de la inclusión de tales proyectos.
La simplicidad, la transparencia y la previsibilidad del RCLE se reducirían considerablemente. Además, la gran cantidad de créditos potenciales que entran en el sistema podría socavar el funcionamiento del mercado del carbono a menos que su papel fuera limitado, en cuyo caso sus beneficios potenciales serían marginales.
La Comisión considera que la deforestación mundial podría abordarse mejor mediante otros instrumentos. Por ejemplo, utilizar parte de los ingresos procedentes de la subasta de derechos de emisión en el ETS de la UE podría generar medios adicionales para invertir en actividades de UTCUTS tanto dentro como fuera de la UE, y podría servir de modelo para la expansión futura.
24) Además de los ya mencionados, ¿existen otros créditos que podrían utilizarse en el ETS revisado?
Sí. La Comisión propone que los proyectos en los Estados miembros de la UE que reduzcan las emisiones de gases de efecto invernadero no cubiertas por el RCCDE puedan emitir créditos. Estos «créditos de compensación nacionales» deberían gestionarse de acuerdo con las disposiciones comunes de la UE establecidas por la Comisión para ser negociables en todo el sistema. Tales disposiciones sólo se adoptarán para los proyectos que no puedan realizarse mediante la inclusión en el RCCDE. Las disposiciones procurarán que los créditos nacionales no den lugar a un doble recuento de las reducciones de las emisiones o impidan otras medidas de política para reducir las emisiones no cubiertas por el RCCDE y que se basen en normas simples y fáciles de administrar.
25) Does the review affect the unlimited banking of allowances from phase 2 to phase 3?
No. The Directive foresees unlimited banking of phase 2 allowances into phase 3. This means that every allowance not surrendered or retired in the second trading period can be used at face value in phase 3. Technically, banking will be done by replacing the phase 2 allowances with phase 3 allowances. The phase 3 allowances issued as a result of banking will come on top of the phase 3 cap decided in the review. The Commission has not proposed any changes to this provision.
26) What effect will the changes have on electricity prices?
The reduction in the EU-wide quantity of allowances to be issued in the third trading period will increase scarcity in the allowance market and hence the price of allowances can be expected to increase. The price of electricity can be expected to increase correspondingly but, taking into account today's carbon prices, the rise is expected to be limited to 10 to 15% by 2020 compared with business as usual. Other factors such as oil and gas prices may have a much bigger impact.
The fact that electricity producers will no longer receive any allowances for free is not in itself expected to have a significant influence on electricity prices since generators are able to pass on a significant part of the cost of allowances to their customers, irrespective of whether they receive the allowances for free or not. The most important impact from ending free allocation to electricity generators is that it will eliminate windfall profits.
For consumers the total bill for households may not increase: this depends on the extent to which household energy efficiency measures succeed in reaching the target of 20% savings.
27) Is there any guarantee that the price of allowances won't fall sharply during the third trading period?
No price level can be guaranteed in a free market, but the proposal intends to make market conditions as predictable as possible and to minimise instability due to changes to the EU ETS. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be “banked” for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price.
28) Are there any provisions for linking the EU ETS to other emissions trading systems?
Sí. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments.
While the current Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the Commission is proposing to extend this to include any country or administrative entity (such as a state or group of states under a federal system) which has established a cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS.
29) What is a Community registry and how does it work?
Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2017 onwards will be held in the Community registry instead of in national registries.
30) Will there be any changes to monitoring, reporting and verification requirements?
The Commission intends to adopt a new Regulation (through the comitology procedure) governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate.
31) What provision will be made for new entrants into the market?
Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2017 (“new entrants”). The allocations from this reserve should mirror the allocations to corresponding existing installations.
Any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key is the same as the one for all other allowances to be auctioned.
32) How did the Commission take into account comments made by stakeholders?
The Commission met extensively with a large number of stakeholders in the course of its review of the EU ETS. It has assessed their suggestions and in many cases reflected these in the proposal and its assessment of the proposal's economic impact.
33) What is the role of an international agreement and its potential impact on EU ETS?
When an international agreement is reached, the Commission shall revise or repeal the EU-wide rules for allocation to provide that free allocation shall only take place where this is fully justified in the light of the international agreement.
The EU-wide quantity of allowances shall also be reduced at a rate corresponding to the increase in the level of reduction commitments. The relation between the reductions due in the EU ETS sectors as compared to the sectors outside the EU ETS remains the same.
For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 21.
34) In September, the Commission adopted the third package for the liberalisation of the internal energy market. Isn't there a contradiction between liberalisation, which should lower prices, and putting a price on carbon emissions through the ETS, which should raise them?
No, there is no contradiction at all – to the contrary the better a competitive EU internal market for electricity works, the clearer and less distorted the necessary price signals from the EU ETS will be.
The overall objective of liberalisation has always been to render the supply of energy as efficient as possible and to eliminate undue monopoly profits. This may lead to lower energy prices, but it is not necessarily the case since energy prices are always a function of underlying supply costs.
The EU ETS identifies the price of carbon that is to be signalled to the economy. This can best be achieved, if electricity is supplied on a competitive market, where undue monopoly profits are eliminated.
[1] Established by Directive 2003/87/EC, as amended by Directive 2004/101/EC.
European Union Emissions Trading System (EU ETS) data from EUTL
metadatos
Geographic coverage: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom
Tags: emission trading | industry | citl | air emissions | eu ets Rights: EEA standard re-use policy: unless otherwise indicated, re-use of content on the EEA website for commercial or non-commercial purposes is permitted free of charge, provided that the source is acknowledged (http://www. eea. europa. eu/legal/copyright). Titular de los derechos de autor: Dirección General de Acción Climática (DG-CLIMA). Methodology:
See EU ETS data viewer manual.
This data set is based on EUTL data published by DG Environment on the 19th August 2017.
The main source of information on the system at EU level is the European Union Transaction Log (EUTL) (s ee http://ec. europa. eu/environment/ets ). El EUTL comprueba y registra todas las transacciones que tienen lugar dentro del sistema de comercio. Está dirigido por la Comisión Europea.
Información Adicional
The EU emission trading system (ETS) is one of the main measures introduced by the EU to achieve cost-efficient reductions of greenhouse gas emissions and reach its targets under the Kyoto Protocol and other commitments.
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The European Union's Emissions Trading System in Perspective
By: A. Denny Ellerman, Paul L. Joskow Massachusetts Institute of Technology
Watch report author Denny Ellerman on
Eileen Claussen, President, Pew Center on Global Climate Change
To meet its obligations to reduce greenhouse gas (GHG) concentrations under the Kyoto Protocol, the European Union (EU) established the first cap-and-trade system for carbon dioxide emissions in the world starting in 2005. Proposed in October 2001, the EU’s Emissions Trading System (EU ETS) was up and running just over three years later. The first three-year trading period (2005-2007)—a trial period before Kyoto’s obligations began—is now complete and, not surprisingly, has been heavily scrutinized. This report examines the development, structure, and performance of the EU-ETS to date, and provides insightful analysis regarding the controversies and lessons emerging from the initial trial phase.
Recognizing their lack of experience with cap and trade and the need to build knowledge and program architecture, EU leaders began by covering only one gas (carbon dioxide) and a limited number of sectors. Once the infrastructure was in place, other GHGs and sectors could be included in subsequent phases of the program, when more significant emissions reductions were needed. As authors Denny Ellerman and Paul Joskow describe, the system has so far worked as it was envisioned—a European-wide carbon price was established, businesses began incorporating this price into their decision-making, and the market infrastructure for a multi-national trading program is now in place. Moreover, despite the condensed time period of the trial phase, some reductions in emissions from the covered sectors were realized.
The development of the EU-ETS has not, however, proceeded without its challenges. The authors explain some of the controversies regarding the early performance of the EU-ETS and describe potential remedies planned for later compliance periods:
Due to a lack of accurate data in advance of the program, allowances to emitters were overallocated. Now with more accurate emissions data and a centralized cap-setting and reporting process, the emissions cap should be sufficiently binding;
Concerns about program volatility emerged when initially high allowances prices (driven largely by high global energy costs) dropped precipitously in April 2006 upon the release of more accurate, verified emissions data. Late in the trial phase, there was another sharp decline in allowance price because there were no provisions for banking emissions reductions for use in the second phase of the program. Improved data quality and provisions for unrestricted banking between compliance periods will help moderate price fluctuations in the future;
Windfall profits by electric power generators that passed along costs (based on market value) of their freely issued allowances resulted in improved understanding of how member country electricity sector regulations affect the market and calls for increased auctioning in subsequent phases of the program.
Interest in developing a national cap-and-trade program in the United States has intensified in recent years. The first comprehensive greenhouse gas reduction bill ever to be reported out of a committee emerged from the Senate Environment and Public Works Committee in December 2007. As debate continues on this landmark legislation, the House of Representatives has signaled its intention to design its own emissions trading program. This report provides an excellent resource for those developing U. S. proposals. As Europe’s experience with the EU-ETS suggests, everything does not have to be perfect at the outset of a cap-and-trade program. We do, however, need to get started and, for this, the EU-ETS has provided valuable lessons for us all.
The Center and the authors would like to thank Robert Stavins and Peter Zapfel for comments and suggestions on earlier drafts. None of them are responsible for the analysis, conclusions or any remaining errors. The views expressed here are solely those of the authors.
The performance of the European Union’s Emissions Trading System (EU ETS) to date cannot be evaluated without recognizing that the first three years from 2005 through 2007 constituted a “trial” period and understanding what this trial period was supposed to accomplish. Its primary goal was to develop the infrastructure and to provide the experience that would enable the successful use of a cap-and-trade system to limit European GHG emissions during a second trading period, 2008-12, corresponding to the first commitment period of the Kyoto Protocol. The trial period was a rehearsal for the later more serious engagement and it was never intended to achieve significant reductions in CO2 emissions in only three years. In light of the speed with which the program was developed, the many sovereign countries involved, the need to develop the necessary data, information dissemination, compliance and market institutions, and the lack of extensive experience with emissions trading in Europe, we think that the system has performed surprisingly well.
Although there have been plenty of rough edges, a transparent and widely accepted price for tradable CO2 emission allowances emerged by January 1, 2005, a functioning market for allowances has developed quickly and effortlessly without any prodding by the Commission or member state governments, the cap-and-trade infrastructure of market institutions, registries, monitoring, reporting and verification is in place, and a significant segment of European industry is incorporating the price of CO2 emissions into their daily production decisions.
The development of the EU ETS and the experience with the trial period provides a number of useful lessons for the U. S. and other countries.
Suppliers quickly factor the price of emissions allowances into their pricing and output behavior.
Liquid bilateral markets and public allowance exchanges emerge rapidly and the “law of one price” for allowances with the same attributes prevails.
The development of efficient allowance markets is facilitated by the frequent dissemination of information about emissions and allowance utilization.
Allowance price volatility can be dampened by including allowance banking and borrowing and by allocating allowances for longer trading periods.
The redistributive aspects of the allocation process can be handled without distorting abatement efficiency or competition despite the significant political maneuvering over allowance allocations. However, allocations that are tied to future emissions through investment and closure decisions can distort behavior.
The interaction between allowance allocation, allowance markets, and the unsettled state of electricity sector liberalization and regulation must be confronted as part of program design to avoid mistakes and unintended consequences. This will be especially important in the U. S. where 50 percent of the electricity is generated with coal.
The EU ETS provides a useful perspective on the problems to be faced in constructing a global GHG emission trading system. In imagining a multinational system, it seems clear that participating nations will retain significant discretion in deciding tradable national emission caps albeit with some negotiation; separate national registries will be maintained with some arrangement for international transfers; and monitoring, reporting and verification procedures will be administered nationally although necessarily subject to some common standard. All of these issues have had to be addressed in the trial period and they continue to present challenges to European policy makers.
The deeper significance of the trial period of the EU ETS may be its explicit status as a work in progress. As such, it is emblematic of all climate change programs, which will surely be changed over the long horizon during which they will remain effective. The trial period demonstrates that everything does not need to be perfect at the beginning. In fact, it provides a reminder that the best can be the enemy of the good. This admonition is especially applicable in an imperfect world where the income and wealth effects of proposed actions are significant and sovereign nations of widely varying economic circumstance and institutional development are involved. The initial challenge is simply to establish a system that will demonstrate the societal decision that GHG emissions shall have a price and to provide the signal of what constitutes appropriate short-term and long-term measures to limit GHG emissions. In this, the EU has done more with the ETS, despite all its faults, than any other nation or set of nations.
A leading energy economist, Dr. Ellerman is a Senior Lecturer with the Sloan School of Management at the Massachusetts Institute of Technology, where he previously served as the Executive Director of the Center for Energy and Environmental Policy Research and of the Joint Program on the Science and Policy of Global Change. Dr. Ellerman is internationally recognized as an authority on emissions trading, and his current research interests focus on the U. S. and European emissions trading programs and on environmental regulations. He is co-author of the report, The European Union’s Emissions Trading System in Perspective, and he coauthored the well-respected text, Markets for Clean Air: The U. S. Acid Rain Program with MIT Sloan colleagues. Dr. Ellerman has also worked for Charles River Associates, the National Coal Association, the U. S. Department of Energy, and the U. S. Executive Office of the President, and he served as President of the International Association for Energy Economics in 1990.
Dr. Ellerman received his undergraduate education at Princeton University and his Ph. D. in Political Economy and Government from Harvard University. His current research interests focus on emissions trading, climate change policy, and the economics of fuel choice, especially concerning coal and natural gas.
Paul L. Joskow became President of the Alfred P. Sloan Foundation on January 1, 2008. He is presently on leave from his position as Elizabeth and James Killian Professor of Economics and Management at MIT. He received a BA from Cornell University in 1968 and a PhD in Economics from Yale University in 1972. Professor Joskow has been on the MIT faculty since 1972 and served as Head of the MIT Department of Economics from 1994 to 1998. He was Director of the MIT Center for Energy and Environmental Policy Research from 1999 through 2007. At MIT he has been engaged in teaching and research in the areas of industrial organization, energy and environmental economics, competition policy, and government regulation of industry for over 35 years. Dr. Joskow has published six books and over 125 articles and papers in these areas. He serves as a Director of Exelon Corporation, as a Director of TransCanada Corporation, and as a Trustee of the Putnam Mutual Funds. He is a member of the Board of Overseers of the Boston Symphony Orchestra. Dr. Joskow is a Fellow of the Econometric Society and the American Academy of Arts and Sciences and a Distinguished Fellow of the Industrial Organization Society.
Fix the EU's Carbon-Trading System
President Barack Obama recently said in an interview on climate and energy that if there's one thing he would like to see, it would be for the U. S. to be able to put a price on carbon emissions. He is right -- an effective market-driven approach to carbon pricing is crucial to tackling climate change and reducing emissions. The U. K. was the first to adopt carbon trading in 2002, and it continues to trade under the European Union's Emissions Trading System.
The EU cap-and-trade system is the world's largest. By putting a price on every metric ton of carbon emitted and allowing companies to trade allowances, the system enables carbon-reduction targets to be met at the least cost.
But the market currently has a surplus of about 2 billion emission allowances, equivalent to a year's supply. As a result, carbon prices are at an unhealthy low. So what has gone wrong, and what can we do about it?
Some believe that a weak carbon price benefits business and the economy, but it does not. It undermines the low-carbon investment we need now to meet long-term targets. Ambitious emissions-reduction targets are here to stay, so delaying low-carbon investments just pushes the cost of achieving them later down the line and risks increasing it. It also means losing out on the potential growth and jobs that come with such investments.
So today, the U. K. government will publish a blueprint for ambitious and urgent reform of the Emissions Trading System that will tackle the surplus, protect against risk of competitive disadvantage and cut red tape.
First of all, we must cancel a substantial amount of the surplus allowances to help restore the balance between supply and demand, thus supporting a stronger carbon price. The persistent surplus sends a false signal that companies do not need to abate carbon now, and this increases their incentive to build carbon-intensive infrastructure today that will only have to be abandoned tomorrow. The Market Stability Reserve. proposed by the European Commission, can potentially be a helpful mechanism, but it is not the comprehensive reform we urgently need.
Second, the trading system must make sure that the allocation of free allowances continues to help industries stay competitive during the global transition to a lower-carbon economy. As the amount of free allowances within the cap continues to fall after 2020, allocation must target the sectors that are genuinely at risk of losing their competitive edge.
Third, the system needs to strike a better balance between fairness, cost-effectiveness and simplicity. For example, compliance costs and administrative burdens could be reduced by ensuring that small sources of emissions are treated proportionately.
The development of similar carbon-pricing mechanisms around the world would allow emissions to be reduced at the lowest cost across the globe. Many countries are already developing carbon-pricing and emissions-trading policies, including China.
The EU can pave the way for linking cap-and-trade proposals to create a global carbon price. This would enable emissions reductions to take place wherever they are cheapest worldwide; increase the liquidity of carbon markets and stabilize the price for investors; expand low-carbon business opportunities; and drive greater global climate cooperation. It could be the game changer for low-carbon investment.
But to deliver this prize, the Emission Trading System must first lift its own ambition. The reforms I am pushing for today are vital, not only for the U. K. but also for the world's concerted fight to contain climate change.
(Ed Davey is the U. K.'s secretary of state for energy and climate change.)
This column does not necessarily reflect the opinion of Bloomberg View's editorial board or Bloomberg LP, its owners and investors.
To contact the editor on this story: Mary Duenwald at mduenwald@bloomberg. net
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EU Emissions Trading System
The European Union Emissions Trading Scheme ( EU-ETS ) is the largest cap-and-trade scheme in the world. The EU-ETS regulates about half of EUs CO2 emissions. It includes more than 11,000 factories, power stations, and other installations in 30 countries—all 27 EU member states plus Iceland, Norway, and Liechtenstein. The caps for 2020 are set at 21% below 2005 emissions.
The first ETS trading period was three years, from 2005 – 2007. The second trading period is five years and coincides with the first Kyoto commitment period from 2008-2012. The third trading period is eight years, from 2017-2020.
Covered entities receive European emission allowances (EUAs). For each allowance they can emit 1 ton of CO2. If their CO2 emissions exceed the number of allowances they have, a factory can purchase EUAs from other installations or countries. Conversely, if an installation has performed well at reducing its carbon emissions, it can sell its leftover EUAs.
Covered entities can also use CDM and JI credits for compliance. The EU-ETS does not allow the use of CDM credits from forestry projects and has additional requirements for large hydro projects over 20MW. Starting in 2017, credits from HFC-23 and adipic acid projects will be banned. Also, CDM projects that have not been registered by the end of 2012 need to be located in a Least Developed Country in order to be eligible to sell their credits in the EU-ETS. see Offsets in the EU .
Up to 50% of the EU-wide reductions over the period 2008-2020 can be achieved by buying CDM and JI offsets: approximately 1.6 billion credits. The EU-ETS is the largest offset buyer to date.
In the third trading phase, allowances will by allocated centrally by an EU authority (as opposed to national allocation plans), a considerable larger share of allowances are auctioned (more than 60%) rather than allocated freely, and other greenhouse gases, such as nitrous oxide and perfluorocarbons have been included. Also airline emissions have been included in the beginning of 2012.
The EU-ETS has been severely over-allocated in the first and second trading period. This has led to a price collapse both at the end of the first and at the end of the second trading period. At the end of 2012, the EU ETS is oversupplied by about 2 billion allowances. The EU is trying to address this issue. The options to address the oversupply include temporarily remove allowances (back-loading), permanently retire allowances or raising the emission reduction caps. Action is clearly required if the EU wants to salvage its climate policy flagship. But strong opposition from certain industries and some EU Member States have hampered good policy making so far. It is unclear what the future will hold the EU-ETS.
* Most Recent Carbon Market Watch Publications on EU Emissions Trading System *
EU Commercial Policy in a Multipolar Trading System
Available from: Jan Orbie
"This line of policy has not been enthusiastically embraced throughout the EU, but lobby groups, Member States and officials in the European institutions who have a stake in the protectionist and preferential EU trading system as it has evolved since the 1950s have clearly been on the defensive. Overall, as a global and offensive trading power, the EU has much to gain from a global and liberal international trade strategy (Evenett, 2007). In this context EBA has played a small, but crucial and often neglected role. "
Article: European Union Trade Politics and Development: ‘Everything But Arms Unravelled’
[Show abstract] [Hide abstract] ABSTRACT: The 'Everything But Arms' (EBA) regulation of the European Union (EU) has been hailed as a groundbreaking initiative for developing countries. Since 2001 EBA grants almost completely liberalized access to the European market for products from the least-developed countries (LDCs). It quickly became the most symbolic European trade initiative towards the Third World since the first Lomé Convention in the 1970s. Given its central position in EU discourse and its continuing relevance for the European and international trade agenda, this book attempts to present a thorough analysis of EBA. 'European Union Trade Politics and Development' contains contributions from a diverse range of scholars who collectively present a comprehensive picture of EBA. This volume also contains a broader analysis of EU trade politics towards the South, focusing on agricultural policy reform, Europe's evolving relationship with ACP countries (ex-colonies from Africa, the Caribbean and the Pacific), it links EBA with Europe's negotiating position within the World Trade Organization. Contributions to this volume also consider the continuing negotiation leverage of EBA within the Doha Development Agenda, make comparisons with United States trade policy vis-à-vis the LDCs, and focus on the economic effectiveness of EBA in terms of its stated objectives as well as on the institutional skirmishing within the EU. © 2007 selection and editorial matter, Gerrit Faber and Jan Orbie; individual chapters, the contributors. Todos los derechos reservados.
Full-text · Article · Jan 2007
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EU Commercial Policy in a Multipolar Trading System WORKING PAPERWORKING PAPER The Centre for International Governance InnovationThe Centre for International Governance Innovation SIMON EVENETT Working Paper No.23 April 2007 An electronic version of this paper is available for download at: www. cigionline. orgwww. cigionline. org Building Ideas for Global ChangeTM Emerging Economies
TO SEND COMMENTS TO THE AUTHOR PLEASE CONTACT: Simon J. Evenett Professor of International Trade and Economic Development Department of Economics, University of St. Gallen simon. evenett@unisg. ch If you would like to be added to our mailing list or have questions about our Working Paper Series please contact publications@cigionline. org The CIGI Working Paper series publications are available for download on our website at: www. cigionline. org The opinions expressed in this paper are those of the author and do not necessarily reflect the views of The Centre for International Governance Innovation or its Board of Directors and /or Board of Governors. Copyright © 2007 Simon J. Evenett. This work was carried out with the support of The Centre for International Governance Innovation (CIGI), Waterloo, Ontario, Canada (www. cigionl ine. org). This work is licensed under a Creative Commons Attribution - Non-commercial - No Derivatives License. To view this license, visit (www. creativecommons. org/licenses/by - nc-nd/2.5/). For re-use or distribution, please include this copyright notice.
EU Commercial Policy in a Multipolar Trading System* Simon J. Evenett Working Paper No.23 April 2007 Emerging Economies CIGI WORKING PAPER *The author thanks John Curtis and Bob Wolfe for a stimulating his thinking on this subject in a recent conversation on the multipolar trading system. He also thanks Roderick Abbott, Richard Baldwin, Krishna Gupta, Bernard Hoekman, Patrick Low, and John Whalley for helpful comments on the first draft of this paper. The author alone is responsible for the errors contained herein. For contact information and other writings see his webpage <http://www. evenett. com>.
John English Executive Director Andrew F. Cooper Associate Director and Distinguished Fellow Daniel Schwanen Chief Operating Officer and Director of Research John M. Curtis Distinguished Fellow Louise Fréchette Distinguished Fellow Paul Heinbecker Distinguished Fellow John Whalley Distinguished Fellow Eric Helleiner Chair in International Governance Jennifer Clapp Chair in International Governance Andrew Schrumm Working Papers Co-ordinator Alicia Sanchez Production and Graphic Design Research Committee Publications Team
On behalf of The Centre for International Governance Innovation (CIGI), it gives me great pleasure to introduce our working paper series. CIGI was founded in 2002 to provide solutions to some of the world’s most pressing governance challenges—strategies which often require inter-institutional co-operation. CIGI strives to find and develop ideas for global change by studying, advising and networking with scholars, practitioners and governments on the character and desired reforms of multilateral governance. Through the working paper series, we hope to present the findings of preliminary research conducted by an impressive interdisciplinary array of CIGI experts and global scholars. Our goal is to inform and enhance debate on the multifaceted issues affecting international affairs ranging from the changing nature and evolution of international institutions to analysis of powerful developments in the global economy. We encourage your analysis and commentary and welcome your suggestions. Please visit us online at www. cigionline. org to learn more about CIGI’s research programs, conferences and events, and to review our latest contributions to the field. Thank you for your interest, John English John English EXECUTIVE DIRECTOR, CIGI
Author Biography Simon J. Evenett is Professor of International Trade and Economic Development, Department of Economics, University of St. Gallen, Switzerland, and Director of the Swiss Institute for International Economics and Applied Economic Research (SIAW-HSG). In addition to his research into the determinants of international commercial flows, Dr Evenett is particularly interested in the relationships between international trade policy, national competition law and policy, and economic development. He obtained his PhD in Economics from Yale University and a BA (Hons) from the University of Cambridge. Dr Evenett has been a (non-resident) Senior Fellow of the Economic Studies Programme in the Brookings Institution, Washington, DC. Previously, he has taught at Oxford University and Rutgers University as well as serving twice as a World Bank official. Among his recent publications is the co-edited volume (with Bernard Hoekman), Economic Development and Multilateral Trade Cooperation (Palgrave Macmillan, 2005). Abstract In recent years, the bipolar multilateral trading system of the post-war years has given way to a multipolar alternative. Although many specifics have yet to be determined, some contours of this new trade policy landscape are coming into focus and in this short paper I examine their implications for the European Union's external commercial policy. Particular attention is given to both the state of business-government relations and the propensity to liberalise under the auspices of reciprocal trade agreements by Brazil, India, and China; the potential new poles of the world trading system. I consider the likely consequences of these developments, plus factors internal to both the European Union and the United States, for the possible con-tent of future multilateral trade initiatives.
EU Commercial Policy in a Multipolar Trading System | 2 "Why should the WTO be ‘led’by just a few rich white countries? It was that way for years, but the developing countries have fundamentally changed the WTO." Pascal Lamy (2002) then-European Trade Commissioner 1. Introduction Having played an instrumental role in the development of the rules and institutions of the post-war international economy, European nations (often acting in collaboration) remain a dominant force in the multilateral trading system. Without question, national foreign policy and commercial goals have influenced trade policies of European nations; in addition, they have signed bilateral trade agreements and multilateral accords with their own interests in mind. Yet beyond self-interested motivations, acting together, members of the European Union (as it was to become) formed one of the two traditional poles of the world trading system, alongside their American counterparts. However in the last 10 years, other nations, in particular certain large developing countries, have contested these arrangements and arguably the bipolar world has given way to a multipolar alternative. This working paper examines some of the longer-term implications of a multipolar World Trade Organization (WTO) for European policy-makers and explores what role the European Union might play in the multilateral trading system in the years to come. Along the way, I make a number of observations about the decline of the bipolar dominance of the world trading system, the factors likely to influence the future commercial policies of the emerging trading powers, and the possible form that future multilateral trade initiatives might take. These observations may be of interest not just to those concerned about Europe's place in the world but to those interested in the potential future trajectory of the multilateral trading system.
3 | Simon J. Evenett To me there are at least four important challenges to be faced when thinking through the implications of a multipolar world trading system. I will describe these challenges so as to better characterise the various elements of the required analysis. The first challenge is that the contours of this new world have not been precisely defined. Even so, part (and maybe enough) of the landscape is coming into focus. Given their recent economic performance and the positions taken during the Doha Round of multilateral trade negotiations, it seems that the identity of the new poles can be established with some confidence. I shall take these new poles, or trading powers, to be China, India, and Brazil. In what follows I argue that specific aspects of their economic reform programmes, in particular the nature of business-state relations, as well as their very limited experience of liberalising in the context of reciprocal trade agreements, will shape the ends and means that these three nations pursue in the WTO over the medium to longer term. It is often said that the poles of the world trading system are supposed to provide its leadership. The second challenge, then, is that it is not immediately apparent what leadership means in this context.1Does it mean the capacity of a WTO member to ensure that its propos-als end up on this organisation's agenda? Does it mean the ability to cajole other members into accepting a nation's plans for the multilateral trading system, be that with respect to the future market opening and liberalisation or the development of new rules for the world economy? Or does leadership include the capacity to successfully broker compromises and agreements among the diverse WTO membership? Does leadership include 1Wolfe (2007) takes a different perspective examining, amongst others, what subset of the WTO membership effectively constitute "critical mass" in so far as the decision-making of that international organisation is concerned. Section 1 of his paper contains a particularly interesting discussion of the notions of power, negotiations, learning, and agency in the context of the WTO.
EU Commercial Policy in a Multipolar Trading System | 4 the capacity to encourage compliance by others with the WTO's rules and principles? Arguably, leadership in the WTO consists of all of these things and towards the end of this paper, after discussing the evolving multilateral trade landscape, I will draw out a number of implications for the leadership that Europe could offer the multilateral trading system in the years ahead. Athird challenge concerns the question "whose trade policy is the EU's trade policy?" This question speaks not only to the institutional mechanisms that determine EU commercial policy, but also to the interests of European Union member states, corporations, unions, and other interested parties.2 Although I will not dwell on these factors as much, I note that the EU's population and member states have in recent years been sharply divided over the case for further liberalising their respective economies, in national, regional, and multilateral initia-tives. (In the trade policy arenas this has manifested itself in a divergence of view on the mer-its of liberalising agriculture in the context of the Doha Round.3Moreover, clear divisions between the member states have arisen concerning the use of so-called trade defence instruments, namely, anti-dumping, countervailing duties, and safeguard measures.4) Finally, EU member states have acted more aggressively towards the European Commission, a point that I doubt is lost on the EU's trading partners. There are certainly connections between these con-siderations and the rise of a multipolar world, not least because it is the very growth of certain emerging markets that some see as a threat to European living 2An analogous question could be asked of the political economy of trade reform in each of the existing and emerging trading powers. 3I documented those intra-EU differences on agricultural trade reform in Evenett (2006a). 4Edwin Vermulst and I have documented the differences in view between member states concerning the efficacy of anti-dumping measures, see Evenett and Vermulst (2005).
5 | Simon J. Evenett 5Recently I have evaluated both the near-term trajectory and the longer-term strategy of EU commercial policy, see Evenett (2006b; 2007). 6I admit that much has been written on these matters, too much in fact to summarise here. One contribution in this respect is the Sutherland Report (Sutherland, 2004). See also Wolfe (2007) for a recent insightful analysis of such matters. standards and this factor has conditioned trade policy of the EU. These arguments also beg the question as to whether the European Union has the trade policy-making priorities and institutions it needs, a matter that is all the more poignant as 2007 marks the 50th anniversary of the signing of the Treaty of Rome.5 The final challenge concerns the WTO itself. At this stage the outcome of the Doha Round is unknown and, whatever the conclusion is, it could have important implications for the attitudes taken by the current and future poles of the world trading system. Some observers in industrialised countries, for example, see the Doha Round as the last multilateral trade round, arguing that securing agreement takes too long or doubting that there is a basis for a reciprocal bargain that could form the foundation of a successful future multilateral trade round. Moreover, questions might well be asked of the WTO's rule-making procedures and associated principles6(including the consensus principle, the Single Undertaking, binding dispute settlement, the principle of reciprocity, etc.) These institutional factors and any changes therein will both be the result of decisions by WTO members and are likely to influence the future role of trading powers in the WTO. Inevitably, in such a short paper some selectivity is required. In what follows I will first focus on the fall of the bipolar world trading system, the factors likely to shape the commercial policies of the three emerging trading powers, namely, Brazil, China, and India, and the implications for the commercial policy of the European Union and the possible shape of future multilateral trade initiatives.
EU Commercial Policy in a Multipolar Trading System | 6 7Ostry (2006: 3) characterises the bipolar dominance slightly differently and arguably more completely than Lamy: The GATT worked very well, effectively managed from the 1960s by the European Community (now European Union or EU) and the US with a club of friends. No headlines for the General Agreement to Talk and Talk. The club model was based on a post-war consensus termed "embedded liberalism": rules and other arrangements to buffer or interface between the international objective of sustained liberalisation through the reduction or elimination of border barriers and the objectives of domestic policy, sovereignty and stability. This largely transatlantic consensus was greatly aided by the use of reciprocity in negotiations (denounced as mercantilist by purists) and by the virtual exclusion of agriculture (via an American waiver and the nearsacrosanct European CAP or Common Agricultural Policy). Developing countries were largely ignored, although that began to change in the 1970s as a consequence of the OPEC oil shock. At most I hope that arguments developed here will encourage policy-makers and analysts to reflect further on the four challenges described above and on what the shift towards multiple poles implies for the multilateral trading system. 2. The Fall of the Bipolar World Trading System From at least the negotiation of the General Agreement on Tariffs and Trade (GATT) to the establishment of the WTO in 1995, the two dominant powers in the world trading system were the European Union (formally the European Communities and its Member States) and the United States. When Pascal Lamy was the European Commissioner for Trade he described the situation thus: One classical piece of conventional wisdom on the WTO is that nothing happens in the WTO without agreement between the US and the EU. Other countries stand aside, not always happily, until the elephants have fought it out and they are "invited" to join the consensus. The other part of the conventional wisdom is that the US tends to lead the way, dragging with it an unwilling EU. This might have been true in earlier days of the GATT, but I do not believe it has been the case over the last few years. (Lamy, 2002)7
7 | Simon J. Evenett The conclusion of the Uruguay Round which, in addition to cutting tariffs on merchandise trade further, brought agriculture, services, and intellectual property rights into the ambit of intern - ational trade rules, created a binding system of dispute settlement, and established the WTO, represented the high point in the influence of the transatlantic powers on the world trading system. During the Uruguay Round, for the large part, the European Community and the United States set the multilateral trading system's agenda, advanced their own interests, negotiated compromises, and event - ually secured the agreement of the GATTmembership. For sure the Uruguay Round took a long time to negotiate, experienced a few "near death" experiences along the way, and certainly involved the assent of other nations, but still the broad thrust of this initiative was guided by the two leading powers. Europe and America's continued dominance of the world trading system was not to last. In just over 10 years since the conc - lusion of the Uruguay Round their influence has been vigorously contested and the WTO, the product of this transatlantic leadership, has suffered a considerable reversal of fortune. With hindsight it is possible to identify a number of factors responsible for this turn of events. First, chronically speaking, were the doubts that many WTO members began to have in the mid-to-late 1990s about the efficacy of certain Uruguay Round agreements. Developing countries took aim in particular at the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs), arguing that it raised the cost of medicines in their countries without enhancing their availability. As this Agreement was seen by many industrialised countries as an important accomplishment of the Uruguay Round the battle lines were drawn and arguably the guerrilla war against the TRIPs agreement continues to this very day. Developing countries also called attention to what they saw as heavy costs of implementing the Agreement on Technical Barriers to Trade, the Sanitary and Phytosanitary Measures Agreement, and obligations
EU Commercial Policy in a Multipolar Trading System | 8 entered into concerning customs reform. Despite the weak evidence offered in support of these claims, many developing country trade officials feared that the balance of costs and benefits associated with the Uruguay Round trade agree-ments had shifted too far against them. Demands to address these concerns, including the potential renegotiation of certain agreements, grew over time. The legacy of bipolar control of the world trading system looked increasingly tarnished.8 Asecond development was the determination of the European Commission and the United States to introduce proposals that would further expand the binding rules of the multilateral trading system, in particular as they relate to domestic regulatory policies. Both sought in the mid-to-late 1980s the inclusion of labour and environmental provisions in WTO agree-ments. The European Commission also sought to negotiate multilateral disciplines on investment policy, competition law, transparency in government procurement, and trade facilitation (the so-called Singapore Issues.) Many developing countries saw potential labour and environmental provisions as both directly undermining the cost competitiveness of their exports and providing a pretext for protectionist measures by industrialised countries and consequently vigorously opposed these provisions. One casualty of this opposition was the WTO Ministerial Meeting in Seattle, held in 1999, where the American chair got a taste of more of what was to come: robust opponents willing to block progress in a system based on the consensus principle. European objectives were to fare little better. At the Cancún Ministerial Conference in 2001 representatives of the African Group of developing countries vetoed the formal launch of negotiations of the four Singapore Issues and the meeting 8Ostry (2006: 3) offered the following colourful evaluation of what developing countries actually obtained from the Uruguay Round of multilateral trade negotiations "The Grand Bargain turned out to be a Bum Deal."
9 | Simon J. Evenett collapsed soon there-after. Also, a joint US-EU proposal on the modalities for the agricultural trade negotiations was rejected as inadequate by a group of 20 or so developing countries led by Brazil and including China and India. The EU-US cartel over agenda setting and compromise brokering was over. Athird development at the Cancún Ministerial Conference and afterwards was the formation of different groups of developing countries keen to influence deliberations at the WTO. Care is needed here as developing countries have formed alliances before, including during the GATT era. Now, however, the scale and robustness of these groupings is of a different order. Some groupings have sought to aggressively cut the agricultural support paid by industrialised countries, others have agued to limit the reforms expected of their own agricultural sectors. Meanwhile other groups are oriented around regional, stage-of-development, and even product-related (e. g. cotton) concerns. Brokering compromises simultaneously among such a large number of groups became impossible and the obvious alternative - taking sequential steps towards compromise - ran into trouble as no individual WTO member or group was prepared to make concessions first, fearing that those concessions would be "pocketed" and the demands of trading partners ratcheted up higher. This proved to be a recipe for delays, stalemate, and endless missed deadlines. Another innovation was that development-related considerations were supposed to be given particular attention during the Doha Round. The Ministerial Declaration launching the Doha Round is replete with development-related statements.9If the emphasis on development concerns was the price that had to be paid by the 9The Doha Ministerial Declaration mentions the word "development" 39 times, the phrase "technical assistance" 21 times, the phrase "capacity building" 13 times, and the expression "Special and Differential Treatment" 8 times.
EU Commercial Policy in a Multipolar Trading System | 10 10It seems to me that many Least Developed Countries' approach to the various forms of Special and Differential Treatment could well be examples of these last two possibilities. 11For example, the Doha Development Agenda is almost always referred to as the Doha Round in Washington, DC trade circles. European Commission and the US to secure the launch of the Round in 2001, then that says something about the collective clout of developing countries and their capacity to influence the WTO agenda-setting process. The fact that subsequent discussions, in particular as they relate to Special and Differential Treatment and Aid for Trade, have rarely moved beyond generalities to specifics can be interpreted in a number of ways. It could imply that developing countries' ability to influence the WTO's agenda does not carry over yet to securing agreement on major items of items of interest to them. Alternatively, it could reflect the fact that developing countries are divided on some development-related matters (for example, the efficacy of measures to address preference erosion), or that they do not know what they really want in this respect (or cannot decide what they want until they see the other elements of a potential Doha Round agreement), or that they know what they want but do not want to specify their demands as of yet.10Moreover, doubts have been expressed about the commitment of certain industrialised countries, in particular the United States, to the development dimension of the Round.11The latter point may be a reminder that the end of the bipolar world trading system does not mean the end of these two trading powers influence. It would be wrong to infer from this discussion that the decline of the bipolar world trading system was responsible for all of the trials and tribulations of the Doha Round. Nor does the foregoing discussion imply that the EU and the US no longer remain central to the destiny of the multilateral trading system. The latter's economic size and extensive international trade and investment interests provide strong incentives to keep them engaged and underlie their
11 | Simon J. Evenett still significant bargaining power. Even so, it is worth briefly noting the other central challenges faced during the Doha Round negotiations to date. These challenges may well be overcome in 2007 and, even if they are, a return to a bipolar world trading system seems highly unlikely. Amajor obstacle experienced during the Doha Round nego - tiations is that, for various domestic political reasons in Europe, the United States, China, and India, to date it has been impossible to identify an overlap in the tolerable level of liberalising ambition. Nowhere is this more apparent than in the agricultural trade negotiations which have received prominent billing in this Round. Domestic considerations have forced the European Union, India, and China to limit concessions on market access to their agricultural sectors, which is precisely the opposite of the reforms sought by the United States (and, earlier, by Brazil too.) Apparently US trade negotiators feel they need aggressive foreign market opening for their farmers and ranchers if the latter are to be persuaded to accept reductions in domestic support payments (subsidies and associated payment) that America's trading partners seek. Arguably, similar mismatches in ambition can be found in the current proposals to liberalise goods trade and national service sectors. In each case readily identifiable, strong domestic constituencies have sought to constrain the freedom to make concessions by national trade negotiators, with some interest groups seeking to cap reforms while others demand minimum levels of liberalisation. In my view these constituencies in Europe and in the United States have effectively and consistently outmanoeuvred supporters of trade reform and negotiators since the begin-ning of the Round. If such constituencies prevail and the Doha Round irrevocably collapses then there may well be questions about the extent and form of liberalisation that the WTO could possibly deliver in the medium-term.
EU Commercial Policy in a Multipolar Trading System | 12 Another feature of the Doha Round has been the reluctance of trade negotiators to "pay" for other countries' unilateral reforms. For example, few of the EU's trading partners appear willing to give their European counterparts "negotiating credit" for implementing the unilateral reforms of the Common Agricultural Policy agreed to by EU Member States at the beginning of this decade. This unwillingness goes against two of the major tenets of WTO negotiations; namely, that bindings are what matter and that the binding of previously undertaken unilateral reforms is of value. Perhaps corporate interests view completed unilateral reforms as "history" and, more importantly, as almost certainly irreversible. In which case, those interests are unlikely to be impressed by commitments to bind unilateral reforms because it does not create any new commercial opportunities for them. In such circumstances corporate interests may well demand as a condition for their support of the multilateral trade round further actual liberalisation on the part of trading partners. Given the high level of bindings agreed in some sectors and by many developing countries in the Uruguay Round, this demand typically amounts to demanding very significant cuts in the relevant bindings by trading partners. Moreover, the levels of cuts necessary to create new commercial opportunities for corporate interests may not be consistent with any commitment to ensure comparable levels of cuts within a given class of WTO member, or indeed with a commitment that one group of WTO members (such as developing countries) makes less cuts on average than another group. There are several related factors at work here: the significant number of unilateral reforms undertaken in some sectors and by many countries that has created the gap between the bindings and the applied measures in the first place; the fact that it is cuts in applied measures and not bindings which create new commercial opportunities; agreements among WTO members to maintain comparable levels of ambition among countries at similar levels
13 | Simon J. Evenett 12Another factor limiting corporate support is the lack of transparency and specificity concerning the exceptions that each WTO member can take with respect to liberalisation in each major area of trade. Unless and until these exceptions are specified openly, a major exporter is likely to discount any potential exports gains from completing the Doha Round by the likelihood that the product or products it ships are listed as an exception. Arguably, the difficulties with bindings described in the main text and the uncertainty generated by lack of specificity on exceptions combine to limit the willingness of major exporters to support the current round of multilateral trade negotiations. In general, more thought needs to be given to the effect of what might appear to be tedious technical negotiating modalities on the incentives of major corporate groups to support multilateral trade liberalisation. of development and to expect less ambition from the developing and least developed countries; and the apparently low levels of corporate support for completing the Doha Round. In sum, bindings may well be the legal "currency" at the WTO but, after nearly two decades of unilateral reforms in some WTO members, as currently formulated the proposed cuts in such bindings do not appear to elicit enough corporate support to overcome the opponents to multilateral trade reform.12If this diagnosis is correct then there may be significant flaws at the political economy core of the reciprocity-based multilateral trading system. To summarise, this section has marshalled arguments in support of the proposition that the bipolar domination of the world trading system by the European Union and the United States has ended. Moreover, I have argued that other countries have come forward and joined, rather than displaced, the EU and the United States. Finally, I have tried to put these arguments in perspective by pointing out other factors that have complicated the negotiation of the Doha Round, including effective domestic interests that have made finding a common level of liberalising ambition difficult and the complications that arise when negotiating trade agreements using bindings after an era of extensive unilateral reforms. These latter two factors raise questions about the political economy of the reciprocity-based negotiations at the WTO. Having said that,
EU Commercial Policy in a Multipolar Trading System | 14 13Using current exchange rates the relative size of China's economy looks slightly less large. China's economy recently overtook the United Kingdom's in size, the latter being the fourth largest economy in the world. China is expected to overtake Germany, the third largest economy, soon. 14Please note that the data reported in Table 1 for the European Union excludes intra-EU trade. I return to the focus here on the multipolar trading system. In the next section I consider the various factors likely to shape the commercial policy objectives of the potential new poles in the world trading system. That discussion, plus the observations made above, will provide the basis upon which to consider the possible implications for Europe's longer-term commercial policy and associated strategy. 3. Factors Underlying the Likely Future Commercial Policy Strategies of Brazil, China, and India Which nations are likely to join the EU and the US as leading trade powers? This question is difficult to answer with certainty, however, recent economic performance and the profile adopted during the Doha Round of negotiations suggest, initially, three potential candidates namely, Brazil, China, and India. As the data reported in Table 1 indicates, in purchasing power parity terms, after 30 years of fast growth China now has an enormous economy, whose gross domestic product (GDP) is two-thirds that of the size of the US economy.13Underlying China's phenomenal economic growth has been an export boom that has seen it become the third largest exporter of merchandise goods in the world (see Table 1). The ratio of total imports plus exports to GDP in China is just under 65 per cent, a level far higher than in the US, EU,14Brazil, and India. China's growing clout has been recognised by its trading partners and, indeed, some have contended that fear of competitive Chinese exports has made some WTO members more
15 | Simon J. Evenett reluctant to liberalise under the auspices of the Doha Round. Even if China's growth rate were to halve over the decade to come then it would still be a sizeable economic power. Together, these matters justify further consideration of China as a potential pole of the world trading system. Table 1. Principal Trade-related Statistics of Current and Potential Poles of the World Trading System Current poles of the world trading system Potential poles of the world trading system Indicator European United Union* BrazilChinaIndia States Overall indicators Population, millions GDP, billions PPP US$ Total merchandise exports**, billions US$ (ranking in world***) [% world total] Total merchandise imports, billions US$ (ranking in world) [% world total] Total services exports, billions US$ (ranking in world) [% world total] Total services imports, billions US$ (ranking in world) [% world total] Total trade, billions US$ Total trade/GDP, % Total trade per capita, US$ Percentage of merchandise exports shipped to EU and USA 459 12097 1320 (1) [17.12] 1461 (2) 1732 (1) [18.03] 432 (1) [27.08] 384 (1) [24.39] 3597 29.7 7837 - 296 12409 904 (2) [8.67] 186 1627 118 (15) [1.13] 77 (19) [0.72] 15 (21) [0.62] 22 (17) [0.95] 232 29.5 1018 42.4 1304 8572 762 (3) 95 (20) [7.30] 660 (3) 135 (11) [6.12] 74 (4) [3.06] 83 (4) [3.54] 1579 64.5 962 40.3 1095 3816 [0.91] [16.07] 354 (2) [14.66] 281 (2) [11.98] 3271 24.4 9714 - [1.25] 56 (6) [2.32] 52 (7) [2.22] 338 36.7 236 38.0 Trade policy related indicators Tariff binding coverage, % Simple average applied tariff rate for agricultural goods, % Simple average applied tariff rate for non-agricultural goods, % MFN duty free imports, % of total imports GATS services sectors with commitments Membership of goods-related (services-related) RTAs notified to WTO 100 5.9 4.0 53.1 115 23 (5) 100 n. a. 3.3 46.8 110 9 (8) 100 10.3 12.7 22.2 43 4 (0) 100 15.9 9.1 34.0 93 4 (2) 73.8 15.4 37.6 2.1 37 5 (0) Notes: Data relates to latest year reported in source. * The data reported here for the European Union refers to its first 25 members All extra-EU trade data is taken from the DG Trade website and refers to the year 2005. ** All trade data reported here (exports and imports) excludes intra-EU trade. *** All rankings take the EU as a single trading entity. Source: WTO Country Profiles, unless otherwise specified. Available online: <http://stat. wto. org>.
EU Commercial Policy in a Multipolar Trading System | 16 In contrast the case in favour of Brazil and India's emergence as poles is less clear cut. Brazil and India are the 15th and 20th largest exporters of merchandise goods in the world, respectively (see Table 1). Moreover, neither country's trade-to-GDPratio is exceptionally high. Even so, both countries are regional powers and have been keen to raise their profile globally. Both countries have played a central role in the Doha Round negotiations and have built worldwide coalitions of WTO members, which is one important characteristic of leading trading powers. Their inclusion as potential poles is more of a reflection of this fact than because of their prior economic performance. Having said that, both countries (and India in particular) may in the future become global economic powerhouses. The requirements of a sizeable economy and overseas comm - ercial interests and, as far as trade diplomacy is concerned, global ambition and reach are arguably what disqualifies many other regional trading powers from being possible poles of the world trading system, at least for the moment. For sure, both Russia and Turkey are important trading partners of the European Union. Yet neither country has a particularly large footprint in the world trading system (and let us not forget that Russia has still to accede to the WTO). South Africa, Nigeria, and Egypt seem, at most, to be regional powers. Korea, despite its relatively large economy, has not asserted itself as much as India and Brazil in multilateral trade circles preferring, it seems, to focus its energies on negotiating free trade agreements. Much of the same could be said about Mexico. Other regional powers, such as Saudi Arabia, have a sizeable economic footprint but have not been particularly active in either bilateral or multilateral trade negotiations, at least as of now. For all of these reasons I focus my attention on just three new poles: Brazil, China, and India. In what follows I consider the implications of their current trading performance, development strategies, and overseas corporate interests for their potential
17 | Simon J. Evenett long-term strategies towards the world trading system. In the short space available, I can hardly do justice to each of these nations' rich and illuminating development experience. Instead I identify a number of common themes which may influence their commercial policies in the years to come. Before doing that, however, it is appropriate to dwell on the relative importance of the three new potential poles and the two existing poles (the EU and the US). In discussions of changing economic leadership, catching-up, and overtaking and the like it is sensible to keep some sense of proportion. Tables 1 and 2 provide information that may be useful in this respect. Table 1 implies that, at present, the US and the EU together create (in purchasing power parity equivalent terms) nearly $25 trillion of value-added each year, nearly double the combined national outputs of Brazil, China, and India. Moreover, the EU and the US hold first or second place in the world as traders of both goods and services. The EU, for example, currently exports more in a month than India does in a year. The amount of trade per capita in both the EU and the US is seven times that of Brazil, and the comparable ratios are even higher for China and India. Clearly, Table 2. Projected GDPs of Leading National Economies, 2000-2030 (in US$ billons 2003) Potential poles of the multilateral trading system: Current poles: Total GDP of potential poles as a percentage of Year Brazil China India Total (Brazil, largest EU nations largest EU nations largest EU nations largest EU nations China, (France, Germany, plus the United India)Italy, UK)States of America Total for fourTotal for fourTotal for four Total for four (France, Germany, Italy, UK) plus the United States of America 20007621078469230957011552640.514.9 2010 6682998929459570472031865.2 22.6 2020 1333 7070 2104 105078292 24707126.742.5 2030 2789 14312 4935 22036928430117237.473.2 Source: Wilson and Purushothaman (2003).
EU Commercial Policy in a Multipolar Trading System | 18 15The original study by Goldman Sachs (Wilson and Purushothaman, 2003) included economic growth predictions for Russia as well and introduced the moniker for these four emerging markets of "BRICs". 16This particular Goldman Sachs study does not present growth predictions for the entire European Union, just these four countries. the latter three countries still have a long way to go before they match the global economic footprint of the transatlantic trading powers. Some sense of how long is given in Table 2, which reports Goldman Sachs now-famous long term economic growth pred - ictions for Brazil, China, and India.15Without doubt the precise predictions of such models should not be taken too seriously. Nevertheless they can provide approximate information about the relative economic size of different nations. For instance, these projections suggest that almost 10 years from now Brazil, India, and China's combined economic clout (as measured by their GDPs) will likely exceed the comparable total for the four largest EU economies (France, Germany, Italy, and the United Kingdom).16 The current size of the US economy will prevent it from being overtaken for decades after that. In sum, then, it seems reasonable to expect that Brazil, India, and China will continue to expand their shares of the world economy and will relatively soon have in aggregate roughly the same economic footprint as the European Union. This development does not imply that the EU and the US will cease to be significant forces in the world economy. Indeed, both seem certain to retain considerable influence in the world trading system. I now turn to the factors likely to shape Brazil, China, and India's external commercial policies in the decades ahead. In what is admittedly an ambitious undertaking, I shall emphasise certain economic and political factors which seem to be important in all three of these societies. I do not mean to suggest that these factors are equally important in each country or that other factors are unimportant. Instead, this kind of forward-looking and inherently
speculative exercise is fraught with enough risks that I would prefer to identify a few factors that I am relatively more confident about than produce laundry lists of factors and caveats that the reader has a difficult time sorting through. The first factor that is likely to be important is that all three economies have turned to external demand to stimulate economic growth (through exports) and are, therefore, relatively dependent on open markets abroad. Indeed, China has been sensitive in recent years to the amount of restructuring that its exports are causing its trading partners and is seeking to shift demand growth towards more domestic sources (including consumption growth and growing demand for non-traded services.) Table 1 reports that approximately 40 per cent of each of the new trading powers' exports are shipped to the United States or to Europe; a percentage that, if current trends are to go by, is likely to increase. This finding suggests, amongst others, that the case could be made to Brazil, China, and India that they have a strong interest in ensuring that Western markets stay open and that currently WTO-legal loopholes to close markets (namely, anti-dumping, countervailing duties, and safeguard measures) ought to receive further scrutiny. The preservation of market access, an important function of the WTO, should at a minimum be of interest to these emerging trading powers. The second factor to take into account is that, despite all of the trade reforms undertaken by Brazil, China, and India, to date there is still plenty of room for these countries to liberalise access to their markets further. Data reported in Table 1 indicates that the average applied rate of tariffs on agricultural and non-agricultural goods is multiples of the comparable numbers for the US and EU. In addition, comparatively fewer products enter Brazil and especially India duty free. Moreover, with the possible exception of China (which went through the one-sided WTO accession process) there is plenty of room for these countries to expand 19 | Simon J. Evenett
EU Commercial Policy in a Multipolar Trading System | 20 17The China-Chile FTA is a good example. This FTA contains no provisions on service sector liberalisation or on national intellectual property rights law. In fairness provisions on sanitary and phytosanitary measures are included in this FTAand appear to go beyond existing multilateral disciplines. With respect to the liberalisation of trade in goods in this FTA, China ensured that 211 tariff lines were excluded outright from liberalisation. In addition a total of 1610 product lines were given 10 year phase-in times for tariff elimination. 18India sought to put 840 items on a sensitive list (down from an initial demand of 1400 items) in its FTA negotiations with ASEAN, and rejected an ASEAN demand that India remove import duties on 90 per cent of its product lines by 2011. The ASEAN-Indian FTA negotiations were suspended soon after on 25 July 2006. Thailand faced similar challenges in its negotiations with India, with the latter seeking to impose very restrictive rules of origin that would have reduced the amount of goods able to enter India on a preferential tariff basis. their commitments to open their service sectors to international competition. The potential for trade reform, of course, does not imply an appetite for such reform. Indeed, a review of public statements made to national newspapers (and not to international audiences) by Chinese and Indian government officials during the second half of 2006 suggests little desire to liberalise agricultural import regimes or service sectors. India has also expressed concerns about liberalising goods trade further. Notwithstanding developments in the last year or so, another similarity between Brazil, China, and India is just how relatively few free trade agreements they are members of (see Table 1). Perhaps more importantly, there is little or no evidence that any of these countries have been willing to substantially liberalise their economies within the context of reciprocal free trade agreements. China, for example, has to date signed free trade agreements (FTAs) that are confined principally to freeing merchandise goods trade and these accords do not include many (if any) service sector commitments or provisions on regulatory measures that tend to be of interest to industrialised countries.17If anything, India's track record in FTA negotiations is worse. In addition to limiting the scope principally to goods trade, India has sought exceptions for literally hundreds of tariff lines (so much so that a number of its FTA negotiations have stalled18or been suspended because of
21 | Simon J. Evenett these demands for exemptions).19Brazil's FTA initiatives have tended to fall into two groups: those that are concluded with Latin American neighbours where the implementation record has been poor (e. g. Mercosur) and those with non-Latin American trading partners were the negotiations have not been completed (e. g. the EU-Mercosur negotiations.) The conclusion I draw from this experience is that all three countries have little or no experience of agreeing to and imple - menting extensive trade reforms within the context of reciprocally negotiated international trade agreements. In this regard it is worthwhile recalling that before the Uruguay Round of trade negotiations developing country members of the GATT (which included Brazil and India) were not expected to liberalise during multilateral trade rounds. The Uruguay Round did call for reciprocal liberalisation, but as noted earlier, this agreement is not held in high regard by many developing countries, including Brazil and India.20In short, Brazil, China, and India have little or no track record of engaging in recipro-cal trade liberalisation and, since these three emerging trading powers are taking centre stage in the WTO, the degree of future support for the liberalisation function 19Defenders of India's FTA strategy point to its FTA with Singapore, which includes measures to modestly liberalise India's service sector. (Even here certain restrictions on the establishment of commercial presence through foreign direct investment have been retained by India.) It should be noted that this agreement also contains numerous exceptions to liberalising goods trade between the parties. A total of 6551 tariff lines were excluded outright from tariff liberalisation. A further 2407 tariff lines will only see a phased reduction of 50 per cent in the applied tariff rates. Together these exclusions and phased reductions account for approximately 76 per cent of India's tariff line commitments in its FTA with Singapore. In my view the latter indicates a distinct reluctance by India to commit to across-the-board goods trade liberalisation in the context of a reciprocal trade agreement with a nation whose economy is less than 5 per cent of the size of the Indian economy (when these economies are measured in purchasing power parity terms). 20Both of these nations have called for certain Uruguay Round trade agreements to be renegotiated.
EU Commercial Policy in a Multipolar Trading System | 22 of the multilateral trading system must be called into question. Worse still, the impressive growth of each of the three new trading powers' exports since 2000 may further convince them that their overseas commercial interests can flourish without further reci - procal trade liberalisation.21 Afourth similarity concerns the use of industrial policy and the associated implica-tions for business-government relations in Brazil, China, and India. As is well known, with the Washington Consensus moving out of favour with developing country policy - makers, industrial policy's profile has risen. For better or for worse, desires not to leave corporate development entirely to the marketplace and to use large domestic markets to nurture national firms probably also account for the attention to industrial policy given by decision-makers in these three countries (and elsewhere for that matter22). As I argue below, what is also important is the implications of these policies for how states perceive the perfor - mance of "their" firms abroad for their offensive commercial policy agendas. China, for one, adopted a policy in the 1990s of developing a so-called National Team of firms capable of competing in world markets (for details, see Nolan 2001). According to Sutherland (2003), 113 of China's 2692 industrial groups were selected for special treatment and have strong links to China's State Council, 21According to WTO statistics Brazil, India, and China each saw their combined exports of goods and services grow on average (in nominal terms) by at least 20 per cent per annum since 2000. 22The reader should not interpret the following emphasis on China and India's industrial policies and the extensive nature of their business-government linkages as suggesting that these countries circumstances are particularly egregious or unique. The resurgence in recent years of policies towards national champions from certain European governments, including for example its manifestation as "economic patriotism" in France, demonstrate that the new trading powers are not alone in their pursuit of industrial policies and the like.
23 | Simon J. Evenett the most senior governmental decision-making body. A Vice - Premier of China, Wu Bangguo, once rationalised this policy in the following terms: In reality, international economic confrontations show that if a country has several large companies or groups it will be assured of maintaining a certain market share and a position in the international economic order. America, for example, relies on General Motors, Boeing, Du Pont, and a batch of other multinational companies. Japan relies on six large enterprise groups and Korea relies on 10 large commercial groupings. In the same way now and in the next century our nation's position in international economic order will be to a large extent determined by the posi-tion of our nation's large enterprises and groups. (cited in Nolan, 2001: 71.) … If we use our strong large-scale enterprises and groups and they all fight alone, everyone will still find it difficult in the ever intensifying domestic and interna-tional competition to compete on equal terms with large international companies. We must therefore unite and rise together, develop economies of scale and scope and nurture a "national team" capable of entering the world's top 500. (cited in Nolan, 2001: 81) It is doubtful whether, having nurtured these large firms and encouraged them to cultivate links with the highest reaches of central government, that Chinese officials will be prepared to let them fail in foreign markets or have their overseas strategies thwarted without some form of intervention on the firm's behalf.23 Matters are slightly different, however, in India. In a pair of penetrating articles published in 2006 Kohli describes how a pro - business, rather than a pro-market, strategy guided both business - 23For a recent analysis of the corporate performance of the Chinese National Team see Guest and Sutherland (2006).
EU Commercial Policy in a Multipolar Trading System | 24 government relations in India and the course of economic reforms in recent years (Kohli, 2006a; 2006b). In his concluding observ - ations, Kohli (2006b: 1368) notes: The evidence is more consistent with the view that the development model pursued in India since about 1980 is a pro-business model that rests on a fairly narrow ruling alliance of the political and economic elite. Kohli contends that an influential group of Indian business - people agreed that the state should take measures to facilitate export expansion. Indeed so influential was this group in the early 1990s, at the time of India's reforms, that it was referred to as the "junior partner" of government on account of its close ties to the Indian civil service (Kohli, 2006b: 1362.) Even so, the elaborate steps taken by the Chinese government to promote its National Team (as documented by Nolan, 2001) appear to have gone far beyond those taken by Indian counterparts towards their own private sector firms (at least as documented by Kohli, 2006a; 2006b). Two developments in the past year suggest a different form of Indian state intervention on behalf of "its" firms, in particular when those firms encounter difficulties abroad. The first develo - pment concerned the hostile takeover by Mittal Steel (a London - based but Indian-run company) of Arcelor, a Continental European steel company partly owned by France, Luxembourg, and Spain. This takeover met with considerable criticism from politicians in Luxembourg and France, raising the prospect of overt or covert discrimination against the bidder. So concerned was the Government of India about Arcelor's treatment that its Prime Minister is reported to have raised the matter in person with the French President, surely the first time the holders of such offices have discussed a corporate takeover (see Financial Times, 2006). Dur-ing the dispute it is worth noting what Indian Commerce
25 | Simon J. Evenett Minister, Kamal Nath, had to say about this matter, as reported in the Financial Times: … "This is an era of globalisation, cross-border investment and liberalisation, not one in which investors are judged by the colour of their skin in breach of. national treatment rules. If the colour of the shareholder, the nationality of the share - holder, or the passport of the shareholder is to be looked at, then we will have to give new definitions to national treatment." Advising protectionist EU countries to take account of the rise of India and China as economic powers, Mr. Nath said governments should allow shareholders to determine the bid's outcome. "Countries must wake up to the new economic architecture," Mr Nath said. "The Indian government is very concerned. I raised this with Peter Mandelson (EU trade commissioner) on February 1 and will raise it again." Mr Nath's intervention reflects growing concern in India that non-tariff barriers are being erected in Europe and the US that will slow its emergence as a global economic powerhouse. (Johnson et al, 2006). The second development concerns the reaction in India to Tata's very recent takeover of Anglo-Dutch steel group, Corus. The jubilation expressed in Indian at this corporate deal strongly suggests that many identify Indian well-being with the performance of its multinational firms and raises questions as to whether New Delhi could withstand entreaties by Indian multinationals to intervene abroad on their behalf. Industrial policy in Brazil does not appear to have taken on the same virulent forms as in India and China. Government measures to bolster exports, in particular to diversify exports (away from agriculture and raw materials) have been taken. Arguably, Brazil has defended internationally its industrial policy interests before,
EU Commercial Policy in a Multipolar Trading System | 26 as the long-running Bombardier-Embraer dispute with Canada demonstrated.24Moreover, India and Brazil have made joint submissions to the WTO membership to relax certain multilateral rules on trade-related investment measures. Yet, these steps appear to be the exception rather than the rule. Overall, then, for two of the new emerging trading powers there appears to be a strong nationalistic link between their multinationals' performance and perceived state interest which, in turn, may well influence their external commercial policies. What light can the available facts on multinationals activity shed light on the strength of Brazil, China, and India's likely interest in the overseas performance of their national firms? Table 3, which was compiled from United Nations sources, provides some information that may be useful in this regard. The first potentially significant finding is that, together, these three countries have over 6,000 multinational corporations operating overseas already.25 Nearly 5,000 of these corporations are Chinese and Indian. Moreover, in the latest year for which data was available, China has as nearly as many multinational companies operating overseas (3429)26as the United States (3857). (This is not to say, though, that Chinese multinationals are on average the same size as their American counterparts.) 24For an account of this dispute and the associated government policies see Goldstein and McGuire (2004). 25This count is likely to be an underestimate as it refers to the number of parent companies that are based in a given economy and so excludes multinational companies perceived to be "ours" even though they are based abroad. Therefore, India's count would not include the Mittal Steel Company, whose headquarters is based in Europe. 26This statistic does not include the 948 multinationals based in Hong Kong, China. Whether the Chinese government feels the same degree of affinity for Hong Kong-based multinationals as it probably does for mainland Chinese counterparts is another matter and worth considering further.
27 | Simon J. Evenett The second finding in Table 3 is that almost all of Brazil, China, and India's outward foreign direct investment is in the form of cross-border mergers and acquisitions, making the manner in which these firms are treated by foreign governments, regulators, and politicians a recurring potential concern for the these three governments. Firms from Brazil, China, and India purchased or merged with a total of 490 foreign firms during the years 2003- 2005. Overall, the total overseas stock of foreign direct investments held by these three countries rose from $82 billion in 2000 to $128 billion in 2005. While this represents a substantial expansion in the overseas footprint of Brazilian, Chinese, and Indian firms, the data presented in Table 3 also indicates how small (relatively speaking) these sums are compared to the existing operations of US and EU multinationals. However, for my purposes what matters Table 3. Various Indicators of the Extent and Nature of Overseas Investments Country Number of own Multinationals1 FDI outflow (total 2003- M&A purchases M&A purchases outward FDI, 2005), value2 (total 2003- 2005), value3 Cross-border Cross-borderTotal stock ofTotal stock of outward FDI, 20056 (total 2003- 2005), number4 20005 Brazil China India Total (potential poles) European Union member states United States Total (current poles) 1225 3429 1493 6147 12.6 13.1 4.9 30.6 16.0 8.0 4.7 28.7 88 190 212 490 52 28 2 82 72 46 10 128 390181176673625930505475 3857 42875 351 1527 340 1013 3776 10035 1316 4366 2051 7526 Notes: 1Number of parent corporations, latest year available. Annex table A. I.6. 2US$ billions. Annex Table B.1. 3US$ billions. Annex Table B.4. 4Number of deals. Annex Table B.5. 5US$ billions. Annex table B.2. 6US$ billions. Annex Table B.2. Source: UNCTAD (2006).
EU Commercial Policy in a Multipolar Trading System | 28 is not whether parity in multinational activity between the new trading powers and the US and EU has been achieved, but when overseas multinational activity becomes sufficiently large so that it begins to markedly influence the trade policies of Brazil, India, and China. As the raw nerves sparked in India by the Mittal-Arcelor takeover can attest, that point may well have already been reached. Further expansion of multinational activities by these three nations' companies is likely to reinforce the priority given to defending the overseas corporate interests of "own" firms. The purpose of this section was, first, to identify three potential new poles in the world trading system and to justify their choice and the exclusion of other candidate countries. Essentially, the combination of actual economic clout (or the serious likelihood thereof) and the development of a global profile in the multilateral trade arena (in particular during the Doha Round) were the selection criteria. The discussion then proceeded to identify four shared characteristics of these emerging trading powers, namely, a high dependence on Western export markets, overseas investments and corporate activity, industrial policies, and business-government relations that could very well shape their external commercial policies in the years to come, with potential implications for each of these countries' role in the world trading system. In the next section the implications of the foregoing observations for European Union's trade policy and its place in the WTO as well as for the possible form of future multilateral initiatives will be discussed. 4. The European Union's Commercial Policy in a Multipolar Trading System Anumber of internal and external factors are likely to influence the role that the European Union is likely to play in the world trading system over the medium to longer term, and not all of them are related to the rise of a multipolar WTO. Addressing the EU's
29 | Simon J. Evenett likely role is quite a different matter from considering the role it should play and my focus here is on what those external and internal factors imply for what the EU is likely to do. I discuss a number of such factors in turn. In recent years and for a variety of reasons many European voters have tended to side with those interest groups opposed to further economic reforms. There is, for sure, variation across Europe in the support for trade and other forms of economic reform.27This opposition has manifested itself in the paring back of a European Commission initiative to liberalise the service sector (the so-called Bolkestein Directive), in the watering down of an important take-over directive, in the belief that insufficient attention was given to "social" provisions in the draft European Constitution (which contributed considerably to the eventual defeats of referenda to ratify the proposed Constitution in France and in the Netherlands), and in widespread resistance to liberalising the Common Agricu - ltural Policy. Fears about the effects of import competition from emerging markets, from East Asian nations in particular, have been expressed. All of these considerations are likely to raise doubts as to the extent to which the European Union can liberalise substanti - ally further within the context of reciprocal trade agreements. The opposition to reform may well change over time, in particular if economic growth in Europe rises and there is a sustained reduction in the numbers unemployed. European political pressures to resist, or limit, serious liberali - sation in the context of reciprocal trade agreements, mirroring similar earlier remarks about India and China, have a number of implications for European Union commercial policy. First, it must call into question what can seriously be accomplished in bilateral 27See German Marshall Fund (2006) for a recent survey of European and US public opinion on globalisation, economic reform, and related matters.
EU Commercial Policy in a Multipolar Trading System | 30 28For example, have EU officials made the case for allowing more temporary workers into Europe, which is almost certain to be a key demand of the Indian government? FTAs between the European Union and the new poles of the world trading system. The EU's economic footprint is still too big to avoid demands from trading partners that it reform, demands that it would be (on the basis of recent debates within Europe) hard pressed to meet in agriculture and in services. Interestingly, the European Commission is about to launch FTA negotiations with India. Realistically, the prospects of the latter amounting to much are limited, especially as neither party to the negotiation has prepared their respective publics for any of the reforms that might come with this initiative.28Moreover, if the public statements of Indian ministers are anything to go by, then the Indian gove - rnment has already successfully painted the European Union as the demandeur in this negotiation. Finally, both parties appear to have very different ideas about the desirable timetable for the talks (with the Europeans wanting a shorter timetable for the conclusion of the negotiations and the Indians indicating a preference for a more relaxed posture.) Asubstantial amount of optimism is needed to overcome the gloom raised by these considerations. With respect to a FTAwith China, the European Commission recently ruled this out, presumably because it would scare too many horses in Europe. China's economic prowess, especially as it relates to exports, may now make it "too big" for the European Union to negotiate a FTAwith, unless there is a marked increase in European self-confidence. Indeed, so long as fears about the rising of emerging markets persist in Europe, India and Brazil may too find that their aspirations for economic growth are a double - edged sword in their dealings with the European Union. On the one hand, a larger market may make the EU keener to negotiate a FTAwith them. On the other hand, if greater economic size has come about through exports then European fears about the impact
31 | Simon J. Evenett 29Another reason for doubting a market access agenda will gain broad-based support is that the OECD nations' merchandise trade is almost open and that the remaining market access interests of the new trading powers (including agriculture and national labour markets, the latter through the movement of national persons) remain politically sensitive matters in the US and the EU. 30Acontrary argument is that in recent years China and India have increasingly sought recourse to anti-dumping investigations to protect their domestic firms. During the period 2000-June 2006 China and India initiated 125 and 316 anti - dumping investigations respectively. The comparable numbers for the EU and the US were 159 and 232 respectively. Some have argued, however, that with all concerned targeting each others' exports then the case for stronger multilateral disciplines on anti-dumping measures may become more attractive. There may be something to this argument, however, on the basis of prior experience it seems to me to be yet another triumph of hope over experience. of import competition may block a negotiation starting or from being successfully concluded. Plus, EU policy-makers will take into account that the larger the trading partner the more likely politically-painful demands will be made of the EU during any FTA negotiation. If the latter considerations dominate, then the window of opportunity for Brazil and India to sign FTAs with the EU may be short lived. The second implication is that, given the limited prospects for successful EU bilateral trade initiatives with Brazil, China, and India, whether the EU likes it or not, all roads lead back to the WTO. However, the very difficulties that the EU, China, and India, in particular, may have in making substantial reforms in the context of reciprocal trade agreements, suggest that the market-opening role of the WTO is likely to be demoted in the years to come.29 Instead, the EU may find common ground with the new trading powers in the development of certain rules that protect their respective overseas commercial interests. To understand why, recall that the new trading powers are heavily dependent on access to the EU and US markets for their exports and could, therefore, be willing to support measures that constrain the use of trade defence instruments.30Moreover, the concerns of China and India with respect to the overseas operations of their multinationals may
EU Commercial Policy in a Multipolar Trading System | 32 31Bernard Hoekman reminded me that international cooperation on such matters need not take place within the confines of binding multilateral agreements and that alternatives, including soft-law alternatives, could be considered. Pointing to the latter logical possibility is perfectly proper and, in turn, raises the question of the relative effectiveness of potential future binding and non-binding initiatives. lead them to seek new and stronger rules on non-discrimination (on national treatment in particular) in a number of the regulatory arenas that their firms operate in. Given that Europe has a very large number of multinationals of its own and seeks to secure a greater share of commerce in emerging markets, a rules-based agenda for the WTO may be more appealing than market access-improving initiatives. No one should be under any doubt, however, about the opposition to such an agenda, which would likely have a number of sources. Nation - alistic sentiments may well be aroused by an agenda to reform national regulatory policies. Furthermore, if history is anything to go by, the United States for one is likely to vigorously oppose any tightening of rules on trade defence instruments. Moreover, a shift away from the market-opening role of the WTO towards rules development is, at first, unlikely to excite US corporate interests (including its influential agricultural interests), although presumably the case could be made that US multinational corpor - ations would gain. Brazil too may resent foregoing its ambitions to liberalise agricultural trade. These considerations suggest that there is a risk of no coincidence of wants emerging among the five likely future trading powers; with three powers probably disinclined to pursue market opening and two wanting such liberalisation. At this stage, however, perhaps the main point to stress is that a multilateral negotiation based principally on rules may well deserve a closer look, especially if the Chinese and Indian governments continue to identify closely with the overseas performance of their multinationals. On this logic rules strengthening and widening the application of national treatment disciplines could provide one foundation for future multilateral trade accords.31
33 | Simon J. Evenett The third implication concerns the nature of any future EU leadership at the WTO. Perhaps the right place to start is to reiterate that even though Europe's economy may be slow growing its very size will ensure that it can take a leadership role, should it wish to. For sure, it will be shared leadership. What the EU will have to get used to, however, is a diminution of its power as an agenda setter and as a compromise broker, and its ability to single-handedly advance its interests. The EU will likely retain an effective veto on measures that it does not like and can play a strong role in ensuring that WTO rules are adhered to by others and, perhaps more importantly for credibility-related purposes, by itself. Coalition formation will become more important and above I have attempted to identify certain potential commonalities of interest between the EU and the new trading powers. It should be stressed, however, that certain key parameters may well change over the years to come, which may alter how the EU pursues its interests at the WTO. The current proliferation of FTAs may have two consequences in this regard. First, Brazil, China, and India may, as a result of signing FTAs, become more comfortable about liberalising markets in the context of reciprocal trade agreements; a process that could well take some time given these countries' track records to date. Second, the proliferation of RTAs may result in growing demands to develop multilateral rules to offset the discriminatory effects of FTAprovisions (Baldwin, 2006). Alternatively, there may be sufficient convergence in the language of certain provisions that their codification into multilateral trade agreements may well be less challenging that appears at present. In my view much depends on the specifics of the latter provisions and their overall commercial significance. Another important parameter is the reaction among principally Western electorates to further international market integration. In addition to the woes expressed in Europe, in the United States
EU Commercial Policy in a Multipolar Trading System | 34 over the past 12 months there has been a remarkable amount of hand-wringing by the centre-left supporters of globalisation about its consequences for what is often referred to as the economic security of the middle classes and for wage stagnation.32Just how much open borders are really responsible for these developments can be debated, but should the mood towards economic reform and openness sour further on both sides of the Atlantic, then EU trade policy may take on an even more defensive posture. This could involve deterring protectionist measures at home as well as abroad and trying to conserve the WTO rules that already exist. Taken together, these arguments highlight the variety of factors likely to influence EU trade policymaking in the coming decade or so. 5. Concluding Remarks The shift from a bipolar to a multipolar trading system certainly marks a diminution in the clout of the European Union along a number of dimensions and calls for a review of the ends and means of its commercial policy. The emergence of three more trading powers was considered at some length in this paper because it is likely to condition trade policymaking in Europe and elsewhere. European officials may find that signing free trade agreements with these three emerging trade powers (Brazil, China, and India) a lot less satisfying that they currently think; with the implication that all roads probably lead back to the WTO in Geneva, irresp - ective of the detours taken en route. 32See, for example, Summers (2006). Arguably concerns about the wellbeing of the middle classes played a role in the mid-term Congressional elections in November 2006, which saw a large number of trade sceptics elected (see Evenett and Meier 2006). Finally, see press reports of, and recent testimony given at, a Hearing on Trade and Globalization, US House of Representatives Ways and Means Committee, 30 January 2007.
35 | Simon J. Evenett Turning to the potential content of future multilateral initiatives it was argued that a sizeable constituency for the further devel - opment of certain multilateral rules, in particular those to limit discrimination against corporations operating inside foreign borders, may well develop and arguably this would be in the European Union's interest. Strengthening and widening the application of national treatment principles could on this logic receive much more attention. In contrast, the priority given to using WTO agre - ements to open markets could diminish precisely because Brazil, India, and China have little experience to date in undertaking significant commercial reforms in the context of reciprocal trade agreements and are experiencing considerable export growth with their existing access to the markets of the industrialised world. The latter attitude may well change over time,33as might public attitudes towards international market integration in Europe and the United States, both of which may relax the constraints facing European trade policy-makers in a multipolar world trading system. All of these considerations point to a potentially different mix of obligations in future multilateral trade accords and highlights the need for further careful consideration of where the common ground actually lies between the key players in a multipolar world trading system. In particular, such consideration will require greater understanding abroad of the important domestic political factors, policy formation processes, and socio-economic and industrial development strategies of the new poles of the world trading system. 33In correspondence on this paper, Robert Wolfe took this point and developed it in a different way. The challenge as Wolfe sees it is to understand how reciprocal trade liberalisation could be internalised in the policy-making processes of the new trading powers so as to give fresh impetus to the liberalisation function of the WTO. My emphasis, of course, has been on the potential for rule development - in particular, strengthening and widening disciplines on national treatment. Rule development can complement liberalisation, but I would argue that the former could go forward on its own (just, as in principle, the latter can).
EU Commercial Policy in a Multipolar Trading System | 36 Works Cited Baldwin, Richard E. (2006). "Multilaterising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade," World Economy, vol. 29, no. 11 (November): 1451-1518. Evenett, Simon J. (2006a). "The WTO Ministerial Conference in Hong Kong: What Next?" Journal of World Trade. April 2006. ______ (2006b). "'Global Europe': An Initial Assessment of the European Commission's New Trade Policy," Aussenwirtschaft, vol. 61, no. 4 (December): 377-402. ______ (2007). "The Trade Strategy of the European Union: Time for a Rethink?" Paper prepared for Bruegel, Brussels, April. ______ and Michael Meier (2006). "The U. S. Congressional Elections in 2006: What Implications for U. S. Trade Policy?" Mimeo, 14 November. ______ and Edwin Vermulst (2005). "The Politicisation of EC Anti-dumping Policy: Member States, Their Votes, and the European Commission," The World Economy, vol. 28, no. 5 (May): 701-17. Financial Times (2006). "India Asks Chirac to be Fair to Mittal," 21 February. German Marshall Fund (2006). Perspectives on Trade and Poverty Reduction. A Survey of Public Opinion. Key Findings Report 2006. Washington, DC: German Marshall Fund.
37 | Simon J. Evenett Goldstein, Andrea E. and Steven M. McGuire (2004). "The Political Economy of Strategic Trade Policy and the Brazil - Canada Export Subsidies Saga," The World Economy, vol. 27, no. 4 (April): 541-66. Guest, Paul, and Dylan Sutherland (2006). "How Has China's 'National Team' Of Enterprise Groups Performed? An Evaluation Using Aggregate and Firm Level Data," Trinity Economics Papers, no. 2006/8. Centre for Business Research, University of Cambridge. Johnson, Jo, Peter Marsh and Raphael Minder (2006). "Racism Alleged over Mittal's Arcelor Bid," Financial Times, 11 February. Kohli, Atul (2006a). "Politics of Economic Growth in India, 1980-2005. Part I: The 1980s," Economic and Political Weekly, 1 April. ______ (2006b). "Politics of Economic Growth in India, 1980-2005. Part II: The 1990s and Beyond," Economic and Political Weekly, 8 April. Lamy, Pascal (2002). "Leadership, the EU and the WTO," Speech given at the Evian Group, Montreux, Switzerland, 13 April. Nolan, Peter (2001). China and the Global Business Revolution. Basingstoke: Palgrave Mac-millan. Ostry, Sylvia (2006). "After Doha: Fearful New World?" Bridges, vol. 10, no 5 (August): 3-5. Geneva: International Centre for Trade and Sustainable Development. Summers, Lawrence (2006). "Only Fairness will Assuage the Anxious Middle," Comment, The Financial Times, 11 December.
EU Commercial Policy in a Multipolar Trading System | 38 Sutherland, Dylan (2003). China's Large Enterprises and the Challenge of Late Industrialisation. London: Routledge. Sutherland, Peter, Jagdish Bhagwati, Kwesi Botchwey, Niall Fitzgerald, Koichi Hamada, John H. Jackson, Celso Lafer, and Thierry de Montbrial (2004). The Future of The WTO: Addressing Institutional Challenges in the New Millennium. Report by the Consultative Board to the Director-General Supachai Panitchpakdi. Geneva: World Trade Organization. UNCTAD (2006). World Investment Report: FDI form Developing and Transition Economies: Implications for Development. New York and Geneva: United Nations Conference on Trade and Development Wilson, Dominic, and Roopa Purushothaman (2003). "Dreaming With BRICs: The Path to 2050," Global Economics Paper, no. 99. New York: Goldman Sachs. Wolfe, Robert (2007). "Can the Trading System be Governed? Institutional Implications of the WTO's Suspended Animation," in Alan Alexandroff, ed. Can the World be Governed? Waterloo, ON: The Centre for International Governance Innovation, forthcoming.
14Nicola Phillips, ‘Consequences of an Emerging China: Is Development Space Disappearing for Latin America and the Caribbean?’, January 2007. 15Carol Wise, ‘Great Expectations: Mexico's Short - lived Convergence under NAFTA’, January 2007. 16Eric Helleiner and Bessma Momani, ‘Slipping into Obscurity? Crisis and Reform at the IMF’, January 2007. 17Domenico Lombardi and Ngaire Woods, ‘The Political Economy of IMF Surveillance’, February 2007. 18Ramesh C. Kumar, ‘Poverty Reduction and the Poverty Reduction Facility at the IMF: Carving a New Path or Losing Its Way?’, February 2007. 19 Tony Porter, ‘Beyond the International Monetary Fund: The Broader Institutional Arrangements in Global Financial Governance’, February 2007. 20 Peter I. Hajnal, ‘Summitry from G5 to L20: AReview of Reform Initiatives’, March 2007. 21John Whalley and Weimin Zhou, ‘Technology Upgrading and China's Growth Strategy to 2020’, March 2007. 22 OG Dayaratna-Banda and John Whalley, ‘Regional Monetary Arrangements in ASEAN+3 as Insurance through Reserve Accumulation and Swaps’, April 2007. 23 Simon J. Evenett, ‘EU Commercial Policy in a Multipolar Trading System’, April 2007. CIGI Working Paper Series (for a full listing please visit: www. cigionline. org)
About The Centre for International Governance Innovation The Centre for International Governance Innovation (CIGI) is a Canadian-based, not-for-profit, non-partisan think tank that conducts research and advises on issues of international governance, focusing on international relations and economic policy research. CIGI was founded in 2002 by visionary Jim Balsillie, Co-CEO of RIM (Research In Motion) and collaborates with over 125 partners around the globe. CIGI builds ideas for global change by studying, advising, and networking with academic researchers, practitioners, civil society organizations, the media, the private sector, students and governments on the character and desired reforms of the multilateral system, which has encountered mounting challenges
Building Ideas for Global ChangeTM in the period since the end of the Cold War. To achieve this, CIGI helps shape dialogue in Canada and abroad, funds the research initiatives of recognized experts and promising young academics, and builds collaborative links among world class researchers. The Centre’s main research themes include the changing shape of international relations, international institutional reform, shifting global economic power, regional governance, fragile and weak states and global security issues. This research is spearheaded by CIGI's distinguished fellows who comprise leading economists and political scientists with rich international experience and policy expertise. CIGI has also developed IGLOOTM(International Governance Leaders and Organizations Online). IGLOO is an online network that facilitates knowledge exchange between individuals and organizations studying, working or advising on global issues. Thousands of researchers, practitioners, educators and students use IGLOO to connect, share and exchange knowledge regardless of social, political and geographical boundaries. To learn more about CIGI and IGLOO please visit: www. cigionline. org and www. insideigloo. org.
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Eu emissions trading system uk
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The European trading system has worked — and a new report details lessons for U. S. climate bill
by Climate Guest Contributor Aug 14, 2009 12:28 pm
Europe made a major commitment under the Kyoto protocol that U. S. conservatives have been telling us for years they would never achieve. It now seems clear they will meet their commitment under the terms of the protocol. It will become increasingly difficult for those who don’t want a U. S. cap-and-trade system to point to the European Trading System (ETS) as an obvious failure — as discussed in this June CP post. CAP’s Austin Davis has some lessons learned for U. S. legislation.
This week the German Marshall Fund of the United States released a useful new analysis of the European Union Emissions Trading System (EU ETS) designed to offer powerful and positive recommendations to U. S. policymakers as they debate the design of a potential cap-and-trade program.
The paper’s authors hail from a wide range of prestigious academic and the clean energy backgrounds: Michael Grubb, chief economist of the UK’s Carbon Trust and chair of Climate Strategies ; Thomas L. Brewer, research director of Climate Strategies; Misato Sato of the London School of Economics; Robert Heilmayr of the World Resources Institute ; and Dora Fazekas of Climate Strategies. Their premise for the report is straightforward: While American opinion makers and policy makers vaguely know that Europe has a cap-and-trade system in effect, the lessons we can learn from it and its real and substantive benefits are too often ignored in our public debate. This report aims to fix that.
And the reason Americans should know more about the EU ETS is because it’s working. Since 2005, Europe’s cap-and-trade system has established a carbon market worth ‚¬40 billion (US$56.6 billion) annually and, despite initial stumbling blocks, has reduced emissions by 50-100 million metric tons of CO2 per year (or by around 2.5-5%). Simultaneously, European businesses benefit from Europe’s transition to a carbon-free economy since “the EU ETS has increased overall profitability in all participating sectors” while supporting a sizeable boom in clean energy jobs in spite of the global recession.
However, Europe’s multifaceted successes required Europeans to carefully evaluate their ETS and reconfigure it on the fly – uncertainties and tribulations that American consumers business can largely avoid. The Europeans divided their cap-and-trade scheme into three phases to provide pause for analysis and reevaluation; this allowed them, for example, to halt the unfortunate practice of European utilities whereby they passed almost all of the costs of carbon onto consumers, reaping huge windfalls from the ETS’s free carbon allocations. While Waxman-Markey effectively shields consumers from these abuses “by giving power sector allowances to distribution companies, which then sell these to generators and have an obligation to use the revenues in part to support energy efficiency programs,” this kind of acumen seems rare among American policymakers and rarer still in the public debate:
“Many U. S. analysts and politicians know about the EU ETS, but not the analysis that shaped it, the stages of its evolution, or what has been learned. Yet the history of the EU ETS is rich in lessons. This report presents some of these insights, with a particular focus upon the issues around allocation of emissions allowances, costs, competitiveness, and carbon leakage impacts of a cap-and-trade system.”
And those insights need to be on the tips of policymakers’ tongues. While aspects of the EU ETS still need reform – like its “much greater than originally anticipated” reliance on emissions offsets from the Clean Development Mechanism (CDM) in spite of CDM’s gross inadequacies in pricing, measuring, and effectiveness – this report provides extremely pertinent information at a crucial time in the domestic debate.
The report’s ten primary conclusions and recommendations are as follows:
1. Emissions trading works
Recommendation: Develop an emissions trading system that learns from and improves upon the EU experience.
2. Everyone will learn
Recommendation: Build in a capacity to strengthen the system if and as experience supports this.
3. Prices can be volatile and impacted by numerous unforeseen factors, which to date have reduced prices below expectations
Recommendation: Consider carefully the lessons from the EU experience on price volatility, around unavoidable uncertainties in emission projections, the contribution of other policies, and systematic tendencies to underestimate the abatement and innovation responses.
[ JR: The volatility problem can be dealt with through ‘price collar plus’ & # 8212; though certainly because the 2020 target is too weak, U. S. emissions allowance prices are likely to stay on the low side. That said, our Energy Information Administration has a much better handle on total US emissions than Europe had, which is one reason why they issued to many par myths and the price crashed. ]
4. GDP impacts are small
Recommendation: Don’t let concerns about macroeconomic impacts dictate the environmental targets, Economic impacts have been consistently less than projected.
5. Industry can profit
Recommendation: Resist inevitable pressures from industry to maximize free allocation, but engage companies more constructively in designing and understanding the full implications of the system.
6. International competitiveness impacts are limited to a small number of industry sectors
Recommendation: Concerns about competitiveness impacts should focus on a few potentially exposed industries. For these, tailored solutions should be pursued.
7. Free allocation degrades efficiency and introduces risks either of windfall profits”¦
Recommendation: Design to minimize net impacts on the aggregate profitability of incumbent sectors, whilst boosting the profitability of cleaner technologies and innovators. Consider possible parallels between electricity production and upstream allocation to refineries.
8. “¦ or additional inefficiencies
Recommendation: A balance of free allocation between absolute and output-based should strive to minimize economic distortions as well as windfall profits. The balance between these two negatives should reflect each sector’s ability to pass through prices, its exposure to international leakage, and its potential for emissions abatement through radical innovation or demand reduction.
9. There is a compelling economic rationale to maximize auctioning
Recommendation: Maximize auctioning.
[JR: Can’t argue with that. Waxman-Markey makes what allocations are needed to get a bill passed, but over time the percentage auctioning rises pretty steadily.]
10. Unilateral border adjustments may be a politically appealing way to respond to domestic pressures from special economic interests, but they risk serious problems in the international trade system
Recommendation: Negotiate multilateral arrangements to contain or structure the use of border adjustments, focused upon minimizing emissions leakage, as and when specific problems can be demonstrated.
As an American, it’s difficult to avoid feeling embarrassed by successes of the EU ETS – in spite of its missteps – relative our complete failure to address climate change thus far. While Europe reaps the economic benefits from a clean energy transition and significantly reduces its carbon emissions, we have made almost no legislative efforts on either front. Whether the next report comparing Europe and America’s climate legislation is as one-sided as this one will be decided in the Senate during the coming months – and, hopefully, this paper will help make sure that we can hold our own.
If cap & trade “works,” does it work in a way that is relevant to what the science—and, more importantly, the trends in that science—requires; as initially envisioned? Does it lead to a systemic redressing of the economic injustice inherent to our “low context” society and its precept of what is sustainable economic activity?
IMHO, if what is currently thought of as “profit” is accommodated by cap and trade, systemically, cap and trade does not work. Denial (and/or, as a subsequent guest post frames as a matter of ethics) withstanding, those who argue for “profitable” dynamics as a metric for assessing the viability of cap and trade and “working” are trapped in motivated reasoning. A carbon based—and dependent—economic model’s profit is systemically challenged to ever be scientifically green.
As a self selected group, most readers of CP get the ethical case for GHG controls. That’s not America, though. As a country, we just aren’t ready to spontaneously pursue efficiency/renewables, and leave the carbon underground where it has been for the past millions of years. Few countries are. Especially given how effective companies are at marketing their products to consumers.
The world’s nation’s leaders still have to get the job done. Enter Cap and Trade.
The EU TS is undergoing constant revision and improvement. I think we are seeing something new and marvelous here. The future health of the biosphere has somehow been connected to tradeable allocations today. Their market is firming up steadily and soon to be harmonized with Kyoto Protocol CDMs.
Is this stealth ethics? What is the difference in the end if the emissions are achieved? Especially if one considers that an efficient carbon market, funding sweeping chnages in our energy infrastrutcer, is the most efficient way to get this done?
“The difference, relative to “stealth” and “orthodox” ethics, is that if what is accomplished by “stealth” is inadequate to the challenges of kilmakatastrophe the society is left up the proverbial Sh_t Creek without a paddle and will be trashed in the rapids of social chaos that will ensue — should that “if” come to be. IMHO, such is not much of an “if”—given the trend is the science — and reaching the 20% reduction of 1990 GHG emission by 2020 and 80% by 2050 as is currently scientifically/mathematically required to achieve no more than a 2° C rise in global average temperatures (and/or 350/350e).”
BTW, “stealth ethics” is a descriptive term. Considering it, I find myself wondering what the systemic difference is between it and prohibition relative to effecting ethical behavior. Functionally, I feel they are similar. In any event, when the task is as challenging as what homo sapiens face regarding AGW, will either—should they be different—really “work?”
In matters of ethics I find it instructive to remember that those from outside our low context greed/fear addicted social meme (3rd world elders) told, any who would listen in Rio in 1992, that the first world needed an ethical revival (though they called it a—from a liberal meme, un-politically correct—religious revival) if the world was to be saved. We have and have had one. It was/is global capitalism and its perceived profit grounded in the three “E”s (exploitation, extraction, and externalization). Turning a bit prophetic and trying to poorly pun, what profit is it to a person and/or a privileged elite if it gains the “gold” and loses the world?
Regardless, don’t ethics have to be “religiously” lived to be, well, ethics?
A 2.5-5% reduction in emissions in four years doesn’t qualify as “working”. That’s the definition of “Not working.”
[ JR: The ETS was about meeting the Kyoto target — not reducing emissions in the last 4 years. true, many European countries mandated massive amounts of renewables and efficiency first — which is how they kept their emissions so close to the target — but that isn’t a fault of the ETS. ]
It would have to get up to 10-20% to qualify as actually making a difference. Serious conservation would do a lot more than cap and trade. Why not a big push for conservation rather than cap and trade? Or a real tax on carbon and then watch the conservation happen naturally.
Cap and trade is a ridiculous scheme that won’t come close to doing enough, in time. It’s obvious.
Is the goal of all of this to create wealth and jobs for a lucky few? Cap and trade might work for that. For reducing emissions, it’s a joke.
Ah, don’t know where to start.
First, a “Or a real tax on carbon and then watch the conservation happen naturally” is proven a non starter. Lots of American have excess wealth, and energy is already expensive. The only conservation going on is because of regulations like Energy Star and Cafe etc. (and yes, a neglible fraction of people building or living low carbon life styles. Good on them.) So the concept of “make energy expensive, dividend the tax, and people will foster a low carbon economy” has serious believability issues. Where is an example of wealthy communities faced with high energy cost going low carbon?
“Is the goal of all of this to create wealth and jobs for a lucky few? Cap and trade might work for that. For reducing emissions, it’s a joke.”
Thijs Moonen says:
…those who don’t want a U. S. cap-and-trade system to point to the European Trading System (ETS) as an obvious…
ETS stands for Emmissions Trading System instead of European Trading System thus EU EMS
EU Emissions Trading System Bolstered by Move to Allowance Auctions
Nov 9, 2017 | Dallas Burtraw. Anna Malinovskaya
The EU Emissions Trading System (ETS) for carbon dioxide is the world’s largest greenhouse gas trading program in scope and the most important environmental market in the world. After a somewhat volatile start in 2005, the EU ETS underwent significant changes beginning with phase three. which runs from 2017 to 2020. Two major developments in particular buttressed the program and strengthened its influence: the centralization of the system under a single cap on emissions across the European Union (compared to earlier implementation at the member-state level, with national caps) and the system’s expansion to cover more nations (including three non-EU states), activities, and greenhouse gases.
The most important change, however, was a tremendous shift in the distribution of the asset value—constituting tens of billions of euros—created under the EU ETS via emissions allowances. We delve into the implications with colleagues in a recent RFF discussion paper. Before 2017, about 97 percent of emissions allowances, and thus the associated financial value, was distributed for free to incumbent firms. intended to help offset their compliance costs. But in many cases, that value was greater than the costs, leading to windfall profits. Auctions are now the default mechanism for the initial distribution of emissions allowances, making the initial and final distribution of the asset value more transparent. Since 2017, about half of the allowances are auctioned, with the asset value going to member state governments in the form of auction revenue.*
Although phase three marks an evolution likely to improve the EU ETS, challenges persist. In the past several years, the price of allowances and, consequently, the total asset value have fluctuated widely, falling dramatically at the beginning of phase three. Key reasons for the low prices include the use of international carbon credits for compliance with the EU ETS, poor projections of future industrial production, limited growth of the European economy in general, and subsidies to renewable energy. Several policy measures have been taken to stabilize the price, including “back-loading” efforts such as new rules on the use of international credits for compliance and a temporary delay in issuing some emissions allowances.
Regulators also implemented a structural change—the creation of a market stability reserve — which is expected to balance the supply and demand of emissions allowances on a regular basis. However, the introduction of a minimum price in the allowance auctions. which is a feature of the three North American trading programs, has not been embraced. Further, the most straightforward way to increase the price—to reduce the cap and thus the number of allowances available—has proven politically impossible, despite efforts in this direction.
What else has changed in phase three? In 2018, for the first time, the majority of the allowance value will be auctioned. Free allocation currently still accounts for about half of the total asset value due to concerns about the leakage of economic activity in trade-exposed industries to outside of the European Union. In phase three, harmonized system-wide rules based on product-specific emissions rate benchmarks are used to determine the allocation of emissions allowances to industry. Further, some industries deemed to be in trade-exposed sectors are included into the so-called carbon leakage list and receive their allowances for free. In addition to subsidizing industry through provisions to avoid carbon leakage, member states also have the opportunity to compensate industry for the indirect costs of compliance with the EU ETS. Yet we find little evidence that EU member states have used this opportunity to subsidize domestic industries, demonstrating an absence of strategic behavior.
The recent changes have made the EU ETS more comprehensive, transparent, and predictable. In July 2017, the European Commission presented a legislative proposal to further revise the system for the period after 2020. These future adjustments will determine whether the system will be an efficient policy instrument as it was intended to be and whether it continues contributing to important emissions reductions.
* Note . In 2017 and 2017, EU member states directed most auction revenues to climate and energy programs related to energy efficiency, renewable energy, research, and sustainable transport, as well as to support similar projects in developing countries. In ongoing research, we attempt to demonstrate the share of this energy and climate spending that is additional to what would have happened anyway.
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European union emissions trading system eu ets
European union emissions trading system eu ets
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Mandatory & Voluntary Offset Markets
Carbon markets exist both under compliance schemes and as voluntary programs. Compliance markets are created and regulated by mandatory national, regional or international carbon reduction regimes. This page gives a short introduction to both markets and their programs.
Mandatory Cap-and-Trade Systems
Emissions Trading Under the Kyoto Protocol
The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) established a cap-and-trade system that imposes national caps on the greenhouse gas emissions of developed countries that have ratified the Protocol (called Annex B countries). Each participating country is assigned an emissions target and the corresponding number of allowances – called Assigned Amount Units, or AAUs. On average, this cap requires participating countries to reduce their emissions 5.2% below their 1990 baseline between 2008 and 2012. Countries must meet their targets within a designated period of time by:
reducing their own emissions; and/or
trading emissions allowances with countries that have a surplus of allowances; and/or
meeting their targets by purchasing carbon credits.
This ensures that the overall costs of reducing emissions are kept as low as possible. To further increase cost-effectiveness of emissions reductions, the Kyoto Protocol also established so-called Flexible Mechanisms . the Clean Development Mechanism (CDM) and Joint Implementation (JI) .
European Union Emissions Trading Scheme
The Kyoto Protocol enables a group of several Annex I countries to join together and form a so-called ‘bubble’ that is given an overall emissions cap and is treated as a single entity for compliance purposes. The 15 original member states of the EU formed such a ‘bubble’ and created the EU Emissions Trading Scheme (EU-ETS). The EU-ETS is a facility-based cap-and-trade system which came into force in 2005. Under this cap-and-trade scheme, emissions are capped and allowances may be traded among countries. The EU-ETS is the largest mandatory cap-and-trade scheme to date. Learn more about the EU-ETS .
Offsets Outside the Kyoto Protocol
There are currently several cap-and-trade compliance schemes that operate or are planned to operate independently of the Kyoto Protocol. All of these also incorporate an offset component to their program. Three such examples include:
Offset Programs within the Kyoto Protocol
The Clean Development Mechanism (CDM)
The CDM allows Annex I countries to partly meet their Kyoto targets by financing carbon emission reductions projects in developing countries. Such projects are arguably more cost effective than projects implemented in richer nations because developing countries have on average lower energy efficiencies, lower labor costs, weaker regulatory requirements, and less advanced technologies. The CDM is also meant to deliver sustainable development benefits to the host country. CDM projects generate emissions credits called Certified Emissions Reductions or CERs – one CER is equal to one tonne of carbon dioxide equivalent – which are then bought and traded. Learn more about the CDM .
Joint Implementation (JI)
Joint Implementation works similarly to CDM, with the exception that the host country is not a developing nation but another Annex I country. The tradable units from JI projects are called Emissions Reductions Units (ERUs). It is not strictly a baseline-and-credit system since it also has aspects of a cap-and-trade system, and, notably, both participants have an overall reduction target. Learn more about JI .
The EU-ETS Linking Directive
The EU Linking Directive, which was passed in 2004, allows operators in phase 2 of the ETS to use a limited amount of credits from JI and the CDM to meet their targets in place of emission cuts within the EU. Learn more about the EU-ETS .
Voluntary Carbon Offset Markets
The voluntary carbon markets function outside of the compliance market. They enable businesses, governments, NGOs, and individuals to offset their emissions by purchasing offsets that were created either through the CDM or in the voluntary market. The latter are called VERs (Verified or Voluntary Emissions Reductions). Compared to the compliance market, trading volumes in the voluntary market are much smaller because demand is created only by voluntary buyers (corporations, institutions and individuals) to buy offsets whereas in a compliance market, demand is created by a regulatory instrument. Because there is lower demand and because VERs cannot be used in compliance markets, VERs tend to be cheaper than those credits sold in the compliance market (e. g. CERs).
Unlike under CDM, there are no established rules and regulations for the voluntary carbon market. On the positive side, voluntary markets can serve as a testing field for new procedures, methodologies and technologies that may later be included in regulatory schemes. Voluntary markets allow for experimentation and innovation because projects can be implemented with fewer transaction costs than CDM or other compliance market projects. Voluntary markets also serve a niche for micro projects that are too small to warrant the administrative burden of CDM or for projects currently not covered under compliance schemes. On the negative side, the lack of quality control has led to the production of some low quality VERs, such as those generated from projects that appear likely to have happened anyway.
Hot Air: The EU's Emissions Trading System Isn't Working
In the perfect world of economic liberals, every commodity has its price. Limited supply makes goods more expensive and vice versa. That's how markets work -- at least in theory.
In practice, things often look different, and this is especially true when it comes to emissions trading, a business subject to a very different mechanism: laws dictated by the European Union.
Economists have generally praised the trading scheme as a nearly ideal instrument for reducing harmful carbon dioxide emissions. In this system, businesses purchase pollution permits, with prices determined according to supply and demand, in an efficient and self-regulating process. Companies that invest in environmentally friendly technology need to buy fewer certificates, or may even have some left over to sell.
But for the last half year, prices for CO2 certificates have dropped almost continuously, decreasing by about half, to around €8 ($10.60) per metric ton. Not even the closure of eight German nuclear power plants in 2011, and the resulting increase in demand for coal power, has done much to lastingly reverse the trend.
Michael Krцhnert, an emissions trader in Berlin, refers to the plunging prices as a slaughter. And he fully expects it to continue. "The spiral is spinning downward," he says.
'The System Isn't Working'
Analysts at Swiss bank UBS even go so far as to warn that this creeping decline could escalate into a true crash. "The trading system isn't working," is their scathing conclusion. The emissions trading system, once so highly acclaimed, seems to be producing nothing more than hot air.
The EU is alarmed. The European Parliament's Industry Committee plans to vote later this month on whether Brussels should reduce the number of carbon certificates it provides. A vote in favor would see the EU auctioning off 1.4 billion fewer credits than planned during the next trading period from 2017 to 2020. The cut of roughly 8 percent, it is hoped, will push prices back up.
Yet this type of market intervention reveals the system's central design flaw: Politicians determine the total amount of CO2 that industry in the EU may emit, a limit that applies years into the future, without any way to know how the economy -- and thus the demand for trading certificates -- will develop during that period.
Five years ago, when Europe was experiencing an economic boom, Brussels was generous in providing businesses with free certificates for the trading period from 2008 to 2012; companies were forced to buy only a small portion of their emissions credits. But soon afterwards, many businesses were forced to scale down production as the financial crisis, and then the debt crisis, took hold in Europe. Germany consumed less energy -- 4.8 percent less in 2011 -- and industry as a whole required a lower number of certificates than expected.
Steel company Salzgitter AG, for example, ended up with a surplus of around 7.5 million certificates between 2008 and 2010, according to a study by British environmental organization Sandbag, while ThyssenKrupp's surplus amounted to about 6 million. Far from being an additional cost factor, say critics, emissions trading has become a source of income for such companies.
Losing Purpose and Incentive
Companies can sell their certificates, or they can stockpile them to be used during the next trading period. The fatal flaw is that this glut of certificates not only depresses prices, it also reduces the incentive to invest in modern energy technology.
With the certificates so cheap, generating power from environmentally harmful fuels becomes even more of a good deal than usual -- which explains why brown coal consumption increased by nearly 4 percent in 2011, bucking the general trend.
Even more paradoxical, CO2 prices are so low partly because of the billions Germany spends on renewable energy. This decreases the demand, and with it the price, for emissions certificates. That in turn allows coal, a notorious danger to the climate. to be more competitive. In other words, emissions trading isn't stopping climate change, but actually speeding it up.
It's also putting Germany's finance minister in a tight spot. Wolfgang Schдuble of Chancellor Angela Merkel's Christian Democratic Union (CDU) planned to use revenue from the sale of certificates to establish, by 2017, a fund that would finance projects in thermal insulation and other areas. Schдuble's team assumed a price of €17 per certificate when making their calculations. But with certificates now being traded at €10 below that price, the project could come up short by billions of euros.
Bit by bit, the business of emissions certificates is losing its purpose and incentive. In hindsight, it's clear that introducing a CO2 tax -- another alternative discussed initially -- would have been more feasible and more effective. Another option would have been to establish limits and then tighten them every year. A battle raging between the EU and the rest of the world over the decision to require airlines flying to or from Europe to purchase carbon certificates is not exactly generating extra support for emissions trading. For the EU, at this point, it's become purely a matter of saving its prestigious project.
Shortly before Christmas last year, the European Parliament's Environment Committee voted to reduce by 1.4 billion the number of certificates sold. If the Industry Committee, the European Parliament as a whole and the Council of the European Union now follow that recommendation, it will serve as a clear signal that something many people have feared for years has come to pass: From now on, Brussels plans to play the role of a central bank, issuing and collecting emissions certificates as it pleases. Should it do so, the EU would run the risk of its timing being perpetually out of step. And the market forces that were originally meant to establish appropriate prices would be on the outside looking in.
Translated from the German by Ella Ornstein
Written by Gregor Erbach (2nd edition),
In July 2017, the European Commission proposed a reform of the EU Emissions Trading System (ETS) for the period 2021-30, following the guidance set by the October 2017 European Council. The proposed directive introduces a new limit on greenhouse gas (GHG) emissions in the ETS sector to achieve the EU climate targets for 2030, new rules for addressing carbon leakage, and provisions for funding innovation and modernisation in the energy sector. It encourages Member States to compensate for indirect carbon costs. In combination with the Market Stability Reserve agreed in May 2017, the proposed reform sets out the EU ETS rules for the period up to 2030, giving greater certainty to industry and to investors.
In the European Parliament, the ENVI Committee takes the lead on the proposal, while it shares competence with the ITRE Committee on some aspects.
Versions
Proposal for a Directive of the European Parliament and of the Council amending Directive 2003/87/EC to enhance cost-effective emission reductions and low-carbon investments
Committee responsible : Rapporteur :
Environment, Public Health and Food Safety (ENVI)
Ian Duncan (ECR, UK)
Trade in Ancient Greece
by Mark Cartwright published on 18 January 2012
Trade was a fundamental aspect of the ancient Greek world and following territorial expansion, an increase in population movements, and innovations in transport, goods could be bought, sold, and exchanged in one part of the Mediterranean which had their origin in a completely different and far distant region. Food, raw materials, and manufactured goods were not only made available to Greeks for the first time but the export of such classics as wine, olives, and pottery helped to spread Greek culture to the wider world.
From Local to International Trade
In Greece and the wider Aegean. local, regional, and international trade exchange existed from Minoan and Mycenaean times in the Bronze Age. The presence, in particular, of pottery and precious goods such as gold. copper, and ivory, found far from their place of production, attests to the exchange network which existed between Egypt. Asia Minor. the Greek mainland, and islands such as Crete. Chipre. and the Cyclades. Trade lessened and perhaps almost disappeared when these civilizations declined, and during the so-called Dark Ages from the 11th to 8th centuries BCE international trade in the Mediterranean was principally carried out by the Phoenicians.
The earliest written sources of Homer and Hesiod attest to the existence of trade ( emporia ) and merchants ( emporoi ) from the 8th century BCE, although they often present the activity as unsuitable for the ruling and landed aristocracy. Nevertheless, international trade grew from 750 BCE, and contacts spread across the Mediterranean driven by social and political factors such as population movements, colonisation (especially in Magna Graecia ), inter-state alliances, the spread of coinage. the gradual standardisation of measurements, warfare. and safer seas following the determination to eradicate piracy .
From 600 BCE trade was greatly facilitated by the construction of specialised merchant ships and the diolkos haulway across the isthmus of Corinth. Special permanent trading places ( emporia ), where merchants of different nationalities met to trade, sprang up, for example, at Al Mina on the Orontes river (modern Turkey ), Ischia-Pithekoussai (off the coast of modern Naples), Naucratis in Egypt, and Gravisca in Etruria. From the 5th century BCE, Athens ’ port of Piraeus became the most important trading centre in the Mediterranean and gained a reputation as the place to find any type of goods on the market.
Traded Goods
Goods which were traded within Greece between different city - states included cereals, wine, olives, figs, pulses, eels, cheese, honey, meat (especially from sheep and goats), tools (e. g. knives), perfumes, and fine pottery, especially Attic and Corinthian wares.
Fine Greek pottery was also in great demand abroad and examples have been found as far afield as the Atlantic coast of Africa. Other Greek exports included wine, especially from Aegean islands like Mende and Kos, bronze work, olives and olive oil (transported, like wine, in amphorae), emery from Delos. hides from Euboea, marble from Athens and Naxos. and ruddle (a type of waterproofing material for ships) from Keos.
The goods available at the market places ( agorai ) of major urban centres which were imported from outside Greece included wheat and slaves from Egypt, grain from the Black Sea (especially via Byzantium ), salt fish from the Black Sea, wood (especially for shipbuilding) from Macedonia and Thrace, papyrus, textiles, luxury food such as spices (e. g. pepper ), glass, and metals such as iron. copper, tin, gold and silver.
Trade Incentives & Proteccion
Maritime loans enabled traders to pay for their cargoes and the loan did not have to be repaid if the ship failed to reach safely its port of destination. To compensate the lender for this risk, interest rates ( nautikos tokos ) could be from 12.5 to 30% and the ship was often the security on the loan.
The involvement of the state in trade was relatively limited; however, a notable exception was grain. For example, so vital was it to feed Athens’ large population and especially valuable in times of drought, trade in wheat was controlled and purchased by a special ‘grain buyer’ ( sitones ). From c. 470 BCE the obstruction of the import of grain was prohibited, as was the re-exportation of it; for offenders the punishment was the death penalty. Market officials ( agoranomoi ) ensured the quality of goods on sale in the markets and grain had its own supervisors, the sitophylakes . who regulated that prices and quantities were correct.
Besides taxes on the movement of goods (e. g. road taxes or, at Chalkedon, a 10% transit charge on Black Sea traffic payable to Athens) and levies on imports and exports at ports, there were also measures taken to protect trade. For example, Athens taxed those citizens who contracted loans on grain cargo which did not deliver to Piraeus or those merchants who failed to unload a certain percentage of their cargo. Special maritime courts were established to tempt traders to choose Athens as their trading partner, and private banks could facilitate currency exchange and safeguard deposits. Similar trading incentives existed on Thasos, a major trading-centre and large exporter of high quality wine.
With the decline of the Greek city-states in the late Classical period, international trade moved elsewhere; nevertheless, many Greek cities would continue to be important trading centres in Hellenistic and Roman times, especially Athens and the free-trade ports of Delos and Rhodes .
Sobre el Autor
Mark holds an M. A. in Greek philosophy and his special interests include the Minoans, the ancient Americas, and world mythology. He loves visiting and reading about historic sites and transforming that experience into free articles accessible to all.
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Bibliografía
Boys-Stones et al, The Oxford Handbook of Hellenic Studies (OUP, Oxford, 2012)
Cline, E. H, The Oxford Handbook of the Bronze Age Aegean (Oxford University Press, USA, 2012).
Hornblower, S, The Oxford Classical Dictionary (Oxford University Press, USA, 2012).
Kinzl, K. H. (ed), A Companion to the Classical Greek World (Wiley-Blackwell, 2010).
Legal Notice
Submitted by Mark Cartwright. published on 18 January 2012 under the following license: Creative Commons: Attribution-NonCommercial-ShareAlike. This license lets others remix, tweak, and build upon this content non-commercially, as long as they credit the author and license their new creations under the identical terms.
Trade in Ancient Greece Books
European Union Emissions Trading Scheme (EU ETS)
Visión de conjunto
Type of Standard and Context
The European Union Emissions Trading Scheme (EU ETS) is a mandatory cap and trade program, which allows operators use of compliance carbon credits from Kyoto project based mechanisms (Clean Development Mechanism and Joint Implementation ), up to a certain limit. The EU ETS includes 30 European countires and began in January 2005 as the first emissions trading scheme to regulate GHG emissions and continues to be the largest. The EU ETS is a key component to the EU climate policy commitment to the Kyoto Protocol and beyond. Emissions sources regulated by the EU ETS include 12,000 downstream emissions sources, accounting for half of all EU emissions, from the following industrial sectors: iron and steel; cement, glass, and ceramics; pulp and paper; electric-power generation; and refineries. The implementation of the EU ETS began with Phase I (2005-2007) which - although mandatory - was primarily designed as a trial period. It is currently in Phase II (2008-2012), which coincides with the Kyoto commitment period. For Phase III (2017-2020) of the EU ETS several revisions to the scheme are planned including a single EU-wide cap to increase harmonization. Airlines will join the scheme in 2012. As from 2017, the scope of the ETS will be extended to also include other sectors and greenhouse gases. CO2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered.
Under the EU ETS program, the use of CDM and JI project credits is supposed to be “supplemental” to emissions reductions that take place within the EU. Limitations on the use of CDM/JI credits for compliance under the EU ETS vary by member state. Under Phase II of the EU ETS, the member state emissions cap, the CO2 emission source allowance allocations, and member state limit on the use of CDM/JI credits are based on National Allocation Plans (NAPs) submitted by each member state for approval by the European Commission. Member States specify a limit up to which individual installations will be able to use external credits to comply with the ETS. These limits vary between 0% (Estonia) and 22% (Germany) of allowances. There are also restrictions on use of CERs from forestry projects and from certain types of large hydro projects. Under the third phase (2017-2020) the system of national allocation plans will be abandoned to make place for harmonized EU-wide caps and allocation rules.
The Directive for phase III extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50% of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11% of their allocation during the period 2008-2012. Furthermore, from 1 January 2017 measures may be applied to restrict the use of specific credits from project types, for example creditsa from HFC and adipic acid projects may be excluded.
Standard Authority and Administrative Bodies
The EU ETS has been established through binding legislation proposed by the European Commission and approved by the EU Member States and the European Parliament. The Member States are responsible for the implementation of the emission trading scheme at the national level, in line with the National Allocation Plans approved by the Commission. Member States also have to submit annual reports on the implementation of the Directive to the Commission, in line with Article 21 of the ETS Directive. National administrators of the scheme manage national registries, while the Commission oversees the Community Independent Transaction Log (CITL) at the Community level, which registers changes in national registries.
Regional Scope
The EU ETS focuses on emission reduction targets for the 27 member states of the EU and targets for the countries that have linked their trading system to the EU ETS. For the time being this includes Norway, Iceland and Lichtenstein.
Recognition of Other Standards/ Linkage with Other Trading Systems
The EU Linking Directive, which was passed in 2004, allows operators in phase 2 of the ETS to use credits from Joint Implementation and the Clean Development Mechanism to meet their targets in place of emission cuts within the EU.
Market Size and Scope
Tradable Unit and Pricing Information
Tradable units and pricing information for offset credits under the EU ETS are based on those used for the CDM and JI project based mechanisms respectively. Because the EU is the greatest purchaser of such credits the secondary market price for JI/CDM credits follows the same trend as the price for EUA's, be it with a discount to take account of delivery uncertainties.
Participants/Buyers
Participants and buyers of CDM and JI offset credits under the EU ETS include regulated emissions sources, as well as EU Member States themselves. Major European banks and other financial institutions both in the private and public sector have also become active in providing finance or managing funds for prospective emission reduction projects.
Current Project Portfolio
To date, European buyers have dominated the CDM market and it is estimated that much of the demand from EU ETS regulated entities for CDM and JI credits has already been contracted either directly by the regulated installations themselves, or indirectly by institutions planning to sell the credits back on the secondary market.
Values calculated by the author based on emissions cap and JI/CDM % limit.
Source: European Commission, 2007a
Offset Project Eligibility
Project Types
During the second phase all CDM and JI project types are eligible, except those from land use, land-use change and forestry activities. In the case of hydroelectric power production project activities with a generating capacity exceeding 20 MW, Member States shall ensure that relevant international criteria and guidelines, including those contained in the World Commission on Dams November 2000 Report “Dams and Development: A New Framework for Decision-Making”. will be respected during the development of such project activities.
Starting in 2017 (thrid phase), HFC and adipic acid credits will be excluded.
Project Locations
CDM and JI requirements apply.
Project Size
CDM and JI requirements apply.
Start Date
EU ETS
EU Emissions Trading System (EU ETS)
Enquire about EU Emissions Trading System Consultancy
The EU ETS is the largest multi-country, multi-sector greenhouse has emissions trading system in the world. It includes around 11,000 installations (excluding aviation) accounting for about 45 per cent of EU carbon dioxide (CO2) emissions.
What Is The EU ETS?
The EU ETS has three operational phases: Phase I (1st January 2005 to 31st December 2007) was an initial learning by doing phase and is now complete. This phase didnt cover aviation activities.
Phase II (1st January 2008 to 21st December 2012) included revised monitoring and reporting rules, more stringent emissions caps and additional combustion sources. Aviation activities were covered from 2010.
Phase III of the EU ETS runs from 1st January 2017 to 31st December 2020. It brings harmonised EU allocation methodologies and covers additional greenhouse gases and emission sources. Phase III for installations also allows eligible small emitters and hospitals to choose to be excluded from certain EU ETS obligations.
EU ETS Phase III
The Greenhouse Gas Emissions Trading System Regulations 2012 require all installations that carry out regulated activities to hold a greenhouse gas emissions permit or an excluded installation emissions permit. Regulated activities are any of the activities listed in Annex I to the EU ETS Directive – To download a full copy of the EU ETS legislation, click here .
The conditions of these permits require installations to monitor and report emissions from 2017 onwards in accordance with the Monitoring and Reporting Regulation. The European Commission has published Phase III guidance to help you with monitoring and reporting, verification and changes to capacity and activity levels.
In addition to this, by the end of 2017 all EU ETS verifiers are required to apply for accreditation to ISO 14065. Carbon Action delivers the necessary ISO 14064-3 training for verifiers to meet the requirements to become accredited. Click here for more information on the training course.
Carbon Action can assist organisations with completing their GHG Permitting applications for submission to the environmental protection agencies. Contact us for more information on +44 207 397 8500 or email info@carbonaction. co. uk
Enquire about EU Emissions Trading System Consultancy
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EU toughens carbon trading system
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It will become more expensive for businesses in the European Union to burn fossil fuels this year after the 28-country bloc decided Wednesday to beef up its carbon trading system.
The agreement ended a year of bickering over how to amend what is Europe's prime tool in the fight against climate change and the world's biggest emission trading system.
Under the cap-and-trade scheme, companies pay per ton of carbon dioxide they release into the atmosphere, with the pollution certificates traded on the market. The EU now decided to postpone the sale of 900 million additional carbon allowances — a move that will tighten supply and likely drive up prices of carbon allowances by 10 to 15 per cent, according to analysts.
The tightening of the market is set to take effect this spring, EU Commission spokesman Isaac Valero said.
European business lobbies vigorously opposed beefing up the carbon market, saying it would raise energy prices and broader operating costs, undermining companies' competitiveness. Environmentalists, in turn, urged the EU to push ahead.
The 28-nation EU, the world's largest economy, introduced the system in 2005 to encourage industries to reduce emissions and invest in greener technologies.
Companies can trade these certificates, providing an incentive to cut emissions. Over time, the number of allowances will be lowered, cutting the overall emissions in the EU.
Price discrepancies
However, the system ran into problems when the prices for licenses dropped amid lower-than-expected demand because of Europe's stalling economy. The low price, which is currently just below 5 euros ($6.8) per ton, reduces companies' incentives to invest in new, less-polluting technology.
EU climate chief Connie Hedegaard lauded the agreement for "stabilizing the carbon market in the coming years" and vowed to press for a more fundamental overhaul of the system down the road to make it yet more efficient.
The Commission, the bloc's executive arm, first proposed the tightening of the carbon allowances, but the measure was shot down in April in the European Parliament amid heavy lobbying from Europe's industry and business lobbies.
Another vote months later, however, approved the measure, which was subsequently cleared by EU governments.
In the U. S. President Barack Obama's efforts to pass a cap-and-trade bill at the federal level failed on Capitol Hill due to bipartisan opposition.
California, however, has introduced a cap-and-trade program similar to the EU's. The scheme sets a limit on the amount of carbon that can be released annually from the state's biggest industrial polluters, with permits being auctioned off and the cap declining over time.
&dupdo; The Canadian Press, 2017
Revised eu emissions trading system
Revised eu emissions trading system
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TRACES Privacy Statement
1. What is TRACES?
TRACES (TRAde Control and Expert System) is an integrated web-based veterinary system, maintained by the European Commission 'Health and Consumer Protection Directorate General', networking veterinary authorities and business users in all Member States, EFTA/EEA countries (Iceland, Lichtenstein and Norway) and a certain number of ThirdCountries with whom the Commission has special agreements. TRACES assists in the management of intra and extra community trade of live animals and animal products.
TRACES is established by the "Commission Decision 2004/292/EC of 30 March 2004 on the introduction of the TRACES system and amending Decision 92/486/EEC".
In order to ensure correct operation of TRACES, we need to collect personal data which is indicated in point 2 of this statement.
TRACES is under the responsibility of Mr. Bernard Van Goethem, Health and Consumer Protection Directorate General, Director of directorate D, - acting as the 'Controller' (cf. Regulation (EC) No 45/2001).
As the Commission's services collected and will further process these personal data, Regulation (EC) 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data, is applicable.
2. What personal information does TRACES collect and for what purpose?
2.1. IDENTIFICATION DATA
2.1.1. Personal data is collected in TRACES, for the following data subjects:
Member State, EFTA/EEA and Third Country Administrators
Authority users at central, regional, local veterinary units and border inspection posts
Business and Laboratories users
Commission officials
2.1.2. Contact details of the TRACES data subjects:
nombre de pila
apellido
e-mail address
Idioma preferido
telephone, fax and additional information only when specified by the data subject (optional)
business details (name, address, country, type and code) in regards to business users
authority details (name, address, country and code) in regards to veterinary inspectors
2.2. PURPOSE OF THE PROCESSING OF PERSONAL DATA IN TRACES
The purpose of the integrated computerised veterinary system "TRACES" is to provide assistance in the certification for all veterinary authorities within an informatics network to improve the sanitary protection in the EU: sanitary control of animals and animal products, tracing back and forth of outbreaks of diseases, integration of EU, EFTA/EEA and Third Country competent veterinary authorities.
Contact details of the TRACES users indicated in point 2.1.2, are collected in TRACES in order to ensure that the access to the system and the signature of certificates is limited only to well and clearly identified persons and thus that data stored in the application are well protected.
3. Who has access to your information and to whom is it disclosed?
3.1. PERSONS WHO HAVE ACCESS RIGHTS, IN THE MEMBER STATES, EFTA/EEA AND THIRD COUNTRIES:
The persons who have access to the collected personal data (indicated in point 2.1.2) of the higher level authorities (e. g. Commission Officials, administrators, central/regional units), and who have the possibility to modify them upon their request, are the Controller and the TRACES Team in the Health and Consumer Protection DG of the European Commission.
The persons who have access to the collected personal data (indicated in point 2.1.2) of the lower level authorities (e. g. Local veterinary units, Border inspection posts, Business and Laboratory users), and who have the possibility to modify them upon their request, are the higher level authorities in these countries which are registered in TRACES. This access is strictly limited by country and by associated authority.
3.2. TRACES CONTACT POINTS:
A list of all TRACES Contact Points in the different Member States, EFTA/EEA and Third countries containing their contact details (country, language, first name, last name, fax and email) is published on the CIRCA website. This list is published in PDF Format. The Commission and in particular the Controller cannot be held responsible for the utilisation and the processing of this information that may be made by external persons.
4. How do we protect and safeguard your information?
The collected personal data and all information related to the above mentioned activities are stored on the European Commission servers in Data Centre in Luxemburg, the operations of which underlie the Commission's security decisions and provisions established by the Directorate of Security for this kind of servers and services.
Access to the collected personal data is only possible to the above described populations (point 3.1), with a User Id and personal password.
Access to the collected personal data of the higher level authorities is given only to Controller and the TRACES Team within the Commission (the Health and Consumer Protection DG of the European Commission).
Access to the collected personal data of the lower level authorities must be requested to the higher level authorities of your country and associated authority.
5. How can you verify, modify or delete your information?
In case you belong to the higher level authorities, and you want to verify which personal data is stored on your behalf by the responsible Controller, please write an e-mail message to the mailbox address mentioned hereafter, by explicitly specifying your request (modification, correction or deletion): sanco-traces@ec. europa. eu
In case you belong to the lower level authorities and you want to verify which personal data is stored on your behalf by the responsible higher level authority, please write an e-mail message to the relevant mailbox address published on the CIRCA website, by explicitly specifying your request (modification, correction or deletion).
6. How long do we keep your data?
Contact details of the TRACES users as specified in p. 2.1.2, are kept in the system as long as they are users. Contact details will become unavailable onto the GUI (Graphical User Interface) of the application, immediately after the receipt of information that a certain person is no longer a user of the system.
Please note that some details are stored in certificates for traceability reasons in case of animal health or public health problems (e. g. outbreak of animal diseases. ) for a period of 10 years.
7. Contact Information
In case you have questions, feel free to contact your TRACES contact point, specified in the list published on the CIRCA website, or the support team, operating under the responsibility of the Controller, using the following contact information:
Health and Consumer Protection Directorate General Unit D1 Animal health and Committees TRACES Team sanco-traces@ec. europa. eu
8. Recourse
The higher and lower level authorities in the Member States, EFTA/EEA and Third Countries have a shared responsibility with the Controller and the TRACES Team in the Health and Consumer Protection DG of the European Commission, as described in point 3.1.
Because of this shared responsibility you can address your complaints, in case of conflict, to:
1/ The European Data Protection Supervisor, in case you are part of the higher level authorities, via the following e-mail address: edps@edps. europa. eu
2/ Your National Data Protection Commissioner, in case you are part of the lower level authorities, via the following URL: http://ec. europa. eu/justice_home/fsj/privacy/nationalcomm/index_en. htm
Where the Trees are a Desert explores the links between pollution trading and monoculture eucalyptus plantations in Brazil. The publication is a collaboration between Carbon Trade Watch and our partners in Brazil, FASE-ES. Where the Trees are a Desert explores the issues from the perspective of people living and struggling with plantations on the ground. Nov 2003
The Sky is Not the Limit gives an overview of the issues around pollution trading and introduces the main issues such as; environmental justice, NGO co-optation and privatisation of the atmosphere. Also explored is the history of the UN process and who the key players are in the emerging emissions markets. Jan 2003
Carbon Trade Watch and Corporate Europe Observatory | Thursday, 07 April 2011
Emissions trading is the European Union’s flagship measure for tackling climate change, and it is failing badly. In theory it provides a cheap and efficient means to limit greenhouse gas reductions within an ever-tightening cap, but in practice it has rewarded major polluters with windfall profits, while undermining efforts to reduce pollution and achieve a more equitable and sustainable economy. The third phase of the scheme, beginning in 2017, is supposed to rectify the “teething problems” that have led to the failures to date.
This joint briefing from Carbon Trade Watch and Corporate Europe Observatory shows that:
- The EU Emissions Trading System (ETS) has failed to reduce emissions. Companies have consistently received generous allocations of permits to pollute, meaning they have no obligation to cut their carbon dioxide emissions. A surplus of around 970 million of these allowances from the second phase of the scheme (2008-2012), which can be used in the third phase, means that polluters need take no action domestically until 2017. Proposals to curtail this surplus were discussed in the context of the EU’s 2050 Roadmap, but have been watered down in response to lobbying from energy-intensive industries.
- Companies can use 1.6 billion offset credits in phases ll and lll, mostly derived from the UN's Clean Development Mechanism (CDM). Over 80 per coent of the offsets used to date come from industrial gas projects, which EU Climate Action Commissioner Connie Hedegaard admits have a "total lack of environmental integrity". The Commission delayed a ban in the use of these industrial gas offsets to April 2017 in response to lobbying from the International Emissions Trading Association (IETA) and others.
- The ETS is a subsidy scheme for polluters, with the allocation of permits to pollute more closely reflecting competition policy than environmental concerns. Power companies gained windfallprofits estimated at €19 billion in phase l, and look set to rake in up to €71 billion in phase ll. Subsidies to energy-intensive industry through the two phases could amount to a further €20 billion. This has mostly resulted in higher shareholder dividends, with very little of the windfall invested in transformational energy infrastructure.
- The third phase of the ETS will still see significant subsidies paid to industry, despite the auctioning of permits in the power sector. Industry lobbying has resulted in over three quarters of manufacturing receiving free permits, which could yield at least €7 billion in windfall revenues annually. Energy companies successfully lobbied for an estimated €4.8 billion in subsidies for carbon capture and storage (CCS), with a smaller amount for "clean" energy that includes agrofuels. In addition, the Commission is undertaking a review of its "state aid" rules which could see the granting of direct financial subsidies to companies claiming that the ETS damages their competitiveness.
- The allocation of permits according to performance “benchmarks” was supposed to encourage a fairer and more efficient division of responsibility for emissions reductions in energy-intensive sectors such as cement, steel, paper and glass. But industry has been allowed to influence the benchmarking. For example, CEMBUREAU (the cement industry lobby) was instrumental in choosing what to measure (“clinker” not cement) and how to measure it. The final agreement saw the adoption of a lax standard that was initially proposed by CEMBUREAU. This will result in a surplus of pollution permits for the cement sector, allocated in a way that rewards the continued use of dirty and outdated production methods.
-Aviation will be included in the scheme from 2012. The sector will receive 85 per cent of permits for free, and the projected carbon cost is far lower than the equivalent tax breaks for aviation fuel. Inclusion in the ETS applies only to CO2 emissions, which obscures the greater impact of contrails and other gases.
Put simply, the third phase of the ETS will continue the same basic pattern of subsidising polluters and helping them to avoid meaningful action to reduce greenhouse gas emissions.
New system of corporate courts in Canada-EU trade deal condemned as ‘putting lipstick on a pig’
New system of corporate courts in Canada-EU trade deal condemned as ‘putting lipstick on a pig’
LONDON - NGOs and civil society have today criticized new plans by the European Commission and the Canadian government to include a variation of ‘corporate courts’ as part of the controversial trade deal between Canada and the EU. Trade campaigners are arguing that the commission’s proposal is simply putting ‘lipstick on a pig’ without addressing any of the fundamental criticisms of the investor-state dispute settlement (ISDS) that has proved to be so controversial within the CETA and TTIP negotiations.
Nick Dearden, the director of Global Justice Now said:
“Under the pretence of ‘breaking from’ the old corporate court system known as ISDS, the commission is actually trying to create a permanent court for big business. Far from preventing corporations bringing cases against the British government, this proposal makes it easier for them to do so. While pretending to iron out procedural problems, the commission has created a monster which will become a reality if this treaty goes through.
“There’s so much public pressure against these toxic trade deals. So the commission is desperately trying to mollify those critical MEPs who have been listening to the millions of people across Europe who have said no to CETA and no to this system of corporate courts. But MEPs need to see that the commission is simply trying to put lipstick onto a pig. We urge all MEPs and member states interested in defending democratic process aginst this corporate power grab to oppose CETA.”
The fundamental problems with the EU’s alternative proposal to ISDS have been summarised in the following bullet points in a briefing put out by Corporate Europe Observatory and a coalition of other groups from across Europe
The number of investor-state cases, as well as the sum of money involved, has skyrocketed over the last two decades
The last two decades have seen billion-dollar investor lawsuits against the alleged damage to corporate profit of legislation and government measures in the public interest.
The EU’s ‘new’ ISDS model (re-labelled ICS) is as dangerous for democracy, public interest law, and public money as the ‘old’ model enshrined in the EU-Canada trade agreement CETA.
Investor claims against non-discriminatory and lawful measures to protect health, the environment, and other public interests would be possible under the new EU proposal.
Under the EU proposal, billions in taxpayers’ money could be paid to corporations, including for future lost profits that they hypothetically could have earned.
The EU proposal increases the risk of costly lawsuits against public interest measures as it arguably grants investors even more rights than many existing investment treaties
If the US-EU trade agreement TTIP included the proposed investor rights, liability and financial risks would multiply for EU member states and far exceed those posed by any existing treaty signed by them
Under the EU proposal, transnational companies could even sue their own governments
The EU’s investor rights proposal is a sure-fire way to bully decision-makers, potentially curtailing desirable policymaking
The dispute settlement process proposed by the EU is not judicially independent, but has a built-in, pro-investor bias
There are serious doubts about whether the investor rights proposal is compatible with EU law
Rather than putting an end to ISDS, the EU’s investment protection agenda threatens to lock EU members into ISDS forever.
Global Justice Now is a democratic social justice organisation working as part of a global movement to challenge the powerful and create a more just and equal world. We mobilise people in the UK for change, and act in solidarity with those fighting injustice, particularly in the global south.
Do cap-and-trade systems work?
A seagull flies in front of a power plant in Watsonville, Calif. Tuesday, Sept. 17, 2002. The nation's industrial sector, hardest hit by last year's recession, stumbled in August, with production falling for the first time in eight months. Much of the weakness came from a sharp 2.5 percent drop in output at gas and electric utilities. (AP Photo/Paul Sakuma)Ran on: 02-19-2006 Power plants like this one in Watsonville may be subject to limits on the amount of carbon dioxide they can release under a program being considered by state utilities regulators. Ran on: 02-19-2006 less
A seagull flies in front of a power plant in Watsonville, Calif. Tuesday, Sept. 17, 2002. The nation's industrial sector, hardest hit by last year's recession, stumbled in August, with production falling for. Más
Photo: Paul Sakuma, AP
Residents of Marina Park are continually reminded of Southern Company's Pittsburgh Power Plant that towers over them with giant smoke stacks. By LANCE IVERSEN/SAN FRANCISCO CHRONICLE.
Residents of Marina Park are continually reminded of Southern Company's Pittsburgh Power Plant that towers over them with giant smoke stacks. By LANCE IVERSEN/SAN FRANCISCO CHRONICLE.
Photo: Lance Iversen, The Chronicle
Europe already has a carbon cap-and-trade system similar to the one California will launch on Wednesday.
The northeastern United States does too, albeit in a far more limited form.
Do they work? Do they cut the greenhouse gas emissions that cause global warming and do so at a reasonable price?
Both follow the same basic principles, setting an overall limit on emissions and forcing companies to buy and sell permits to release greenhouse gases into the atmosphere. Europe's market, called the EU Emissions Trading System. opened in 2005 and now covers more than 11,000 power plants and industrial facilities in 30 countries.
Split over performance
The northeastern U. S. system covers power plants in only nine states, from Maryland to Maine. Officially named the Regional Greenhouse Gas Initiative. the system is usually abbreviated RGGI and pronounced "Reggie."
Researchers remain divided on how well each market has performed, an assessment made much more difficult by the global economic slump. The downturn that began in 2007 cut the demand for energy, as factories scaled back production. So when Europe's greenhouse gas emissions dropped as well, from 2007 through 2009, was the decrease due to the continent's cap-and-trade system or the weak economy?
An analysis by the New Energy Finance research firm estimated that the trading system accounted for about 40 percent of the drop in Europe's greenhouse gas reductions in 2008.
"We've seen real reductions in emissions, reductions that are attributable to the ETS," said Alex Hanafi. an attorney with the Environmental Defense Fund who wrote a recent report on the European system's progress. "The environmental goals are being met."
Here in the United States, RGGI currently has far more allowances for sale than the companies participating in the market need. Again, the recession and sluggish recovery played a role.
So did the plunge in natural gas prices. Power plant operators have been relying more on gas and less on coal, and gas produces about 47 percent less greenhouse emissions when burned, according to a study by the Worldwatch Institute. That means the plant operators need to buy fewer allowances. The RGGI system's overall cap doesn't limit their emissions, because they're already well below it.
"I think RGGI so far has been a flop, but it's been a fairly cheap flop," said Myron Ebell. director of energy policy at the Competitive Enterprise Institute and a longtime critic of cap and trade. "The good news is, it isn't raising energy prices. The bad news is, it isn't doing anything to reduce emissions, if that's your goal."
Energy bills rise
So far, the RGGI trading system has raised electricity bills in member states by an average of 43 cents per month, according to the Initiative. Allowance prices last year typically ranged between $1.87 and $1.94. In contrast, allowances sold in California's system will have a minimum price of $10. Each allowance represents 1 ton of carbon dioxide.
California regulators have tried to learn from both systems.
The minimum price represents one such lesson. Early in the European system, allowance prices crashed to zero after traders realized that the market had too many allowances for sale. The reason for the oversupply? European officials had relied on estimates of greenhouse gas emissions at the continent's power plants and factories - not actual measurements. California, in contrast, has required companies to measure and report their emissions for several years.
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A Guide to World Trade Blocs
Members: Australia; Brunei; Canadá; Chile; China; Hong Kong; Indonesia; Japan; South Korea; Malasia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapur; Taiwan; Thailand; United States; Vietnam
The Asia-Pacific Economic Cooperation forum is a loose grouping of the countries bordering the Pacific Ocean who have pledged to facilitate free trade.
Its 21 members range account for 45% of world trade.
They have pledged to liberalises trade among themselves by 2010 for developed countries and 2017 for developing countries.
Recently China has begun signing bilateral free trade deals with a number of Apec members.
Members: Argentina; Australia; Bolivia; Brazil; Canadá; Chile; Colombia; Costa Rica; Guatemala; Indonesia; Malasia; New Zealand; Paraguay; Philippines; South Africa; Thailand; Uruguay
The Cairns group of agricultural exporting nations was formed in 1986 to lobby at the last round of world trade talks in order to free up trade in agricultural products.
It is named after the town in Australia where the first meeting took place.
Highly efficient agricultural producers, including those in both developed and developing countries, want to ensure that their products are not excluded from markets in Europe and Asia.
The developing country members of this group have now formed their own grouping, the G20.
Members: Austria: Belgium: Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Poland; Portugal; Slovakia; Slovenia; Spain; Sweden; Reino Unido
The EU has become the most powerful trading bloc in the world with a GDP nearly as large as that of the United States.
It is also the largest importer of agricultural products from developing countries, and maintains close links to its former colonies in the ACP group through trade preferences and aid deals.
The EU has found it difficult to shed its protectionist past based on the idea of self-sufficiency in agriculture which limits agricultural exports from the other countries, although it has implemented a major reform of its Common Agricultural Policy to shift subsides to support the environment.
Members: Argentina, Bolivia, Brazil, Chile, China, Cuba, Egypt, Guatemala, India, Indonesia, Mexico, Nigeria, Pakistan, Paraguay, Philippines, South Africa, Thailand, Tanzania, Uruguay, Venezuela, Zimbabwe
At the Cancun meeting of the world trade talks in September 2003, a powerful new grouping of developing countries emerged.
Led by rapidly growing countries and major exporters like Brazil, China, India, and South Africa, this group has been powerful enough to challenge the EU and the US in trade negotiations.
At Cancun, the G20 made it clear that it could not accept the EU plans to include investment and competition as elements in the trade talks.
Now, the G20 are standing firm in insisting that rich countries make concessions on agriculture before there will be any final agreement on services or reductions in tariffs on manufactured goods.
Members: Canada; Mexico; Estados Unidos
The United States has linked with Canada and Mexico to form a free trade zone, the North American Free Trade Agreement (NAFTA).
The NAFTA agreement covers environmental and labour issues as well as trade and investment, but US unions and environmental groups argue that the safeguards are too weak.
Plans to include the rest of Latin America creating a Free Trade Area of the Americas (FTAA) have been put on hold following opposition from key countries like Brazil.
But the US is separately signing free trade agreements with some Andean Pact nations and on 1 January 2006 the Central American Free Trade Area (CAFTA) will come into effect, including Guatemala, Honduras, Nicaragua, El Salvador, Costa Rica, and Dominican Republic.
Meanwhile, the regional free trade pact called Mercosur, between Brazil, Argentina, Uruguay, and Paraguay, will be expanded to include Venezuela.
The European Cap and Trade system works fine
To TreeHugger: The trading system has created a healthy carbon market now worth 56 billion US dollars, and (…) has been responsible for Europe reducing its carbon emissions by 2.5-5% annually.
These figures should and probably will help in the implementation of a similar system in the USA as they are currently discussing about it. I hope they will also spur similar programs worldwide.
As TreeHugger noted :
According to Climate Progress. the report, Climate Policy and Industrial Competitiveness (pdf), completed by the economists, climate scientists, and academics of the German Marshall Fund, reveals that Europe’s cap and trade has lead many countries in the EU to meet their carbon targets as agreed to in the Kyoto Protocol.
The trading system has created a healthy carbon market now worth 56 billion US dollars, and has reduced Europe’s emissions by 50-100 million metric tons a year since 2005. In other words, the cap and trade has been responsible for Europe reducing its carbon emissions by 2.5-5% annually.
Which is indeed a pretty impressive achievement. And the success has been largely due to the fact that the system’s design separated its implementation process into 3 phases, so there would be pause for analysis and adjustment. This allowed policymakers to consistently reevaluate the system, and they were able to stop problems, like the aforementioned practice of sticking consumers with the cost of carbon.
So, let’s see. Hugely significant amounts of carbon emissions cut, and Kyoto targets within reach? Comprobar. A robust, investment-attracting carbon market? Comprobar. Flexibility and room for further improvement? Comprobar. Sounds like a success to me.
This is all encouraging news, to say the least: with the knowledge that the world’s major pioneering cap and trade is working effectively, US policymakers should now be able to take lessons learned from the turbulent inception of the ETS into account as they continue the long slog towards passing a bill that would create such a system stateside.
And next time someone snidely says “Well, just look at Europe ” the next time you get into a debate about cap and trade, you can just say, “Okay. I think we should.”
My point of view. This is truly fantastic. If the European Union can keep on decreasing its emissions by 3.5 percent annually – in the middle of the range between 2.5 and 5 percent – by 2020 it would have cut its emissions by 40 percent.
As we have seen previously, this is exactly the amount we need.
Meanwhile, the French prime Minister, M. François Fillion announced that the carbon tax could be implemented in France in 2010.
Which system is the best and would bring the largest carbon cuts. We will see an interesting point of view next week. So for this and for much more stay tuned !
Without substantial reform of its Emissions Trading System, Europe cannot seriously claim a leadership role at the international negotiations in and after Paris, writes Anja Kollmuss of Climate Action Network Europe.
Climate Action Network Europe is a coalition of over 130 organisations – representing over 44 million citizens – working to prevent dangerous climate change.
The EU portrays itself as a leader at the upcoming climate negotiations in Paris. But can the EU really be a model for the rest of the world given its limited ambition and the failure of its flagship policy instrument, the Emissions Trading System, to drive decarbonsation?
The EU is pushing for a five year review cycle in the upcoming Paris agreement. Such a ratcheting-up mechanism is absolutely vital, since the current pledges from countries are woefully insufficient and will still lead to three degrees of global warming or more. The EU’s leadership on this issue is therefore very welcome. But for it to be credible Europe’s promises have to be translated into real action at home.
If the EU wants to successfully push for a five year review cycle in Paris, it cannot accept a ten year period for its own Emissions Trading System without such a review. Europe has to ensure its own target is open for review and strengthened every five years.
Equally important is strong climate action before 2020. Years ahead, the EU has already met its own 2020 climate target of reducing emissions by 20%. Instead of raising its target to build momentum ensuring cost-effective and fair climate action, the EU plans to lean back.
By 2020, the surplus will likely have grown to three or even four billion pollution permits. Current rules and the Commission’s ETS reform proposal allow the whole surplus to simply be carried over and be used to meet the EU’s 2030 target. Industry can accumulate surplus emissions permits and then use them to meet their 2030 target. It is now in the hands of European policymakers to change this.
One of the crucial sticking points in Paris will be that rich nations have to prove to poorer ones that they are serious about climate action, not in the future but now. The EU could make a substantial contribution to closing the very large global emissions gap that exists between planned reductions and reductions needed to prevent dangerous warming. This would not require the EU to make an additional effort, as the reductions are already happening.
It would simply mean cancelling the surplus ETS allowances to contribute to further pre-2020 action instead of carrying them over and weakening the EU’s post-2020 action. A new Paris climate deal would not start until 2021. Cancelling its ETS surplus would send a clear signal to the world that the EU is serious about its pre-2020 ambition.
CAN Europe is calling on European leaders to put their words into action. To be a climate leader, the EU must radically and quickly raise its ambition by permanently cancelling surplus pollution permits and by increasing its target every five years. Failure to effectively reform the ETS will compromise the EU’s ability to be a global leader on climate issues and diminish its influence in international climate negotiations.
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Home > Environmental > EU Carbon Trading System Wins Parliament’s Support
EU Carbon Trading System Wins Parliament’s Support
Today the European Parliament approved a proposal to delay the issue of 900 million emissions allowances (each representing the right to emit one metric ton of carbon dioxide or greenhouse gas equivalent, or CO 2 e). The purpose of the measure is to ease supply pressure in the European Union Emissions Trading System (EU-ETS), which has been trading CO 2 e allowances at a level that is viewed by most policy makers and traders to be too low to have the intended policy effect, which is to encourage investments in CO 2 e emissions-abating technologies. Final wording of legislation that will implement the proposal is yet to be agreed on. In April, the European Parliament rejected a similar proposal, and that rejection led many to question the long-term viability of EU-ETS. We observed here that a collapse of the EU-ETS would not bode well for California’s emerging carbon emissions trading market.
The proposal that passed the European Parliament was more protective of the environment than the proposal that cleared the European Environment Committee last week. The proposal that cleared the Committee contained certain compromise amendments, which were ultimately rejected, that would have sooner permitted the issue of the backloaded allowances and directed proceeds of the sale of CO 2 e allowances to heavy industry, who are among the interest groups most immediately and concentratedly affected by the price of carbon emissions.
Today’s approval of the backloading proposal is viewed positively by supporters of investment in energy efficiency and renewable energy development and preserves the good standing of the world’s largest market-based mechanism for the regulation of greenhouse gasses.
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Study on the Impacts on Low Carbon Actions and Investments of the Installations Falling under the EU Emissions Trading System (EU ETS)
Carbon abatement and the carbon price were not the primary driving factors for most companies and sectors to invest in carbon-efficient solutions. Instead, the main impetus came from the need for companies to reduce energy and raw material costs and their broader strategic turn toward sustainable production, based on increasing environmental awareness of stakeholders and consumer markets. Nevertheless, the EU ETS - especially in its early phases, based on higher actual and expected carbon prices – seems to have played a supportive role in many decisions. That is concluded in the study ‘Study on the Impacts On Low Carbon Actions and Investments of the Installations Falling Under The EU Emissions Trading System (EU ETS)’.
The project was led by ICF International working in partnership with SQ Consult, CE Delft and ZEW, commissioned by the European Commission (DG Climate Action).
Authors: ZEW SQ Consult CE Delft ICF International
Brussels, European Commission, February 2017 - 186 pag.
Study on the Impacts on Low Carbon Actions and Investment
EU Emissions Trading System
The EU emissions trading system (EU ETS) is one of the EU's instruments to fight climate change by reducing industrial GHG emissions cost-effectively. It is a system for trading GHG emission allowances. The EU ETS covers more than 11,000 power stations and industrial plants in 31 countries, as well as airlines. This system favours nuclear power, which is a low-carbon technology.
The EU ETS has been deemed inefficient due among other things to a low carbon price. This low carbon price can be accounted for by a surplus of emission allowances allocated to Member States. Therefore in January 2017, the EC adopted a Proposal for a Decision concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission trading scheme amending the EU ETS Directive. The reserve would both address the surplus of emission allowances that has built up and improve the system's resilience to major demand shocks in the future. The Proposal was submitted to the European Council and the European Parliament and should be adopted by both institutions in 2017.
Usefull links
Briefings
EU Emissions Trading Scheme becomes reality for airlines
The EU’s extension of the EU Emissions Trading Scheme (the “EU ETS” or the “Scheme”) to include the aviation industry took effect on 1 January 2012. The addition of airlines to the EU ETS has been the subject of intense and increasing criticism and attack – both at an industry and State level – over the last 12 months. The legal challenge to the validity of the EU ETS, as applied to aviation and which was instigated by the Air Transport Association of America, supported by the International Air Transport Association (IATA) and the National Airlines Council of Canada (NACC), finally concluded with the judgment of the European Court of Justice Grand Chamber published on 21 December 2011 (Air Transport Association of America e. a. v Secretary of State for Energy and Climate Change, Case C-366/10).
Not unexpectedly, the ECJ agreed with the earlier Opinion of the ECJ’s Advocate General in confirming the validity of the EU ETS. Complex questions as to the potentially extra-territorial nature of the Scheme as applied to airlines, whether it infringes sovereignty of airspace of non-EU countries, and whether the EU ETS involves an unlawful charge or a tax on fuel in breach of the Chicago Convention 1944 as well as of other bilateral air services agreements, have now been determined in favour of the EU legislators and the Scheme as applied to aviation has survived.
The ECJ case by no means brings to an end the legal and political disputes on this issue. Airlines continue actively to consider their options for further legal action within the EU; a dispute resolution process under the aegis of ICAO (the International Civil Aviation Organisation) continues to be a likely forum for further challenge; the US is pursuing its own legislation, which would prohibit US carriers from complying with the EU ETS, and certain international carriers and industry associations are threatening straightforward non-compliance.
Whilst the industry continues to explore ways in which the EU ETS might be attacked, the Scheme has now come into effect and its operation is not likely to be deferred pending resolution of further disputes as to its validity. As well as looking at the options for further challenges, the airline industry is therefore also faced with the requirement that they now participate fully in the Scheme.
The vast majority of airlines with operations to, from and within the EU are now required to monitor and report their emissions and to surrender emission allowances for any flights to and from EU airports. There are a few limited exemptions, such as operators with fewer than 243 flights to or from the EU for 3 consecutive 4-month periods and those operators with less than 10,000 tonnes of emissions per reporting year.
Although 2012 is the first year for which airlines are officially required to surrender allowances, the compliance process has been underway since 2009. We set out in this briefing the key dates and compliance issues that aircraft operators will face moving forward.
¿Como funciona?
The EU ETS is a “cap and trade” system that imposes an emissions cap on industries covered by the Scheme. Emission allowances (“EUAs”) are allocated to each “operator” within a regulated industry for each reporting year. At the end of each reporting year, the operator must surrender allowances equal to its total emissions for the reporting year or face a penalty. Operators that emit more than their allocated emissions must procure additional allowances for surrender. This can be achieved by purchasing allowances at auction, purchasing allowances from other EU ETS participants or purchasing carbon offset credits such as CERs (certified emissions reductions) and ERUs (emissions reductions units).
CERs are credits issued by the United Nations for reductions in emissions generated by emissions abatement projects in developing countries. ERUs are also emission reduction credits issued by the UN but they represent reductions from projects in industrialised countries. One CER or ERU represents a reduction of 1 tonne of CO2 and can thus be surrendered by an aircraft operator to offset 1 tonne of its emissions. However, operators can only use CERs and ERUs for up to 15% of their compliance obligations in 2012 and up to 1.5% from 2017.
In addition to the requirement to surrender allowances, operators are subject to monitoring and other compliance obligations under the Scheme.
Although the overarching regulatory framework governing aviation in the EU ETS is EU Directive 2008/101/EC (the “Directive”), each Member State has transposed the requirements of the Directive into national law in order to set out in detail by national legislation in each State what operators must do to apply for free allowances, how to comply with the monitoring and reporting requirements and the process of surrendering allowances for compliance.
Administering Member States
Within each Member State, a designated “competent authority” is responsible for administering the EU ETS with respect to airlines. The competent authority in the UK is the Environment Agency.
Airlines are allocated to the Member State to and from which most of their flights operate. Given the role of London’s Heathrow Airport as a significant hub for flights into and out of Europe, a large number of airlines have been assigned to the UK. Germany, France, Spain and the Netherlands also act as administering States for a large number of carriers.
Allocation and auctioning of allowances
The EU ETS is divided into two trading periods for airlines: 2012-2017 and 2017-2020. For the 2012-2017 trading period, the total amount of aviation allowances (“EUAAs”) available to the airline industry is capped at 97% of the average annual aviation emissions for the years 2004-2006 (known as the “historical aviation emissions”), or 212,892,053 aviation allowances. During the 2012-2017 trading period, 85% of the total available allowances will be allocated to airlines free of charge and the remaining 15% will be auctioned by Member States.
For the 2017-2020 trading period (Phase III of EU ETS as a whole), the total amount of available allowances decreases to 95% of historical aviation emissions, or 208,502,526 aviation allowances. 82% of the total available allowances will be allocated free of charge, 15% will be auctioned and 3% will be set aside in a special reserve for new entrants and fast-growing airlines.
The allocation of free allowances is based on a benchmark figure set by the Commission and the total amount of tonne-kilometres transported by each operator in the base year 2010. In September 2011, the Commission set the benchmark for the 2012-2017 trading period at 0.6422 allowances per 1000 tonne-kilometres of emissions and 0.6797 allowances per 1000 tonne-kilometres for the 2017-2020 trading period. To determine how many free allowances will be allocated to individual operators, Member States will multiply the benchmark figures by the verified 2010 tonne-kilometre data provided by the airlines. Member States have recently been in the process of publishing the individual free allocation figures for airlines which they administer.
Member States will distribute free allowances to operators by 28 February 2012. Annual allocations for subsequent years will be issued by 28 February in each reporting year.
Member States are also responsible for the auctioning of allowances. Operators will be able to purchase allowances at special EUAA auctions for airlines or at EUA auctions open to all sectors subject to the EU ETS. Operators should check with the competent authority in their designated Member State for auction dates.
Buying, selling and trading allowances
Given the historical nature of the overall aviation cap and the growth of international aviation since 2006, the allowances available to airlines free of charge, together with those which can be purchased at auction, will be insufficient to meet actual traffic levels today, with the consequence that many airlines (other than potentially those with declining operations) will inevitably have to become net purchasers of emissions allowances if they are to sustain, let alone, increase, their current operation.
Each Member State has a national ETS registry and, in order to buy or sell allowances, operators must open an account with the relevant registry. Member States will also distribute free allowances by crediting operators’ registry accounts. Operators who have not already opened their account can apply online at the registry website of the relevant Member State. Once they have a registry account, airlines can purchase additional allowances from other EU ETS participants directly, through a carbon exchange such as Bluenext or through carbon brokers.
Record low carbon prices have led many airlines to begin purchasing allowances already. Carbon prices have dropped dramatically in recent months due to an oversupply of allowances and the growing Eurozone crisis. For example, the EUA started 2011 at €14.24, peaked around €17.42 in early May 2011, and then fell more than 50% to a low of €6.30 in mid December 2011. Whilst plummeting prices have led many EU ETS participants to stockpile allowances whilst prices are cheap, other buyers are waiting to see whether the prices continue to fall.
In an attempt to bolster EUA prices, in December 2011 the European Parliament’s environment committee voted in favour of a proposal that would require the cancellation of potentially 1.4 billion allowances for Phase III of EU ETS (2017-2020). This could result in a reduction of the overall EU ETS cap by 8% and hence the aim is to drive carbon prices up. Carbon prices rallied in late December after the announcement of the EU Parliament’s vote but have since fallen again. At the date of publication (18 January 2012), the benchmark EUA was trading at €6.75.
Monitoring and reporting of emissions and surrender of allowances
Operators should have been monitoring their annual emissions in accordance with their approved plans since 1 January 2010. By 31 March 2012, they must submit verified emissions reports for their 2011 emissions data, but they are not required to surrender allowances for their 2011 emissions. However, from 1 January 2012 and throughout each reporting year thereafter, operators must monitor their emissions according to their approved emissions monitoring plan and must surrender allowances equivalent to their total annual emissions for each reporting year. By 31 March following any reporting year (i. e. 31 March 2017 for the 2012 reporting year), operators must collate their emissions data and prepare an annual emissions report. The report must be verified by an independent, accredited verifier and submitted to the competent authority in their designated Member State for approval. By 30 April following any reporting year (i. e. 30 April 2017 for the 2012 reporting year), operators must surrender emission allowances equivalent to their total annual emissions for the previous reporting year. As noted above, a number of carriers have been stockpiling allowances whilst carbon prices are low, in recognition of the surplus they will be required to surrender in April 2017. Other carriers should seek both legal and financial advice as to any decision to commence purchasing allowances and the timing of their dealings on carbon exchanges.
Penalties
The Directive provides for a penalty of €100 per tonne of CO2 emitted for which an allowance is not surrendered. The shortfall will also be added to the operator’s total emissions for the following year. Ultimately, Member States can also request that an operating ban is placed on persistent offenders.
Individual Member States have also provided for additional penalties in their national legislation implementing the Directive. In the UK, for example, the penalties for failing to submit an emissions plan by the deadline, failing to monitor or report emissions, failing to comply with an emissions plan or with notices issued by the Environment Agency go above and beyond those of the Directive. Fines under the applicable UK Regulations range from £500 to £3,750 with additional daily penalties ranging from £50 up to a maximum of £33,750. If a fine is not paid within six (6) months or an operating ban is ordered by the EU, the UK Environment Agency can detain any aircraft operated by the operator. In what one assumes will be extreme cases, if there is persistent non-payment or an operating ban is in place for more than fifty-six (56) days, the Environment Agency can potentially sell the aircraft without leave of the court.
What should aircraft operators be doing to comply?
The challenges to and criticism of EU ETS from the international airline community are unlikely to abate any time soon. However, ongoing compliance is also a necessary focus. That process has been underway since 2009 and operators should have already:
Submitted their emissions monitoring plan and benchmark monitoring plan for approval to the appropriate competent authority in their designated Member State.
Monitored tonne-kilometre data in 2010 according to their benchmark plan and submitted their verified 2010 data to the relevant competent authority in March 2011.
Monitored emissions data in 2010 according to their approved monitoring plan and submitted verified 2010 data to the relevant competent authority by March 2011.
Monitored emissions data in 2011 according to their approved monitoring plan.
Moving forward operators should:
Prepare their 2011 emissions report for verification and submit to the relevant competent authority by 31 March 2012.
Engage an auditor to verify their 2011 emissions report and schedule the audit well in advance of the 31 March 2012 deadline.
Apply for a registry account with the relevant Member State.
Monitor emissions in accordance with their approved monitoring plan throughout 2012.
Procure additional allowances from other EU ETS participants, at auction or by purchasing CERs and ERUs to cover any shortfall in their allowances not covered by free allocation.
Submit a verified 2012 emission report to the regulator by 31 March 2017.
Surrender allowances equal to their total verified emissions for 2012 by 31 April 2017.
HFW’s aviation regulatory team participated in the recent ECJ case on behalf of the airline industry association interveners and we continue to advise our airline clients in relation to compliance with and potential further challenges to the EU ETS.
For more information, please contact Konstantinos Adamantopoulos, Partner, on +32 2 643 3401 or konstantinos. adamantopoulos@hfw. com, or Sue Barham . Partner, on +44 (0)20 7264 8309 or sue. barham@hfw. com, or Richard Gimblett . Partner, on +44 (0)20 7264 8016 or richard. gimblett@hfw. com, or Charles Cockrell . Associate, on +971 4 423 0555 or charles. cockrell@hfw. com, or your usual HFW contact.
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Sue Barham Partner
London
Richard Gimblett Partner
Australia will scrap its planned floor price for carbon emissions and will link directly with the European Union's emissions trading system by 2018, Climate Change Minister Greg Combet said today (28 August).
Australia, one of the world's highest per capita emitters of pollutants blamed for causing climate change, imposed a fixed €19.08 per tonne carbon tax on around 300 of its biggest polluting companies in July, covering around 60% of emissions.
The €12.45 floor price was due to underpin the scheme when it moved to a floating emissions trading scheme in July 2017.
The floor price adjustment is the first major change to Australia's controversial plan to price carbon following concerns from businesses facing higher costs than in Europe.
"Linking the Australian and European Union systems reaffirms that carbon markets are the prime vehicle for tackling climate change and the most efficient means of achieving emissions reductions," Combet said in a joint statement with European Commissioner for Climate Action Connie Hedegaard.
The move means business in Australia will be able to use EU allowances to cover Australian liabilities from July 2017 but European companies will have to wait until 2018 to use Australian allowances.
Combet said business had made it clear they wanted more flexibility on the carbon price once Australia moves to a trading scheme.
"At the end of the day, I think this is the best public policy outcome," Combet told reporters, adding Australia was continuing negotiations on linking its scheme with New Zealand's emissions trading scheme.
In contrast to the Australian prices, carbon permits in the European Union are currently trading around €8.16 a tonne.
Combet said Australia would also impose a new limit on the use of eligible Kyoto units. Companies will still be able to meet up to 50% of liabilities with international units, but will only be allowed to meet 12.5% of liabilities with UN-backed Kyoto units.
The price on carbon emissions is Australia's key policy to fight greenhouse gas emissions, blamed for global warming. Australia is one of the world's highest per capita emitters due to a reliance on coal-fired power stations.
Positions
“The European Union is the first regional emissions trading system and spans the largest part of the European continent. We now look forward to the first full inter-continental linking of emission trading systems,” Commissioner for Climate Action Connie Hedegaard said in a joint statement with Australian Climate Change Minister Greg Combet. “This would be a significant achievement for both Europe and Australia. It is further evidence of strong international cooperation on climate change and will build further momentum towards establishing a robust international carbon market."
Fondo
With a turnover of some €90 billion in 2010, the EU's Emissions Trading System (ETS) is the world's largest carbon market. Around 80% of it is traded in futures markets and 20% in spot markets.
The ETS aims to encourage companies to invest in low-polluting technologies by allocating or selling them allowances to cover their annual emissions. The most efficient companies can then sell unused allowances or bank them.
Group Says European Cap-and-Trade System Reduced Emissions
The officials who created and run the cap-and-trade system for the European Union could use some good news.
“The design of the scheme is working as originally intended by the European Union.”
The price of a ton of carbon dioxide in the current phase of the trading system has fallen to record lows recently. And although there are few suggestions the price could collapse entirely, the recent drop still is a worrying reminder that a market-based system to reduce emissions can be subject to significant volatility.
In a boost for the system on Monday, however, a prominent research company, New Carbon Finance, said its calculations showed that the largest cause of a reduction in emissions in the European Union last year was attributable to the trading system — because it had encouraged greater use of gas in power generation rather than dirtier fuels like coal.
European emissions dropped by roughly 3 percent in 2008.
“Despite the large sell-off of industrial permits over the last few months that has caused the price of allowances to fall below fundamental levels,” New Carbon Finance said, “the existence of a carbon price in 2009 indicates that banking of allowances is taking place and the design of the scheme is working as originally intended by the European Union.”
The group said it still was awaiting official figures from European authorities that are expected two months from now, but it estimated that the carbon price was responsible for 40 percent of the fall in emissions last year, with the recession accounting for a further 30 percent.
Nonetheless, New Carbon Finance warned that, once the data for 2008 is fully compiled, it will reveal a surplus of credits.
A very large surplus of credits also existed in 2006 — when the carbon price collapsed.
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Seems like a case of answering the wrong question. It’s not about whether the European cap & trade system works (and I suppose we should ask how significant a mere 3% reduction is, compared to what’s needed), it’s whether a carbon tax could produce larger reductions with less overhead.
How much did it cost to set up and run the cap & trade system?
Fuel switching from coal to gas is one of the quickest strategies for near-term reductions in carbon emissions that can be followed with longer term strategies. Unfortunately, Russia’s recent behavior with natural gas exports to Europe may make this option less palatable going forward. In North America, however, the prospects for fuel switching from coal to natural gas are much better. North America’s natural gas supplies have been increasing due to shale resources and the positive long term prospects for natural gas supplies will buy us time to ramp up energy efficiency, renewables and other alternatives to coal. A switch to gas is also very complimentary to greater wind penetration in the coal-dominated midwest: natural gas power plants can ramp up and down much faster and more efficiently than coal and nuke plants.
In many cases we don’t even need to build power plants because existing natural gas combined cycle power plants in the Midwest typically operate at 50% or less of their capacity. These plants can operate in baseload mode (as they do in Texas, CA and Europe) but cannot currently compete with lower cost coal (at least when social externalities are ignored) in the Midwest until there is a carbon cost. The referenced study is positive because it indicates that cap&trade provides the price signal for switching away from coal. Over time we can follow Europe’s lead and build capacity for renewable natural gas made from cow manure, wastewater treatment and urban organic waste. Toronto has a project to produce biogas from curbside compost pickup and one dairy in Wisconsin feeds biogas into the pipeline.
Good post, but one very misleading remark: “reminder that a market-based system to reduce emissions can be subject to significant volatility.” This is true, but it reinforces the view that cap-trade is market-based and a carbon-tax is not.
The reason most economists prefer a carbon-tax is because such systems are usually more market-based than cap and trade and they do not have the volatility problem. But, you ask, Isn’t “trade” what makes cap-and-trade market based? De ningún modo. Both are market based because they change the price of carbon and that gets the market to choose how carbon is saved — other systems let the government choose. “Trading” simply equalizes the carbon price between companies, something that a carbon tax does automatically.
If you really want to understand cap-and-trade, there’s a free, short, pdf eBook, you can get just by googling [cap and trade secrets].
The success or failure of the trading scheme is less important than the flaws in its aims. The core aspect of this scheme is to convert humanitarian aid to underdeveloped countries into carbon emissions reductions projects. This is wrong because the humanitarian aid should be provided on its own, not substituted and made conditional. Clean development should not be a traded commodity, but rather a subject of direct aid by those who have already used up the atmospheric carbon sink. Setting up an emissions escape valve for the industrialized nations through this form of trading is deeply flawed.
The key take-away is that the EU cap and trade system is working — it is keeping emissions below the established cap level.
The reason carbon allowance prices have fallen in Europe is that overall economic activity is off. Just like the price of oil, the price of carbon allowances falls when demand is slack. That should be no surprise, and it is not a flaw in cap and trade design. It’s also no surprise that some allowances are being “banked” for use in the future when economic activity and demand for allowances picks up. That’s exactly what should happen.
Some have expressed concern that even though the caps are met, investments in clean energy technology will slow if allowances prices fall too low. Others think that low allowance prices mean the caps are too lax. On this side of the Atlantic, a business-environmental coalition called the U. S. Climate Action Partnership has proposed a solution to those problems: We can support clean energy investments by reducing the number of allowances auctioned each year if necessary to keep allowance prices from falling below an agreed floor value. If allowance prices remain low, it tells us is we can afford to cut emissions faster — so we can solve both problems by auctioning fewer permits and tightening the cap.
If you track CO2 emissions by country, the main correlation is economic – thus, when Russia’s economy collapsed after accepting IMF conditions, their CO2 emissions also dropped. The same is true in the current economic situation. Just because a private company with vested interests in the issues says its true doesn’t make it so – where’s the independent research?
Cap and trade is really a scam. What we need to do is to eliminate coal fired electricity and all foreign energy imports, and the only way to do that is with a large-scale solar, wind and biofuel program – entirely possible using today’s technology, as well.
I’m with James. A carbon tax is a better solution because it is much less vulnerable to evasion and market manipulation and provides a more stable and transparent system for consumers and industry alike. In addition, a carbon tax incentivizes the creation of new, climate-friendly technologies.
New Carbon Finance’s findings are just plain silly. The EU CO2 cap and trade market started to operate in January 2005. All of the OECD, Eurostat and the US EIA report that European Union coal consumption grew between 3.0% and 4.5% (depending on the source) from December 31, 2004 through December 31, 2007. Most sources report 1% to 2% growth in EU coal consumption in 2008, though official government estimates of total 2008 coal consumption for the entire year 2008 are not yet final or available. The 2005 – 2007 increase in EU coal demand is quite surprising when we consider that EU27 “heating degree days”–the number of hours in the year that buildings need to be heated to maintain a temperature equal to 69 degrees, divided by 24–in 2007 were 7.9% below 2005 levels. That means on a weather normalized basis the actual increase in EU coal demand was over 20% for the 05-07 period. That EU demand for coal continued to grow–as it reportedly did in at least preliminary estimates– through August 2008 was all the more astounding giving th 50% increase in the EU spot market price of coal between December 31, 2007 and August 31, 2008 (this price does not include the cost of CO2 allowances). The only thing constraining EU coal consumption in 2008 appears to have been a short term import coal supply constraint.
The European flight from coal to natural gas began in 1991 and was completed, for the mostpart, by 1997. After hitting a low in 1999, European coal consumption has been slowly creeping back (A 7% increase was realized between 1999 and the end of 2007.) Then came 2008. In early 2000, Germany’s parliament approved the construction of 21 new rather traditional coal-fired power generation stations, 8 of which are already under construction. Only one of those plants is required to be “carbon capture ready”. In early 2008, in an attempt to address skyrocketing power prices (the average household now pays in excess of US$0.33/kWh for electricity, including CO2 allowance costs but not incuding VAT), the German parliament approved utility proposals to build 21 new coal-fried plants using pretty traditional technology. Only one of the new plants has to be “carbon capture ready”. Eight of the plants are already under construction. The government of Germany estimates that construction of the full suite of 21 new coal-fired generation plants will add 68 million TCO2e/year to Germany’s GHG inventory.
Again, in the face of the actual coal consumption statistics, New Carbon’s findings appear just kind of silly.
“New Carbon Finance warned that, once the data for 2008 is fully compiled, it will reveal a surplus of credits. & # 8221;
We don’t need to wait for the 2008 data to be compiled. The EU regulators created a total CO2 allowance allocation for 2008 that exceeds actual 2007 actual emissions for the plants that were covered in both periods by some 5% to 7%. We know that most of the covered facilities operated at close to full capacity all through 2007–a boom economic year for every EU nation. So we don’t need to see the final true-up for 2008 to know that it will report that the market will bank and carry a minimum 7% allowance surplus from 2008 into 2009. Anticipating that, the “reported” EU CO2 allowance market price has lost 66% of its value since last March.
I say “reported” because over 75% of the “turnover” in the EU CO2 markets is in the form of “swaps”, where party A transfers 10,000 units to party B today on the condition that party B will transfer 10,000 units to party A in 6 months. Both parties impute a market price to both sides of the swap and the EU CO2 markets report this as 20,000 TCO2e of turnover. The only cash that actually trades hands is a small allowance “lease fee” that party A pays party B–likely less than 5% of the imputed value for the short-term loan of allowances. (If this commodity market was regulated according to standard financial market rules, neither side of this swap would be recorded as market turnover, and market overseers would impute a price of “0” to the transfers).
New Carbon correctly reports that EU companies are hoarding perpetually bankable quota. The reason that most “trading” is in the form of swaps is that no prudent CEO would ever sell a unit of perpetually bankable CO2 quota for any price less than the cost of future global fossil fuel market share.
A carbon tax isn’t immune to “evasion and market manipulation” because taxation is a purer version of the policy and regulatory framework imposed on the EU, only this time the price is set by policy makers instead of the market. I’m lost on how the market would continue setting a price for carbon under a carbon tax as opposed to cap and trade system. But if you’re implying that it would be done through industry lobbying, then yes, the market would set the price then, but only those market participants with the most access to government. russell_dinnage@platts. com
Chris, the question of offsets in developing countries is an important one, but is a separate issue from this analysis. The New Carbon Finance report only considers emissions within the EU, not Clean Development Mechanism offsets. It is possible to have an effective cap and trade system without any international offsets at all – so the merits of cap and trade versus carbon tax do not necessarily depend on how you feel about aid to developing countries.
Good point Erica Stephan. But the developing nation offsets that are in play at this time don’t really have a large impact on the EU CO2 market. The EU rules allow but do not oblige the member states to permit regulated entities to use developing nation offsets as compliance units under nationally-determined (not EU-wide) trading rules. All EU nations have allowed some developing nation credits, but most have limited the right of obligated parties to use developing nation credits to 10%+/- of their compliance obligation.
More importantly, the UN estimates that its CDM/JI process (the process that creates developing nation credits that are acceptable under EU rules) will generate 1.25 billion developing nation credits by the end of 2012. The EU rule covers only CO2, and only accepts credits that represent CO2 reductions. And the EU rule has precluded the use of CO2 credits that originate in developing nation forestry projects. These provisions reduce the volume of developing nation credits that can be used in the EU market by roughly 60%, The total supply of EU CO2 allowances generated by the regulators for 2008 through 2012 is 20.83 billion units. So the usable developing nation credit supply extends the compliance unit supply by only 2.4%. This means the total compliance unit surplus is between 7.5% and 9.5% before accounting for the dampening of demand that derives from the economic recession.
Erica Stephan (#11),
This particular system is created to fit into the Kyoto mechanism and so it is very much made to take advantage of clean development offsets starting next year. Europe has an ace in the hole regarding Kyoto compliance because of this plug-and-play design.
But, all of that aid is going to come out of general aid budgets and will cost antimalarial programs or food aid programs. No. Polluter Pays! Those who took us above 350 ppm must do what it takes to take us back down again including picking up the cost for development that is blocked by having used up the carbon sinks. Trading is not the way to account for this.
Veru good point Russell Dinnage, but I don’t advocate either carbon taxation or quota-based cap and trade (“allowance” is just another name for “quota”).
Every time we have taken an environmental challenge seriously, and we have attacked it successfully, we have done so by implementing product standards–regulations that oblige distributors of products the production and/or consumption of which results in the targetted environmental impact. All efficient product standards allow for trading, but they differ from what is normally called “cap and trade” in two critical ways: (1) the obligated party is the distributor, not the producer, of the product and (2) there is no quota allocation. A GHG or carbon product standard for electricity obliges all electricity distribution companies to report the supply chain GHGs or carbon consumption in the nation/state of final sale (so power generation GHGs are transferred from the state of origin to the state of end-use), and to comply with a GHG or carbon content/MWh cap that declines over time. Governments that wish to comply with absolute GHG targets simply have to introduce a GHG or carbon content/MWh reduction schedule that declines faster than forecast electricity demand growth. Put similar product standards for sales of natural gas, cement, aluminum, iron, steel, paper, other wood products and glass you have covered 85% of the national GHG inventory. The product standards can stipulate that obligated parties can comply on a sales portfolio average basis, and any number of obligated parties can comply jointly. Government does not have to allocate quota of credits. The market will make a robust and efficient secondary market for GHG or carbon attributes in the face of such a rule. If governments wish to be more aggressive, they can add renewable energy standards (for power and liquid fuels, as most US states already have in place), as well as energy efficiency standards for key appliances (including vehicles). Putting GHG/carbon standards in place for energy and carbon-intensive commodities and complimenting it with aggressive efficiency (as opposed to emission) standards for appliances and vehicles is likely the most efficient strategy to de-carbonize the markets.
Given point-of-distribution (as opposed to point of production) product standards, the market competes on price and innovation to deliver new compliant products at least cost. The market has only two tools at its disposal–productivity and innovation. When governments “put a price on carbon” through carbon tax measures, government tie the markets’ right hands behind their backs. And governments become dependent on carbon tax revenues, which motivates governments to maintain sub-optimal carbon prices. Remember your Economics 100: only an optimally priced tax is efficient. A sub-optimally priced tax is very inefficient. But it does generate government revenues.
When you think through the product standard strategy, I should think it would drive you to ask: why are so many governments insisting on adding a GHG or carbon quota allocation to the basic regulation if they can create a market for carbon without the administratively costly addition of the quota allocation and administration system? The answer is that emission quota is government’s new “pork”–only it is even better than the old pork in that Congresses and Parliaments can allocate quota without treasury impacts. I mentioned earlier that the overall EU CO2 2008 to 2012 quota supply exceeds the likely capacity for the covered facilities to emit by some 5% to 7%. But all EU governments have created artifical demand for quota through creative distributions. Every EU member state has shorted the free quota allocation to electric utilities some 20% to 37%. Meanwhile, almost every fossil fuel, aluminum, steel, pulp paper and wood products and chemical plant that is covered by the “cap” in the EU has received a significant quota surplus relative to their 2007 operating emissions. So the whole EU cap and trade regime, to date, is nothing more than a carbon tax on electricity that generates new subsidies for domestic fossil fuel and carbon-intensive commodity producers. This is, in fact, one of the reasons coal consumption is increasing again in Europe. Between them, the typical EU coal and power producers have enough allowances for the power producer to continue to buy EU coal and make power from it. But the EU power producer who imports coal and/or natural gas from Russia has to aquire CO2 allowances from EU-based petroleum product, cement, aluminum, etc. producers to maintain their coal and/or gas imports. The system lacks environmental integrity, but it has high trade protectionist values.
A product standard (with market-designed credit trading) is highly efficient and the method our governments have used with great success in the past. We are in the era of quota allocation-based “cap and trade” not because this is the era of increased environmental awareness, but because we are in the era of increased protectionism.
Re #10: “I’m lost on how the market would continue setting a price for carbon under a carbon tax…”
The market doesn’t set a price for carbon. Rather, a carbon tax increases the cost of energy derived from fossil fuels, after which the the market takes over to find ways to reduce energy use. As for instance when the price of US gas goes above $4/gallon, people suddenly find all sorts of incentives to use less.
Aldyen in #12, “But the developing nation offsets that are in play at this time don’t really have a large impact on the EU CO2 market.” Everything that you’re saying in that comment is true (don’t know where you’re getting the numbers from though and can’t vouch for their veracity) but that point you made in the beginning does not hold firm IMHO. CERs do have a large impact on the EU ETS, but as a market mechanism. Traders can swap EUAs for CERs, arbitrage it, trade the spread and take pure profit. Esp. now with the advent of the spot markets for EUAs and CERs traded on the BlueNext exchange its become easier than ever to swap EUAs for CERs and take profit. The system falls down on the point of how these profits are spent by the compliance buyer utilities, as they are not required to use the money made from carbon trading or from windfall profitis generated by free allocation of permits from member state governments on “green” investments. So, as a market mechanism, CERs have proven quite useful, but there’s quite a lot of debate in the EU Parliament about their quality and only allowing in so-called Gold Standard or high quality CERs. That’s a policy debate, not a market issue.
You can download facility level reported emissions and EU CO2 allowance allocations for all of the plants covered by the EU ETS from the europa. eu climate change portal. (What is interesting is that when you actually download and add up the emissions and allocations in each of the national installation. xls workbooks posted at that site, and account properly for the plants that are identified as “closed” in those lists, you get a somewhat different picture of demand and supply in the EU CO2 market than the EU Comission, its representatives and EU CO2 market makers regularly present.)
I take my estimates of the existing and forecast CER supply from the UNFCCC CDM page. I think the UNFCCC has a tendancy to exaggerate future CER supply, but I use their numbers anyway because that bias ensures my estimate of he compliance unit surplus is conservative .
The arbitage opportunity you describe is real, but if the CER suppliers are actually realizing the windfalls from swapping that you suggest, then the EU facility managers who are agreeing to those swaps are just plan dumb (and failing, I would suggest, to meet their full obligations to protect shareholder interest). Under current EU CO2 ETS rules, surplus vintage 2008 – 2012 EU CO2 allowances can be carried over from the first Kyoto commitment period into the post-2012 compliance period, while–at least so far–CERs cannot be carried over. But CERs are perfect substitutes for CO2 allowances in 2008 – 2012. So when an entity retires a not-bankable CER as a 2008 – 2012 compliance unit they theoretically free up a bankable CO2 allowance. Prudent asset managers should realize, therefore, that a CO2 allowance is always worth substantially more than a CER, because the real value of an AAU is the NPV of the future cost of complying with their post-2012 caps. Any corporate manager who lets a CER supplier generate a windfall by accepting a CER at par in a CO2 allowance swap and allows the trader to scoop the profit is a bit of a fool (and, to tell the truth, I just don’t think there are as many of those fools out there as the broker/hustlers want us to believe…but I could be proved wrong on that matter). On the other hand, any EU ETS installation operator who buys (in a one sided transaction, not in a swap) a CER at a discount relative to the NPV of their forecast cost of complying with anticipated 2020 caps has served his/her shareholders well.
I anticipate that a majority of the aggregators who are currently sitting on CER portfolios will prove insolvent over the next few years. In a number of cases, their initial investors were reasonably skeptical of the CER market. Some aggregators committed to deliver CO2 allowances to the initial investors, anticipating that it would be a slam dunk to generate both profits and portfolios full of EU CO2 allowances by swapping out all of their cheap CERs in the manner you suggest. I am guessing that as annual EU compliance reports start to emerge over the next few years, we will discover that fewer EU plant operators will have proved willing to enter into the swaps the CER aggregators anticipated and need to keep their commitments to their original investors.
On quality…well, that is a subjective term. By my count, more than 65% of the CERs that the CDM/JI Board has issued and will issue fail to meet the most basic quality test. With that much junk in the market, one really has to ask: is it really worth the effort required to fix it? It would be cheaper and more effective for energy, building product and food importing nations to promulgate common supply chain GHG standards for a dozen or less GHG intensive commodities (including but not limited to electricity, natural gas, petroleum products, cement, iron, steel, aluminum, paper, glass), requiring distributors of those products to account for and comply with global supply chain GHG limits. (Distributors of these products already have to comply with complex national product quality standards, so adding GHG accounting does not have to mean huge additional costs–unless the regulators just get stupid in the accounting conventions they impose.) If every OECD nation, for example, adopted a GHG standard that capped total supply chain GHGs for all aluminum sales at, say, 10 TCO2e per ton of aluminum (where the distributors have to account for supply chain production and electricity demand-related emissions) in 2012, declining to 5 TCO2e/TAl by 2020, then there will be a good return on power plant and aluminum smelter upgrades all over Asia. I think we should all move on to product/performance standards–after all, regulating what can be legally sold is the key to how we got the lead out of gasoline and CFCs out of refrigerent. That way we get the UN, ENGos and national governments out of the far-too-subjective and potentially corruptible project approval and certificate generation and rating businesses.
As banks started faltering in 2007 and credit started dying up and less stuff was getting done and non-fdic insured cash fled into hard assets driving their prices higher could that not explain why less carbon was released? Another thing the eludes me is if it takes from 75-90% burning of fossil to create a gallon of ethanol when you factor in fertilizer creation, farming, transportation, distillation, etc…you are emitting 1.75x carbon to save from emitting 1x carbon. One would think ethanol production should be banned.
Further investigations into VAT fraud linked to the Carbon Emissions Trading System
One year on from a Europol warning about an estimated 5 billion euros in damage for European taxpayers, caused by VAT-fraud within the EU Emission Trading System (ETS), law enforcement authorities around Europe continue to fight the criminal networks involved. In operations during 2010, several hundred offices all over Europe have been raided and more than 100 people arrested.
In the latest operation on 17 December 2010, the Italian Guardia di Finanza, under the instruction of Milan's prosecution office, carried out raids on about 150 companies in eight different regions of Italy. These operations happened just a few weeks after the Italian Power Exchange (G. M.E) halted all trading in carbon credits due to a high number of abnormal transactions. The potential VAT-loss is estimated to reach 500 million euros.
Earlier this year authorities in France, Germany, Spain, United Kingdom and other countries conducted numerous operations against criminal networks involved in carbon credit fraud. The biggest swoop, initiated by Germany in late April, saw more than 2500 officers involved across Europe and in non-EU countries.
Norway, Switzerland and the EU countries Belgium, Czech Republic, Denmark, Latvia, the Netherlands, Slovak Republic and Portugal are all among the countries trying to identify the network of criminals behind this massive fraud - a fraud with links to criminal networks operating outside the EU and in other continents, like the Middle East.
Rob Wainwright, Director of Europol, says: "Organised VAT fraud remains a significant criminal activity in Europe. It is responsible for draining huge resources from central government revenues and undermining the objective of transforming Europe into a competitive and greener economy. Europol is determined to crack down on the organised crime groups involved and is pleased to have assisted a number of successful operations this year, carried out by law enforcement authorities in EU Member States. Europol is also currently monitoring apparent new trends in this criminal activity, including possible organised crime infiltration of the gas and electricity markets."
Together with a large group of countries affected by the carbon credit fraud and Eurojust, Europol is collecting and analysing information in order to identify and disrupt the organised criminal structures behind these fraud schemes.
Background information Indications of suspicious trading activities were noted in late 2008, when several market platforms saw an unprecedented increase in the volume of trade in European Unit Allowances (EUAs). Market volume peaked in May 2009, with several hundred million EUAs traded in e. g. France and Denmark. At that time the market price of 1 EUA, which equals 1 tonne of carbon dioxide, was around 12.5 euros. As a measure to prevent further losses, a lot of EU Member States, had to change their taxation rules on these transactions. After these measures were taken, the market volume dropped by up to 90 percent.
Missing trader intra-community fraud (MTIC) is the theft of Value Added Tax (VAT) from a government by organised crime groups who exploit the way VAT is treated within EU Member States.
The Emissions Trading Scheme (EU ETS) was created as a cap-and-trade system for transactions of European Unit Allowances. Each transfer of EUAs is recorded in a national registry before it is centrally stored in the Community Independent Transaction Log (CITL) at the European Commission. Carbon credit fraud is a variation on VAT carousel fraud. The graphic below shows how carbon credit carousel fraud works.
Trade Relations among European and African Nations
Essay
Trade among European and African precolonial nations developed relatively recently in the economic history of the African continent. Prior to the European voyages of exploration in the fifteenth century, African rulers and merchants had established trade links with the Mediterranean world, western Asia, and the Indian Ocean region. Within the continent itself, local exchanges among adjacent peoples fit into a greater framework of long-range trade.
The merchants from Britain, France, Portugal. and the Netherlands who began trading along the Atlantic coast of Africa therefore encountered a well-established trading population regulated by savvy and experienced local rulers. European companies quickly developed mercantile ties with these indigenous powers and erected fortified “factories,” or warehouses, on coastal areas to store goods and defend their trading rights from foreign encroachment. Independent Portuguese merchants called lanГ§ados settled along the coasts and rivers of Africa from present-day Senegal to Angola, where they were absorbed into African society and served as middlemen between European and African traders (1991.17.31 ).
Those goods imported to Africa in greatest volumes included cloth. iron and copper in raw and worked form, and cowry shells used by local populations as currency. Nonutilitarian items such as jewelry, beads, mechanical toys and curiosities, and alcohol also met a receptive audience. Catholic countries such as Portugal were, in theory at least, forbidden by papal injunction from selling items with potential military uses to non-Christians, although it is unclear how closely this order was followed in practice. In exchange for their wares, Europeans returned with textiles, carvings. spices, ivory. gum, and African slaves .
Contrary to popular views about precolonial Africa, local manufacturers were at this time creating items of comparable, if not superior, quality to those from preindustrial Europe. Due to advances in native forge technology. smiths in some regions of sub-Saharan Africa were producing steels of a better grade than those of their counterparts in Europe, and the highly developed West African textile workshops had produced fine cloths for export long before the arrival of European traders.
It may therefore seem surprising that European importers found many customers for their goods among local populations in West Africa. Nonetheless, the novelty and comparative rarity of European imports together constituted a significant advantage over local products, and powerful rulers readily adopted them for use as courtly regalia. An example of this type of status object fashioned from a trade commodity is a Chokwe chief’s necklace from Central Africa (1996.456 ). The white ceramic “shell” attached to a woven basketry band was an item manufactured in Europe, probably Germany, for use by Portuguese slave traders. Round, white shells are valued symbols of spirituality and leadership in many Central African cultures, and European merchants clearly created this ceramic form to meet the particular demands and interests of their trading partners. Local leaders who prospered from the international trade also commissioned other prestige objects, such as sumptuous wood and ivory carvings. from local artisans.
Alexander Ives Bortolot Department of Art History and Archaeology, Columbia University
Citation
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Primary Essays
Secondary Essays
Cronología
Keywords
Artist / Maker
Ver también
Necklace: Pendant
Figure: Seated Portuguese Male
Pipe: Rifle
The European Free Trade Association
The European Free Trade Association (EFTA) is an intergovernmental organisation set up for the promotion of free trade and economic integration to the benefit of its four Member States.
The Association is responsible for the management of:
The EFTA Convention. which forms the legal basis of the organisation and governs free trade relations between the EFTA States;
EFTA’s worldwide network of free trade and partnership agreements ; y
The European Economic Area (EEA) Agreement. which enables three of the four EFTA Member States (Iceland, Liechtenstein and Norway) to participate in the EU’s Internal Market.
EFTA was founded in 1960 on the premise of free trade as a means of achieving growth and prosperity amongst its Member States as well as promoting closer economic cooperation between the Western European countries. Furthermore, the EFTA countries wished to contribute to the expansion of trade globally.
Based on these overall goals, EFTA today maintains the management of the EFTA Convention (intra-EFTA trade), the EEA Agreement (EFTA-EU relations), and the EFTA Free Trade Agreements (third country relations). The EFTA Convention and EFTA free trade agreements are managed by the Geneva office, and the EEA Agreement by the Brussels office.
EFTA was founded by the Stockholm Convention in 1960. The immediate aim of the Association was to provide a framework for the liberalisation of trade in goods amongst its Member States. At the same time, EFTA was established as an economic counterbalance to the more politically driven European Economic Community (EEC). Relations with the EEC, later the European Community (EC) and the European Union (EU), have been at the core of EFTA activities from the beginning. In the 1970s, the EFTA States concluded free trade agreements with the EC; in 1994 the EEA Agreement entered into force. Since the beginning of the 1990s, EFTA has actively pursued trade relations with third countries in and beyond Europe. The first partners were the Central and Eastern European countries, followed by the countries in the Mediterranean area. In recent years, EFTA's network of free trade agreements has reached across the Atlantic as well as into Asia.
EFTA was founded by the following seven countries: Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the United Kingdom. Finland joined in 1961, Iceland in 1970 and Liechtenstein in 1991. In 1973, the United Kingdom and Denmark left EFTA to join the EC. They were followed by Portugal in 1986 and by Austria, Finland and Sweden in 1995. Today the EFTA Member States are Iceland, Liechtenstein, Norway and Switzerland.
Court Ruling Could Restrain EU Cap-and-Trade System
Updated Oct. 12, 2009 12:01 a. m. ET
BRUSSELS -- The European Union risks going into December's global-warming summit with its ambitious cap-and-trade system restrained by a recent court ruling.
While the EU might eventually be able to get around those restraints on how far it can dictate member states' emissions, in the meantime the EU's chief tool to back up its pledges of cuts has been blunted.
The judgment by the European Court of First Instance restrains the European Commission's powers to run the EU's pioneering system. This decision "is not going to help political deals" in Copenhagen, said Henry Derwent, president of the Geneva-based International Emissions Trading Association, a nonprofit organization that promotes emission-trading systems as a solution to climate change.
The EU court last month overturned a commission decision imposing stricter limits on Poland and Estonia's carbon emissions until 2012, saying that the EU executive arm "exceeded its powers" in doing so. The commission has two months to appeal.
Under the EU's market for allowances to emit carbon dioxide until 2012, EU countries must set national limits on the amount of carbon dioxide their industries can emit. The commission can reject these national plans if it deems them incompatible with some benchmarks, but it can't set a new level of emissions for the countries, the court said.
In the case of Poland, the court annulled a commission decision capping annual emissions from 2008 to 2012 to 208.5 million tons, while the country had asked for 284.6 million tons, based on optimistic economic growth expectations. Polish emissions in 2008 topped 212 million tons, according to the country's national administration of the emissions-trading system. The commission overall has allowed an average of 2.08 billion tons of carbon-dioxide emissions a year from 2008 to 2012. Actual emissions in 2008 were almost 2.1 billion.
The ruling prompted an immediate fall in the price of carbon credits and increased uncertainty in the European carbon market, as investors worried that the judgment might open the market to new allowances. Other such judgments might be on their way: Six other Eastern European countries are appealing capping decisions before the same court.
The lower the price of allowances, the smaller the incentive for businesses to reduce emissions and improve their activities with clean technologies. The price of allowances have stabilized, however, since the ruling, suggesting investors have become more cautious about the possible impact on the market.
"The market has effectively said: 'We'll wait and see' " after its initial reaction, said Alessandro Vitelli, director of strategy at IDEAcarbon, a carbon strategy and research consultancy in London. Some experts say the countries and the commission might decide to settle and agree on emissions allowances outside the court. Poland's government, which is less euro-skeptic than the one that originally launched the appeal, has less desire to confront the commission, said Christian Egenhofer, a research fellow at Brussels-based think tank CEPS.
The EU has pledged to raise its target to a 30% cut in carbon-dioxide emissions by 2020, compared with 1990, from a 20% cut if there is a comprehensive agreement in Copenhagen, in order to try to encourage other nations toward a deal. The Emissions Trading System is the main tool the EU would use to reach these targets and is the bloc's showpiece example of how a market mechanism can encourage industries to turn green. Moreover, a crack in the system might make other countries that are considering similar schemes wary of the difficulty to run them.
"People will be reminded on how hard it is to get it right," Mr. Vitelli said.
Some experts are, however, less pessimistic about the implications of the ruling for the summit. "The world doesn't care about EU domestic policy, this has no implications," Mr. Egenhofer said.
Of the parties to the Copenhagen talks, Europe is the most advanced in terms of rules aimed at reducing polluting emissions. The ETS has been operating since 2005, and covers about 11,500 installations, ranging from power plants to steel and paper makers. Just less than a year ago, the 27 countries agreed to ambitious 2020 targets to reduce carbon-dioxide emissions, while at the same time increasing the use of renewable energy and boosting energy efficiency.
José Manuel Barroso, the commission's president, is strongly pushing for an accord to replace the 1997 Kyoto protocol and limit global warming to two degrees Celsius compared with preindustrial temperatures. But he recently said he was worried because the talks were "dangerously close to deadlock." Two weeks of talks in Bangkok to prepare the Copenhagen summit just ended Friday, with negotiators slightly moving forward, but yielding no major breakthrough.
—Marek Strzelecki in Warsaw and Frank Huetten in Brussels contributed to this article.
EU Risks Undermining Emissions Trading System
by Leigh Thomas Brussels (AFP) Nov 9, 2006 Over 50 European economists and the WWF environmental group warned on Thursday that EU governments risked undermining the basic economics of the bloc's innovative emissions trading scheme. The trading system, under which industrial polluters can buy and sell emissions quotas, is supposed to be the cornerstone of European Union efforts to cut greenhouse gas emissions under the Kyoto Protocol.
But the credibility of the scheme, which is still in its infancy, has taken a beating recently because member states are allotting more permits to pollute than industrial plants need.
"Our analysis shows that allocations proposed at present are too lax, so they will not create adequate incentives either to cut back emissions or to fund investment that helps developing country emission reductions," said Cambridge University professor Michael Grubb.
After issuing more quotas than polluters could use in 2005, the European Commission found that most of the EU member states that have filed their allocation plans for the 2008-2012 period so far had once again handed out too many emissions permits.
The EU's executive arm has also already taken the first step towards legal action against eight of the bloc's 25 members -- Austria, the Czech Republic, Denmark, Hungary, Italy, Portugal, Slovenia and Spain -- for ignoring an end June deadline to submit their national allocation plans.
The commission is due to rule on government's allocation plans later this month and could reject those that it considers to be too lax.
"The commission cannot allow the credibility of this crucial and innovative policy instrument to be undermined," EU Environment Commissioner Stavros Dimas said. "We will have to be tough in our assessment of the national plans."
World Wildlife Fund climate change expert Stephan Singer said: "It is vital that bad national allocation plans are rejected for the EU to maintain a high standing in the fight against climate change."
In the statement signed by the European economists as well as Dimas, they said that governments needed to respect the basic economic principle of scarcity of supply in order to for the system to work.
"Emission trading creates a price and therefore a cost to CO2 (carbon dioxide) emissions. When smartly constructed, this policy instrument provides clear incentives for changes in business practices and technology investments," the statement said.
"However, fundamental to the functioning of ETS (emissions trading scheme) is for the market to deliver a meaningful price for carbon," it added.
"This requires scarcity in supply which must be presented by emissions caps set at a level that represents a significant departure from business as usual practices."
Climate change has recently climbed high on the international political agenda in the wake of a report from former World Bank chief economist Nicholas Stern warning of looming environmental catastrophe and a key UN climate conference in Nairobi.
Even before that, the EU's trading system was under close scrutiny abroad. California Governor Arnold Schwarzenegger for one is interested in setting up a similar market in the United States, along with a handful of east coast states.
The United States has refused to ratify the Kyoto Protocol, a United Nations treaty which requires industrialised nations to curb their emissions of six gases blamed for global warming. The target is to bring national emissions down to around five percent below their 1990 levels by a deadline of 2008-2012.
In Brussels for talks with commissioner Dimas, Stern said that the success of the EU emissions trading scheme "will make it much easier over the near future to bring other countries like China and India into the carbon trade".
The British economist also insisted that the market's smooth functioning would be "vital" in promoting new carbon-reducing technologies.
"What the emission trading scheme does is to establish a price for carbon so that there's an incentive for technologies that are low on carbon to come through," he said. "That incentive is absolutely vital."
Source: Agence France-Presse
Impoverished Africa Shudders Under Global Warming Threat Nairobi (AFP) Nov 9, 2006 Already faced with recurring cycles of flood, drought and crop failures, Africa and its 800 million people are on collision course with devastation from unchecked global warming, experts say. The world's poorest and least developed continent is also most at risk from climate change, an ironic twist as it produces the least warming-causing greenhouse gases of any of Earth's inhabited continents, they say.
The effects and side‐effects of the EU emissions trading scheme
Abstract
As many countries, regions, cities, and states implement emissions trading policies to limit CO 2 emissions, they turn to the European Union's experience with its emissions trading scheme since 2005. As a prominent example of a regional carbon pricing policy, it has attracted significant attention from scholars interested in evaluating the effectiveness and impacts of emissions trading. Among the key difficulties faced by researchers is isolating the effect of the EU ETS on industry operation, investment, and pricing decisions from other dominant factors such as the financial crisis, and establishing credible counterfactual scenarios against this backdrop. This article reviews the evidence, focusing on two intended effects (emissions abatement and investment in low‐carbon technologies) as well as two side‐effects (profits and price impacts). We find that the EU ETS cut CO 2 emissions by 40–80 million t/year on average, or 2–4% of the total capped, while the evidence on innovation and investment impacts is inconclusive. There is strong empirical support for cost‐pass through in electricity (20–100%), in diesel and gasoline (>50%), and some preliminary evidence of pricing power in other industrial sectors. Windfall profits have amounted to billions of Euros, and concentrated in a few large companies.
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China's Growing Sea Trade with Europe 1517-1800
by James Graham
The traditional Chinese world order utilised the tribute system to place China at the centre of the civilised world. In exchange for recognising China's superiority, other states were granted permission to trade with China. It was this China centric world order in 1517 that European ships sailed into. The Chinese perceived each European country as just another nation drawn to China in the way Siam, Japan and others were. The European maritime powers however saw the tribute system as a means to an end not an end in and of itself. After initial attempts to use the system to gain competitive advantage over their rivals, the Europeans played only a nominal role within it.
The Chinese worldview between 1517 and 1800 resulted from a diplomatic tradition that over a long period had defined a set of values, expectations and habits. This tradition was largely an outgrowth of the administration of China itself. Every group in contact with China was entitled to a place in the Chinese world order. The lack of curiosity in neo-Confucian culture and the prevailing idea that foreigners were not worth much attention severely limited how large a part foreigners could play. The main concern of China was to maintain its superiority and in periods of military weakness its security. The classical Chinese tradition was to utilise both militant and pacifist approaches to control non-Chinese groups. The pacifist extended trading opportunities in return for peaceful cooperation and the military option was always available should the pacifist approach prove ineffective. The Chinese world order was however only unified at the Chinese end with many groups seeing the benefits of accepting it worth the implication of superiority. Along with other Confucian ideals China's worldview did become accepted in differing degrees in Vietnam, Siam and Central Asia. The Chinese world order presented an ideal of how the world should be, not how they necessarily were
The tribute system was the centrepiece of the Chinese world order. The giving of gifts and the ritual of a foreign prince or his envoy kowtowing in front of the Chinese Emperor were part of a hierarchy that placed the Emperor at the centre of the civilised world. This was seen as foreign acceptance of the superior status of the Chinese Emperor and thus of China itself. China's rulers viewed trade as subordinate to tribute and on many occasions sacrificed economic substance to preserve political form. Tribute missions were presented with valuable gifts that showcased China's economic and cultural supremacy and were allowed to conduct limited trade in Peking. Combined this made tribute missions a profitable activity in and of themselves. Even more important was the trading advantages that could be gained from being enrolled as a tribute-paying nation. The rewards the system offered and the imbalance in power encouraged foreigners to accept the inferior status demanded by the tribute system. Trade with China was always relatively more important to the foreigners than it was to the Chinese rulers who prided themselves on their nation's self-sufficiency. The tribute system was the means by which foreigners were subordinated into China's world order.
Portugal the most adventurous of the European sea faring nations reached China first in 1517. The Portuguese first instinct was to make contact with China's rulers and a mission to Peking by Tome Pires was undertaken in 1520-21. While the Portuguese viewed this as a friendly meeting between the representatives of two equal rulers, the Chinese viewed it within their own diplomatic tradition. They thus recorded the Portuguese as having paid tribute. The Portuguese however were refused the right to offer further tribute to the Ming. From the mid 1550s and probably earlier, local Chinese officials allowed the Portuguese to settle in Macao and use it as an outpost from which they could trade with China. Using Macao, the Portuguese acted as intermediaries trading Chinese goods for spices and other Asian goods, selling portions of all in Europe.
The Portuguese in Macao were regularly cut off from the rest of their Asian empire causing them to become increasingly like the Chinese traders they were constantly in contact with. The Portuguese rarely paid tribute, sending missions only in 1670, 1678, 1727 and 1753 after their initial mission. The 1670 and 1678 missions were undertaken at a time of desperation after the Qing's policy of clearing the coast of China was strangling Macao. Their role as intermediaries in inter Asian trade especially the Sino-Japanese trade rather than as the collection point for transhipment of goods initially intended to Europe displays how Asianised the Portuguese in Macao became. The Chinese regime considered Macao Chinese territory and intermarriage and the increasing decentralisation and corruption of the Portuguese empire confused the situation further. The sheer size of Chinese trade also ensured the Portuguese were never more than bit players in China's foreign trade. Reliant as the Portuguese were on continued good relations with China to continue trading they were very much the weaker member in the relationship. Their acceptance of this situation allowed them to assume a profitable but subordinated position in the Chinese world order.
The Dutch despite making regular tribute missions and even providing military support had great difficulty in establishing a satisfactory trading relationship with the Qing. The Dutch conquered Taiwan in the 1620s with the aim of creating a base for trade with China. The consolidation of the Manchu rule saw the Dutch send tribute missions to China in 1656, 1663 (not formally accepted), 1667 and 1686 in the hope of gaining trading concessions. Dutch requests included permission to trade every year, a fortified trading post in the Amoy-Quemoy area and a joint military attack on Taiwan after its fall to Ming loyalists. Successful joint military operations were undertaken against Quemoy but disagreements between the two allies decreased their desire for future cooperation. Meagre results from tribute missions and disappointing profits from trade led to a decline in Dutch interest in trading directly with China. After a period of frequent contact the Dutch did not send a single ship to China between 1690 and 1729. Chinese junks continued to trade with Batavia providing the Dutch with an alternative source for Chinese goods.
China's Growing Sea Trade with Europe 1517-1800
The EU Emission Trading System
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January 2017 marked the tenth anniversary of the EU Emission Trading System (ETS). A decade down the line, the system is not living up to its potential. While there is much debate on how to fix it, there is clear consensus that the ETS is in desperate need of an overhaul. Something of a sense of urgency is at last creeping in, as work has already started on the post-2020 ETS that will implement the EU’s 2030 climate targets. In this Energy Flash FTI Consulting’s experts in Research, Energy and Economic Consulting in Brussels, London and Paris take stock of the current system, its flaws and proposed fixes, examine what the ETS could look like after 2020, and analyse the impact of the ETS on emissions and business.
The ETS is one of the EU’s major tools to tackle climate change. It is the world’s largest emission trading system, encompassing more than 11,000 power stations and industrial facilities in 31 countries, as well as aviation emissions. The main logic of the system is simple: by limiting (i. e. putting a cap on) emissions and allocating permits the EU creates a carbon market where emission allowances are traded. Prices are defined by supply and demand, whereby commercial entities that emit less than foreseen when they purchased their allowances can sell their allowances to those that emit more than is covered by their allowances. Companies that reduce their emissions would see a financial benefit from their low-carbon investments and could potentially even make money. Ultimately, the aim is to incentivise investment in low-carbon solutions without damaging EU competitiveness.
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Reform Options for the European Emissions Trading System (EU ETS)
Euro-CASE convened in Brussels on 24-25 September to inform about the policy paper on reform option of the European Emission Trading System (EU ETS) and present it to relevant European decision makers.
Ottmar Edenhofer, Co-Chair of the Euro-CASE Energy Platform and Deputy Director and Chief Economist of the Potsdam Institute for Climate Impact Research (PIK) and responsible for the report “Reform Options for the European Emissions Trading System“ met with Jos Delbeke, Director-General for Climate Action, European Commission and Ivo Belet, MEP and rapporteur for the EU-ETS to present the Euro-CASE reform proposal in detail. Both were grateful for the scientific contribution of the Academies. The report was also sent to over 1500 stakeholders, among them the Commissioners for Energy and Climate Action and persons associated with the topic in the European Institutions. Ottmar Edenhofer emphasised that a reform of the EU ETS is urgently needed to tackle the climate challenge. “In its present form the system does not incentivize the required investments in climate-friendly technologies,” he said. Without a far-reaching reform the EU ETS could fail and endanger European cohesion in climate policy. Euro-CASE welcomes the efforts of the European Commission to reform the EU ETS. Instead of a Market Stability Reserve the reform proposal suggests to implement a price collar for the CO2 price with lower and upper boundaries to solve the problems related to the long-term steering effects of the current EU ETS. The price collar is likely to reinforce the long-term credibility and reliability of the price signal and to help stabilizing investors’ expectation. The Euro-CASE Policy Position Paper also proposes to integrate the heat and transport sector into the system which so far is limited to the power sector and some industries. In addition, it contains recommendations for a targeted innovation policy and proposes to address carbon leakage through tailor-made trade policies and to increase the coalition of countries included in the carbon pricing. The Euro-CASE recommendations are launched at a time when the political framework for the energy and climate policies for the period beyond 2020 is being negotiated between the European Parliament and Council. The discussions are based on the communication “A policy framework for climate and energy in the period from 2020 to 2030” put forward by the European Commission in January 2017.
The central pillar of European climate policy, the European Emissions Trading System (EU ETS), is currently questioned in its ability to deliver its objectives as the allowance price is persistently low at around 5€ / tCO2. The cap was met and emissions actually declined in recent years, ensuring the environmental effectiveness of the scheme. However, the low price may affect the long-term cost-effectiveness of the instrument by reducing the incentive for investment and deployment of low carbon technologies. Consequently, no significant increase in the EU ETS allowance price is expected before 2020, and probably not beyond, without reform. While the reasons for the price decline are controversial, empirical analysis shows that only a small proportion of price fluctuations can be explained by factors such as the economic crisis, renewable deployment or international offsets. Therefore, it is likely that political factors and regulatory uncertainty have played a key role in the price decline. As a consequence, any reform of the EU ETS has to deliver a mechanism that reduces such uncertainty and stabilizes expectations of market participants. The Market Stability Reserve as proposed by the EU Commission is unlikely to address the problem of the low price, and the uncertainty of future price development remains substantial. The ability of the Market Stability Reserve to deliver long-term cost-effectiveness is thus questionable. The key element of the alternative reform proposal by Euro-CASE is to set a price collar in the EU ETS with lower and upper boundaries. This is likely to reinforce the long-term credibility and reliability of the price signal. In addition, a price for the GHG emissions not covered by the EU ETS has to be set. If additional market failures prevent the market from functioning efficiently, specific policy instruments related to innovation and technology diffusion should be implemented in addition to carbon pricing. Carbon leakage could be addressed through tailor-made trade policies. In parallel, increasing the coalition of countries included in the carbon pricing should remain a priority. This reform package would bring the EU ETS back to life. At the same time, it would avoid a relapse into national climate and energy policies across Europe, which could result in much higher costs and inefficiencies. The following seven theses present a comprehensive reform proposal of the EU ETS.
1. Pricing carbon is essential for climate policy.
2. The EU ETS is a market where scarcity is governed by political decisions and thus expectations of market participants about future political decisions are critical.
3. In view of the low EU allowance price since early 2017, the key concern regarding EU ETS performance is dynamic efficiency.
4. There are several reform options for the EU ETS which can be broadly categorized as instruments addressing either the price directly or the supply of permits. Another dimension is institutional and pertains to the degree of delegation embodied in a reform proposal.
5. The Market Stability Reserve (MSR) proposed by the Commission does not address the problem of long-term cost-effectiveness and price uncertainty.
6. Instead of a narrow reform of the EU ETS, a fully-fledged reform addressing several aspects of carbon pricing is required.
7. The political feasibility of implementing a reform package might be limited.
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Europe to easily beat Kyoto target — looks like the European Trading System has worked after all
by Joe Romm Nov 12, 2009 7:47 pm
Europe made a major commitment under the Kyoto Protocol that U. S. conservatives have been telling us for years it would never achieve. In fact, the Europeans are poised to surpass their targets under the terms of the Protocol. It is no longer plausible for those who don’t want a U. S. cap-and-trade system to point to the European Trading System (ETS) as a failure. Quite the reverse.
A report by the European Environment Agency released today shows that the European Union and all Member States but one [Austria] are on track to meet their Kyoto Protocol commitments to limit and reduce greenhouse gas (GHG) emissions.
Whereas the Protocol requires that the EU-15 reduce average emissions during 2008-2012 to 8% below 1990 levels, the latest projections indicate that the EU-15 will go further, reaching a total reduction of more than 13 % below the base year. & # 8230;
Looking further ahead, almost three quarters of the EU’s unilateral target to cut emissions to 20 % below 1990 levels by 2020 could be achieved domestically (i. e. without purchase of credits outside the EU).
The report highlights the importance of the EU ETS in helping Member States meet their targets.
That is today’s news release from the European Environment Agency. The full report is here. The report notes:
Five EU”‘15 Member States (France, Germany, Greece, Sweden and the United Kingdom) have already achieved average GHG emission levels below their Kyoto target….
The EU ETS is expected to result in important reductions of domestic EU emissions.
The EEA analysis concludes the EU-15 will not need to rely on offsets to meet their Kyoto target and “foresees a variety of factors contributing to the EU-15’s total reduction of more than 13%”:
Existing policies and measures for the period 2008-2012 could account for 6.9 percentage points of the total reduction.
If Member States implement additional measures as planned, the total reduction could reach 8.5%, although this will largely depend on combined efforts in four main emitting countries (France, Germany, Spain and the United Kingdom).
The use of Kyoto’s flexible mechanisms by governments could contribute an additional 2.2 percentage points reduction.
Absorbing carbon dioxide through enhanced carbon sinks (e. g.improved forest management) will contribute with an additional 1 percentage point reduction.
Purchase of emission allowances and credits by EU ETS operators is expected to deliver a further 1.4 percentage point reduction.
No doubt some will try to ascribe this success to the global economic collapse, but as E&E News PM (subs. req’d) reported:
The emissions projections should be a sign to the rest of the world, said Andreas Carlgren, the environment minister of Sweden, which holds the bloc’s rotating presidency.
“E. U. emissions reductions far exceed our commitments,” Carlgren said in a statement. “This is taking place without the full impact of the economic crisis yet being evident in the figures. This shows that considered policies and concrete measures are effective in the fight against climate change.”
In fact, the Kyoto budget period covers 2008 to 2012, so it will extend over a period of significant economic growth, and much higher GDP than in the 1990 base period. The United States, by comparison, has also been hit by the same global economic downturn, and our emissions remain significantly above 1990 levels.
The EEA also reports the reductions of the broader EU-27:
The EU”‘27 is making good progress towards its 2020 emission reduction target of – 20% and the implementation of planned additional measures is expected to bring domestic emissions down to 14 % below 1990 levels.
The European Trading System, which “covers large carbon-emitting industries, which represent about 40 % of EU greenhouse gas emissions,” is far from perfect. That’s why Climate Progress previously discussed a major August report detailing lessons for U. S. climate bill.
But the bottom is clear: Conservatives and other opponents of the climate bill have been insisting for years the Europeans won’t meet their Kyoto targets and that the ETS was a failure, proof that the U. S. shouldn’t adopt a similar approach. They were wrong on every count. The EU-15 will exceed their Kyoto target, and the ETS is helping them do it. An even better designed trading system in this country, such as is found in both the House and Senate climate bills, can help the U. S. reduce its emissions in a timely and cost-effective manner.
I see some confusion on Europe and Kyoto. Europe-15 signed the Kyoto Protocol as a whole. Then only the “old” 15 members States matters as far as Kyoto is concerned. All but Austria are on track, and Europe as a whole will probably do significantly better.
As for the east-european countries, they are involved in the 20-20-20 policy, but this is a differnt story.
Finally, as for the point raised by Remi (comment #1) it’s a good point, indeed; but it is a global problem that can not be dealt with by Europe alone. I expect to see a lot of discussions as this point will be raised in Copenhagen.
Personally, I think that we cannot simply measure emissions at the consumer level because it would probably result in a strong contraction in consuption. Given that most of the developed world already shifted production to China (and other countries as well) it will be easier to help those countries to have a smooth transition to cleaner technologies.
I’d like to clarify that I didn’t mean to say that the European version of cap and trade had been a failure – just that it’s perhaps not quite as spectacular a success as one might want to believe. Which doesn’t mean that the approach – perhaps somewhat improved based on the European experience – could not be useful.
>Europe-15 signed the Kyoto Protocol as a whole. Then only the “old” 15 members States matters as far as Kyoto is concerned.
True. I was looking at the matter mainly from a German perspective. For Germany’s CO2 reductions, the collapse of the eastern German economy was definitely relevant, as the former GDR was already a part of Germany when the Kyoto Protocol was signed.
Its all gone to China baby. World emissions have only fallen due to the global recession. Is that the real lesson here. Do less, buy less and still be as happy.
Doubt that one will work though. The world has to change its attitude to wealth, to capatalism, to living and to our aspirations. No chance of that until it too late.
One really good article in the UK Guardian newspaper about the engineering of climate change states that the UK can never meet its emissions targets, not becausde it does not want to but because it simply does not have the infrastructure to change the energy sources around and it does not have the manufaturing capacity to do it in time.
It should be infrastructure, infrastructure, infrastructure as Tony Blair stated about education 12 years ago.
John Burton says:
To evaluate compliance with Kyoto, we need actual emission data from individual countries, especialy, UK, Germany, France, Italy and Spain.
Re #20, the data are available from the report that is linked to in the text. Just a few clicks away (pdf). From that doc, page 26: Germany -21 %, UK -17%, France -5,6%, Italy +7,1%, Spain +54 %. (2007 over 1990).
Re #19, its a nice idea but unfortunately not true that “World emissions have only fallen due to the global recession”. For that, see http://www. iop. org/EJ/abstract/-link=10517984/1748-9326/4/3/034012. Recent economic contraction has not stopped the growth of world wide CO2 emissions, only slowed it from around 4% p. a. to about 2% p. a. growth rate.
I. e. we are still on a worse track than the IPCC standard scenarios, even a major economic recession does not change that.
Success is not just what you measure, but HOW you measure it. And “creative accounting” seems to be making this look better than it is: http://www. nytimes. com/gwire/2009/11/13/13greenwire-creative-accounting-will-help-eu-meet-kyoto-cl-27564.html
Also, how far and how fast do you believe that this blip will push the E. U. towards building or buying a new energy infrastructure?
Susan – Are you not just ranting at the NYTimes because their “spin” goes counter to your fan blogging?
Aha, I see more people here are waking up and smelling the coffee. That we have everything from underwear to towboats manufatured in China does contribute the lions share to our decreasing CO2 emissions. The crash of heavy industry in Western Europe (for instance in the Rhein Rhur area in Germany were old steel furnaces are turned into climbing ranges) and especially in the former eastern block states did the rest. And remember foreign production is not counted in those figures and NEITHER is INTERNATIONAL TRANSPORT! As a great man once said “There are lies, there are blatant lies and then there are statistics”.
Many people are making the right point here. It cannot be assumed that because Europe announces a strategy for reductions, and reductions then proceed to occur, that the strategy caused the reductions – especially when there are many concrete reasons to think otherwise. One must show causality, not just correlation — and it looks bad for causality here. I can order the Sun to go up and down (at carefully selected times) like the King in _The Little Prince_, and behold, up and down it goes, but beware of jumping to conclusions about my divine powers.
Consultation response on the revision of the EU Emission Trading System (EU ETS) Directive
Background: On 24 October 2017, the European Council agreed on the 2030 framework for climate and energy, including a binding domestic target for reducing greenhouse gas (GHG) emissions of at least 40% in 2030 as compared to 1990. To meet this target, the European Council agreed that the emissions in the EU Emission Trading System should be reduced, compared to 2005, by 43%. A reformed EU ETS remains the main instrument to achieve the emission reduction target. The cap will decline based on an annual linear reduction factor of 2.2% (instead of the current 1.74%) from 2021 onwards, to achieve the necessary emission reductions in the EU ETS. El Consejo Europeo también dio orientación estratégica sobre varias cuestiones relativas a la aplicación del objetivo de reducción de emisiones, a saber, la asignación gratuita a la industria, la creación de un fondo de modernización y de innovación, la asignación gratuita opcional de derechos para modernizar la generación de electricidad en algunos Estados miembros.
La orientación estratégica de los líderes europeos sobre estos elementos se traducirá en una propuesta legislativa para revisar el RCCDE para el período posterior a 2020. This constitutes an important part of the work on the achievement of a resilient Energy Union with a forward looking climate change policy, which has been identified as a key policy area in President Juncker's political guidelines for the new Commission.
The purpose of this stakeholder consultation was to gather stakeholders' views on these elements.
- The ETS in general, and the benchmarks in particular, should reward installations and sectors reducing GHG emissions, without penalising early movers, new investment made, and low-carbon economic growth. Fiscal and legislative stability and predictability are needed to enable investments in low-carbon technologies. - The pulp and paper industry cannot pass through carbon costs to its customers: the global market of export goods sets prices, not the production costs of the European industry. This can be easily verified by the lack of correlation between carbon prices and final product prices. - For “direct carbon costs”, free allocation is a necessary condition but not sufficient to avoid carbon leakage: support mechanisms should be set up to help the EU industry improve its energy efficiency and reduce its GHG emissions. - Concerning “indirect carbon costs”, it would be better for a mandatory and harmonised EU-wide compensation scheme to address the impact of rising electricity costs due to ETS in all Member States. Financing of compensation schemes should include also, but not be limited to, auctioning revenues from ETS. - Support for innovation in industry should not come at the expenses of carbon leakage protection: funding for innovation will have to come on top of free allowances for industry. It should be directed to directly finance large-scale demo and pilot projects, as well projects close to commercialisation stage (TRL 6-8). These are high risk, high capital investments where the private sector would not be able to deliver without the backing of public financing. - The role that European industry plays in the circular economy and in the bioeconomy is of strategic importance for Europe’s access to raw materials and reducing Europe’s carbon footprint. This should be acknowledged when reviewing the EU ETS, by addressing the ETS impact on prices and availability of raw material, such as wood.
Read the full reponse.
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European CO2 Emissions Reduction System Is Broken
Saving the climate? It doesn't seem all that difficult at first glance. All you have to do is fly from Germany to Zambia once in a while, as the German energy giant RWE's environment protection team does. It has made frequent trips to the capital Lusaka in recent years to distribute a total of 30,000 small stoves -- RWE's contribution to a good cause.
The stoves were intended to help poor families cook in a more environmentally friendly way. Biomass was to replace charcoal as cooking fuel. In an advertising brochure for RWE, the company that "travels around the world to help our climate" touts the campaign with the slogan "New Cooking Pots -- Less CO2." But RWE doesn't seem to have included such factors as air travel and the production of the stoves in its calculations.
Besides, the project wasn't entirely altruistic, because RWE will receive credits for its effort. The stoves in Lusaka are expected to save 1.5 million tons of CO2 by 2020, and in return, RWE's coal-fired power plants would be allowed to emit 1.5 million tons elsewhere. This sale of indulgences is called a "Clean Development Mechanism" (CDM). With such questionable projects in emerging and developing countries, which even include the renovation of coalmines in China, European companies can simply calculate away about 20 percent of their emissions.
In the end, the flood of such projects undermines the entire emissions trading system. "The most important tool of climate protection no longer works," says Eva Filzmoser of Carbon Market Watch in Brussels. Four years ago, the Austrian national began a solo effort to take a closer look at the emissions trading market. She still believed in the idea at the time. But Filzmoser found herself confronted with an industry that had grown to a volume of $90 billion almost overnight, an industry complete with certifiers, forecasters, dealers and hackers, who trafficked in certificates and created more and more absurd projects.
They included the supposed cleanup of African garbage dumps, as well as the retrofitting of old coolant factories in China, which only seemed to be in operation because they yielded climate certificates.
It is because of Filzmoser and her staff of five employees that, starting in May, at least the most questionable of these projects will no longer be approved by the United Nations Climate Change secretariat. "The trade has turned into a big flop," she says, "a system of fraud."
The European Commission estimates that 1.7 billion tons in excess pollution rights were on the market in late 2012. Because of this oversupply, the price of emitting a ton of CO2 plummeted to only €4. The CDM projects were not the only reason for the price drop. Because of overly optimistic economic forecasts prior to the economic crisis and the correspondingly generous allotments, many of the 11,000 power plants and factories in Europe required to participate in emissions trading are now sitting on a mountain of unused certificates.
In recent years, they were allowed to save their certificates for the so-called third trading period, during which emissions reduction allowances are to slowly be reduced. This third period began in early 2017 and is supposed to last until 2020. The emissions trade, as well as the simultaneous gradual capping of emission rights in every country, is designed to reduce CO2 emissions in energy-intensive industries by 21 percent from 2005 to 2020. In the entire EU, this step is expected to achieve a 20 percent reduction relative to 1990 emissions levels.
To reach the target, however, many companies don't have to do anything at all, and not just because the cushion of their accumulated certificates often keeps them going for years. The EU will soon have reached its not overly ambitious emissions reduction targets because of the economic slowdown. As production dropped, many smokestacks were simply shut down.
Given such conditions, coal is seeing a renaissance that was hardly thought possible. Because certificates are so cheap, it is much more cost-effective to pollute the air with coal-fired power plants than switch to more environmentally friendly energy generation technologies.
To address the problem, European Commissioner for Climate Action Connie Hedegaard has proposed a drastic step: She wants to temporarily cut supply by remove 900 million emissions certificates from the system. The proposal is known as backloading. Not too long ago Hedegaard, from Denmark, was still convinced that the system was working "very well," but now she says: "It is not wise to deliberately continue to flood a market that is already oversupplied."
The industry lobby in Brussels is making a show of being outraged. The general director of BusinessEurope, one of the most powerful lobbying groups, wrote to European Parliament President Martin Schulz to demand a debate on backloading. For each of its counterproposals, the industry also presented supporters from the parliament, most of them liberal and center-right members from Germany and Poland.
The lobbyists' fight doesn't seem to be lost yet. While the Environment Committee voted in favor of backloading, the Industry Committee opposed it. The critical vote is planned for mid-April.
But industry's anti-backloading front in Brussels doesn't seem to be unanimous. Some companies have changed sides, like Dьsseldorf-based energy giant E. on. In a joint memorandum with the non-profit public policy group Germanwatch, the company said it supported backloading. "Emissions trading is dead," E. on CEO Johannes Teyssen said last year. Nothing, he added, shows more clearly that the system has lost its effectiveness than the fact that brown coal is currently winning out in the competition with other energy sources.
Unlike pure production operations, energy groups like E. on could pass on almost any price to their customers, says Gordon Moffat of the European Confederation of Iron and Steel Industries. "Emissions trading seems tailor-made for the energy sector."
E. on's environmental forays are merely "industry interests disguised as climate protection," says Holger Krahmer, a member of the European Parliament for Germany's pro-business Free Democratic Party (FDP). But German industry could hardly find a more fawning supporter than the Leipzig liberal, who is also his party's environmental policy spokesman.
A Deathblow to the System
Krahmer believes that climate protection threatens "civil liberties" and "fundamental human rights." What exactly those rights are isn't quite clear, not even in his booklet on the politics of climate policy. Backloading, at any rate, will be nothing but another deathblow to the poorly designed emissions trading system, says Krahmer.
Krahmer, however, questions even the assumption that CO2 emissions can in fact cause the earth's temperature to rise. There is, he says, simply no reason to price emissions.
Both Krahmer and FDP Chairman Philipp Rцsler are unimpressed with government arguments that low prices for emissions certificates have threatened funding for many projects associated with the country's shift away from nuclear power and toward green energy, known as the Energiewende . "Ongoing interventions discredit the emissions trade," says Krahmer.
Green Party politician Bas Eickhout, however, believes that the system has already been discredited by lazy compromises with lobbyists. "What we get is typically European, a Swiss cheese perforated with compromises," says the Dutch politician. Letting a little air out of the inflated certificate trade isn't enough, he adds. Instead, he argues for a tightening of climate targets and, like Commissioner Hedegaard, wants to remove at last 900 million certificates from the market. But Eickhout wants them removed permanently.
That's because a new flood of emissions rights is about to hit the market, this time from Russia and Ukraine. European countries are also allowed to trade their certificates with these countries. The compensation options in Ukraine have developed phenomenally, says a local analyst. From January 2012 to March 2017 alone, he says, inspectors issued 185 million certificates for extracting coal from old waste heaps.
In return for that many certificates, the Ukrainians would have had to extract an improbable five million tons of high-quality coal from scrap heaps in the last five years, the Ukrainian edition of Forbes calculated. The dubious climate argument is that the extracting activity (which had often been planned years in advance and, therefore, not actually eligible for certificates) prevents spontaneous combustion of the waste coal.
According to the Ukrainian analyst, the TЬV Rheinland technical inspection organization likes to certify these supposed climate-protection projects. One such case is in the Donetsk region, where TЬV retroactively certified a few million certificates for one of these waste-heap projects in late 2012. TЬV employees traveled to Ukraine from China to perform the inspection. A spokesman said that they had experience with Chinese Clean Development Mechanism projects that are "closely related" to the Ukrainian projects.
TЬV claims that performing a "retroactive" inspection within a few weeks in December 2012 covering the period from 2008 to 2012 is completely normal. Questions regarding the validity of the assumption that much of the coal in the waste heaps would have spontaneously combusted absent these measures went unanswered by TЬV Rheinland.
RWE's Zambia project is similarly dubious. Eva Filzmoser of Carbon Market Watch heard about it again recently. Employees with the project had reported to her that almost two-thirds of the stoves could no longer be found. In addition, the farmers hired to provide combustible biomass were only able to harvest a ton of bushes per months, and not the 1,000 tons needed.
Nevertheless, the TЬV Sьd technical inspection organization credited the project with more than 43,000 tons in CO2 savings. The Munich-based inspectors, who had already been temporarily suspended by the UN because of lax inspections, characterize their work as "successful verification." But a former employee on the project says that no more than 10,000 tons are realistic. Perhaps RWE senses that the former employee is right, because the company has only sold a small share of the certificates so far. They fetched significantly more than the normal trading price -- because of the special quality of the project.
Translated from the German by Christopher Sultan
Chapter 5: Trade Regulations. Customs and Standards
Import Tariffs
Germany Import Turnover Tax
Goods imported from non-EU states are subject to an import turnover tax (Einfuhrumsatzsteuer). The import turnover tax rate equals the VAT (value-added tax) rates of 19 percent levied on domestic products (or 7 percent for some product categories), and has to be paid to the customs authority. The assessment base for the import turnover tax is the so-called customs value.
The import turnover tax on goods imported from non-EU states can be deducted as a so-called input tax (Vorsteuer). As a prerequisite, the company must have the necessary import documents with customs proof of payment (import declaration). It is important to collect and present all invoices as originals in order to deduct any VAT charges from one's own tax liability or to get reimbursed by the German Ministry of Finance, if eligible.
The Integrated Tariff of the Community, referred to as TARIC (Tarif Intégré de la Communauté), is designed to show the various rules which apply to specific products being imported into the customs territory of the EU or, in some cases, exported from it. To determine if a license is required for a particular product, check the TARIC.
The TARIC can be searched by country of origin, Harmonized System (HS) Code, and product description on the interactive website of the Directorate-General for Taxation and the Customs Union. The online TARIC is updated daily.
Key Link: http://ec. europa. eu/taxation_customs/customs/customs_duties/tariff_aspects/ customs_tariff/index_en. htm
Trade Barriers
Germany's regulations and bureaucratic procedures can be a difficult hurdle for companies wishing to enter the market and require close attention by U. S. exporters. Complex safety standards, not normally discriminatory but sometimes zealously applied, complicate access to the market for many U. S. products. U. S. suppliers are well advised to do their homework thoroughly and make sure they know precisely which standards apply to their product and that they obtain timely testing and certification.
For information on existing trade barriers, please see the National Trade Estimate Report on Foreign Trade Barriers, published by USTR and available through the following website: www. ustr. gov/sites/default/files/2017%20NTE%20European%20Union%20Final. pdf
Information on agricultural trade barriers can be found at the following website: www. usda-eu. org/
To report existing or new trade barriers and get assistance in removing them, contact either the Trade Compliance Center at www. trade. gov/tcc or the U. S. Mission to the European Union at http://export. gov/europeanunion/
Import Requirements and Documentation
The TARIC (Tarif Intégré de la Communauté), described above, is available to help determine if a license is required for a particular product.
Many EU member states maintain their own list of goods subject to import licensing. For example, Germany's "Import List" (Einfuhrliste) includes goods for which licenses are required, their code numbers, any applicable restrictions, and the agency that will issue the relevant license. The Import List also indicates whether the license is required under German or EU law.
For information relevant to member state import licenses, please consult the relevant member state Country Commercial Guide: EU Member States' Country Commercial Guides or conduct a search on the Commerce Department’s Market Research Library, available from: www. export. gov/mrktresearch/index. asp .
The Single Administrative Document
The official model for written declarations to customs is the Single Administrative Document (SAD). Goods brought into the EU customs territory are, from the time of their entry, subject to customs supervision until customs formalities are completed. Goods are covered by a Summary Declaration which is filed once the items have been presented to customs officials. The customs authorities may, however, allow a period for filing the Declaration which cannot be extended beyond the first working day following the day on which the goods are presented to customs.
The Summary Declaration is filed by:
the person who brought the goods into the customs territory of the Community or by any person who assumes responsibility for carriage of the goods following such entry; o
the person in whose name the person referred to above acted.
The Summary Declaration can be made on a form provided by the customs authorities. However, customs authorities may also allow the use of any commercial or official document that contains the specific information required to identify the goods. The SAD serves as the EU importer's declaration. It encompasses both customs duties and VAT and is valid in all EU member states. The declaration is made by whoever is clearing the goods, normally the importer of record or his/her agent.
European Free Trade Association (EFTA) countries including Norway, Iceland, Switzerland, and Liechtenstein also use the SAD. Information on import/export forms is contained in Council Regulation (EEC) No. 2454/93, which lays down provisions for the implementation of the Community Customs Code (Articles 205 through 221). Articles 222 through 224 provide for computerized customs declarations and Articles 225 through 229 provide for oral declarations.
More information on the SAD can be found at: http://ec. europa. eu/taxation_customs/customs/procedural_aspects/general/sad/ index_en. htm
Regulation (EC) No 450/2008 laying down the Community Customs Code (so-called the “Modernized Customs Code”) aimed at the adaptation of customs legislation and at introducing the electronic environment for customs and trade. This Regulation entered into force on June 24, 2008 and was due to be applicable once its implementing provisions were in force by June 2017. However, the Modernized Customs Code was recast as a Union Customs Code (UCC) before it became applicable. The Union Customs Code (UCC) Regulation entered into force in October 2017 and repealed the MCC Regulation; its substantive provisions will apply only on May 1st 2017. Until this time, the Community Customs Code and its implementing provisions continue to apply.
Imported goods must be accompanied by a customs declaration, which has to be submitted in writing, and an invoice in duplicate. Normally the German importer files this declaration. The commercial invoice must show the country of purchase and the country of origin of the goods. The invoice should contain:
(Company) and address of seller and buyer
Place and date of issue
Number, kind of packages
Precise description of articles
Volume or quantity in normal commercial units
Invoice price (in invoice currency)
Terms of delivery and
Pago.
In addition, a certificate of origin may be required in some cases. Import duties and taxes are subject to change and companies are well advised to verify the correct tariff level shortly before carrying out any export transaction. For further information, including current customs tariffs, please visit: www. zoll. de www. germany. info/Vertretung/usa/en/Startseite. html
The summary declaration is to be lodged by:
the person who brought the goods into the customs territory of the Community or by any person who assumes responsibility for carriage of the goods following such entry; o
the person in whose name the person referred to above acted.
Non-EU goods presented to customs must be assigned a customs-approved treatment or use authorized for such non-Community goods. Where goods are covered by a summary declaration, the formalities for them to be assigned a customs-approved treatment or use must be carried out:
45 days from the date on which the summary declaration is lodged in the case of goods carried by sea;
20 days from the date on which the summary declaration is lodged in the case of goods carried other than by sea. Where circumstances so warrant, the customs authorities may set a shorter period or authorize an extension of the period.
The Modernized Customs Code (MCC) of the European Union entered into force on 24 June 2008. The MCC replaced Regulation 2913/92 and simplifies various procedures such as introducing a paperless environment, centralized clearance and more. Check the EU’s Customs website for updates: http://ec. europa. eu/taxation_customs/customs/procedural_aspects/general/ community_code/index_en. htm
Since July 1, 2009, all companies established outside of the EU are required to have an Economic Operator Registration and Identification (EORI) number if they wish to lodge a customs declaration or an Entry/Exit Summary declaration. All U. S. companies should use this number for their customs clearances. If a U. S. company wishes to apply for AEO status or apply for simplifications in customs procedures within the EU, it must first obtain an EORI number. Companies should request an EORI number from the authorities of the first EU member state to which they export. Once a company has received an EORI number, it can use it for exports to any of the 28 EU member states. There is no single format for the EORI number.
U. S. - EU Mutual Recognition Arrangement (MRA)
Since 1997, the U. S. and the EU have had an agreement on customs cooperation and mutual assistance in customs matters. For additional information, please see: http://ec. europa. eu/taxation_customs/customs/policy_issues/international_customs _agreements/usa/index_en. htm
In 2012, the U. S. and the EU signed a new Mutual Recognition Arrangement (MRA) aimed at matching procedures to associate one another’s customs identification numbers. The MCC introduced the Authorized Economic Operator ( AEO ) program (known as the “security amendment”). This is similar to the U. S.’ voluntary Customs-Trade Partnership Against Terrorism ( C-TPAT ) program in which participants receive certification as a “trusted” trader. AEO certification issued by a national customs authority is recognized by all member state’s customs agencies. An AEO is entitled to two different types of authorization: “customs simplification” or “security and safety.” The former allows for an AEO to benefit from simplifications related to customs legislation, while the latter allows for facilitation through security and safety procedures. Shipping to a trader with AEO status could facilitate an exporter’s trade as its benefits include expedited processing of shipments, reduced theft/losses, reduced data requirements, lower inspection costs and enhanced loyalty and recognition.
The U. S. and the EU recognize each other’s security certified operators and will take the respective membership status of certified trusted traders favorably into account to the extent possible. The favorable treatment provided by mutual recognition will result in lower costs, simplified procedures and greater predictability for transatlantic business activities. The newly signed arrangement officially recognizes the compatibility of AEO and C-TPAT programs, thereby facilitating faster and more secure trade between U. S. and EU operators. The agreement is being implemented in two phases. The first commenced in July 2012 with the U. S. customs authorities placing shipments coming from EU AEO members into a lower risk category. The second phase took place in early 2017, with the EU re-classifying shipments coming from C-TPAT members into a lower risk category. The U. S. customs identification numbers (MID) are therefore recognized by customs authorities in the EU, as per Implementing Regulation 58/2017 (which amends EU Regulation 2454/93 cited above): http://ec. europa. eu/taxation_customs/resources/documents/customs/procedural_aspects/ general/implementing_regulation_58_2017_en. pdf
Additional information on the MRA can be found at: www. cbp. gov/newsroom/national-media-release/2017-02-08-050000/eu-us-fully-implement-mutual-recognition-decision
EU battery rules changed in September 2006 following the publication of the Directive on batteries and accumulators and waste batteries and accumulators ( Directive 2006/66 ). This Directive replaces the original Battery Directive of 1991 (Directive 91/157). The 2006 Directive applies to all batteries and accumulators placed on the EU market including automotive, industrial and portable batteries. It aims to protect the environment by restricting the sale of batteries and accumulators that contain mercury or cadmium (with an exemption for emergency and alarm systems, medical equipment and cordless power tools) and by promoting a high level of collection and recycling. It places the responsibility on producers to finance the costs associated with the collection, treatment, and recycling of used batteries and accumulators. The Directive also includes provisions on the labeling of batteries and their removability from equipment. In 2012, the European Commission published a FAQ document to assist interested parties in interpreting its provisions. For more information, see our market research report: www. buyusainfo. net/docs/x_4062262.pdf
REACH, "Registration, Evaluation and Authorization and Restriction of Chemicals”, is the system for controlling chemicals in the EU which came into force in 2007 (Regulation 1907/2006). Virtually every industrial sector, from automobiles to textiles, is affected by this policy. REACH requires chemicals produced or imported into the EU in volumes above 1 metric ton per year to be registered with a central database handled by the European Chemicals Agency (ECHA). Information on a chemical’s properties, its uses and safe ways of handling are part of the registration process. The next registration deadline is May 31, 2018 . U. S. companies without a presence in Europe cannot register directly and must have their chemicals registered through their importer or EU-based ‘Only Representative of non-EU manufacturer’. A list of Only Representatives (ORs) can be found on the website of the U. S. Mission to the EU: http://export. gov/europeanunion/reachclp/index. asp
U. S. companies exporting chemical products to the European Union must update their Material Safety Data Sheets (MSDS) to be REACH compliant. For more information, see the guidance on the compilation of safety data sheets: http://echa. europa. eu/documents/10162/17235/sds_en. pdf
U. S. exporters to the EU should carefully consider the REACH ‘Candidate List’ of Substances of Very High Concern (SVHCs) and the ‘Authorization List’. Substances on the Candidate List are subject to communication requirements prior to their export to the EU. Companies seeking to export products containing substances on the ‘Authorization List’ will require an authorization. The Candidate List can be found at: http://echa. europa. eu/web/guest/candidate-list-table .
EU rules on Waste Electrical and Electronic Equipment (WEEE), while not requiring specific customs or import paperwork, may entail a financial obligation for U. S. exporters. The Directive requires U. S. exporters to register relevant products with a national WEEE authority or arrange for this to be done by a local partner. The WEEE Directive was revised on July 4, 2012 and the scope of products covered was expanded to include all electrical and electronic equipment. This revised scope will apply from August 14, 2018 with a phase-in period that has already begun. U. S. exporters seeking more information on the WEEE Directive should visit: http://export. gov/europeanunion/weeerohs/index. asp
The ROHS Directive imposes restrictions on the use of certain chemicals in electrical and electronic equipment. It does not require specific customs or import paperwork however, manufacturers must self-certify that their products are compliant. The Directive was revised in 2011 and entered into force on January 2, 2017. One important change with immediate effect is that RoHS is now a CE Marking Directive. The revised Directive expands the scope of products covered during a transition period which ends on July 22, 2019. Once this transition period ends, the Directive will apply to medical devices, monitoring and control equipment in addition to all other electrical and electronic equipment. U. S. exporters seeking more information on the RoHS Directive should visit: http://export. gov/europeanunion/weeerohs/index. asp
On November 30, 2009, the EU adopted a new regulation on cosmetic products which has applied since July 11, 2017. The law introduces an EU-wide system for the notification of cosmetic products and a requirement that companies without a physical presence in the EU appoint an EU-based responsible person.
In addition, on March 11, 2017, the EU imposed a ban on the placement on the market of cosmetics products that contain ingredients that have been subject to animal testing. This ban does not apply retroactively but does capture new ingredients. Of note, in March 2017, the Commission published a Communication stating that this ban would not apply to ingredients where safety data was obtained from testing required under other EU legislation that did not have a cosmetic purpose. For more information on animal testing, see: http://ec. europa. eu/consumers/sectors/cosmetics/animal-testing
For more general information, see: http://export. gov/europeanunion/accessingeumarketsinkeyindustrysectors/eg_eu_044318.asp
Phytosanitary Certificates: Phytosanitary certificates are required for most fresh fruits, vegetables, and other plant materials.
Sanitary Certificates: For commodities composed of animal products or by-products, EU countries require that shipments be accompanied by a certificate issued by the competent authority of the exporting country. This applies regardless of whether the product is for human consumption, for pharmaceutical use, or strictly for non-human use (e. g. veterinary biologicals, animal feeds, fertilizers, research). The vast majority of these certificates are uniform throughout the EU, but the harmonization process is not complete. During this transition period, certain member state import requirements continue to apply. In addition to the legally required EU health certificates, a number of other certificates are used in international trade. These certificates, which may also be harmonized in EU legislation, certify origin for customs purposes and certain quality attributes. Up-to-date information on harmonized import requirements can be found at the following website: www. usda-eu. org/trade-with-the-eu/eu-import-rules/certification/fairs-export-certificate-report/ .
Sanitary Certificates (Fisheries)
In April 2006, the European Union declared the U. S. seafood inspection system as equivalent to the European one. Consequently, a specific public health certificate must accompany U. S. seafood shipments. The U. S. fishery product sanitary certificate is a combination of Commission Decision 2006/199/EC for the public health attestation and of Regulation 1012/2012 for the general template and animal health attestation. Unlike for fishery products, the U. S. shellfish sanitation system is not equivalent to that of the EU’s. The EU and the U. S. are currently negotiating a veterinary equivalency agreement on shellfish. In the meantime, the EU still has a ban in place (since July 1, 2010), that prohibits the import of U. S. bivalve mollusks, in whatever form, into EU territory. This ban does not apply to wild roe-off scallops.
Since June 2009, the only U. S. competent authority for issuing sanitary certificates for fishery and aquaculture products is the U. S. Department of Commerce, National Marine Fisheries Service (NOAA-NMFS).
In addition to sanitary certificates, all third countries wishing to export fishery products to the EU are requested to provide a catch certificate. This catch certificate certifies that the products in question have been caught legally.
For detailed information on import documentation for seafood, please contact the NOAA Fisheries office at the U. S. Mission to the EU ( stephane. vrignaud@trade. gov ) or visit the following NOAA dedicated web site: http://www. seafood. nmfs. noaa. gov/export/export_certification/euexport. html
U. S. Export Controls
The U. S. Department of Commerce’s Bureau of Industry and Security (BIS) is responsible for implementing and enforcing the Export Administration Regulations (EAR), which regulate the export and re-export of some commercial items, including “production” and “development” tecnología.
The items that BIS regulates are often referred to as “dual use” since they have both commercial and military applications. Further information on export controls is available at: www. bis. doc. gov/index. php/exporter-portal
BIS has developed a list of "red flags", or warning signs, intended to discover possible violations of the EAR. These are posted at: www. bis. doc. gov/index. php/enforcement/oee/compliance/23-compliance-a-training/51-red-flag-indicators
If there is reason to believe a violation is taking place or has occurred, report it to the Department of Commerce by calling the 24-hour hotline at 1(800) 424-2980, or via the confidential lead page at www. bis. doc. gov/index. php/component/rsform/form/14?task=forms. edit
The EAR does not control all goods, services, and technologies. Other U. S. government agencies regulate more specialized exports. For example, the U. S. Department of State has authority over defense articles and services. A list of other agencies involved in export control can be found on the BIS web.
It is important to note that in August 2009, the President directed a broad-based interagency review of the U. S. export control system, with the goal of strengthening national security and the competitiveness of key U. S. manufacturing and technology sectors by focusing on current threats, as well as adapting to the changing economic and technological landscape. As a result, the Administration launched the Export Control Reform Initiative (ECR Initiative) which is designed to enhance U. S. national security and strengthen the United States’ ability to counter threats such as the proliferation of weapons of mass destruction.
The Administration is implementing the reform in three phases. Phases I and II reconcile various definitions, regulations, and policies for export controls, all the while building toward Phase III, which will create a single control list, single licensing agency, unified information technology system, and enforcement coordination center.
BIS provides a variety of training sessions to U. S. exporters throughout the year. These sessions range from one to two day seminars and focus on the basics of exporting as well as more advanced topics. A list of upcoming seminars can be found at: http://www. bis. doc. gov/index. php/compliance-a-training/current-seminar-schedule
For further details about the Bureau of Industry and Security and its programs, please visit the BIS website at: www. bis. doc. gov/
A list that consolidates eleven export screening lists of the Departments of Commerce, State and the Treasury into a single search as an aid to industry in conducting electronic screens of potential parties to regulated transactions is available here: http://developer. trade. gov/consolidated-screening-list. html .
Temporary Entry
For temporary entry it is usually advisable to purchase an ATA Carnet, which allows for the temporary, duty-free entry of goods into over 50 countries, and is issued by the United States Council for International Business by appointment of the U. S. Customs Service: www. uscib. org .
Labeling and Marking Requirements
The European Union does not generally legislate packaging and labeling requirements, but does so for what it sees as specific high-risk products. In the absence of any EU-wide rules, the exporter has to consult national regulations or inquire about voluntary agreements among forwarders that affect packaging and labeling of containers, outside packaging, etc. Importers or freight forwarders should be able to advise U. S. exporters on shipping documents and outer packaging/labeling. European Union customs legislation only regulates administrative procedures, such as type of certificate and the mention of rule of origin on the customs forms and shipping documents.
Product-specific packaging and labeling requirements applicable throughout the EU apply to food, medicines, chemicals, pharmaceuticals and other items EU authorities regard as high-risk. The stated purpose of harmonizing such legislation throughout the EU is to minimize the risk for consumers (the end user).
The CE mark is mandatory in the EU countries for any electrical apparatus and often more than one CE mark law may apply.
Since its inception ten years ago, many companies have recognized the benefits of adopting the EU Eco-Label scheme. There are currently 135 companies licensed under the regime, and it has been awarded to 21 product groups. The products range from paints, detergents, and refrigerators to tourist accommodation. The number is growing and it is the only voluntary scheme that covers products moving across borders within the EU. It sets ecological criteria for a range of products and services in a transparent way so that the consumer can make a more informed choice in order to support sustainable consumption patterns. The EU Eco-Label program takes the lifecycle (from cradle to grave) of a product into account, e. g. the materials, health implications, and waste factors that may have an impact on the environment.
The “Blue Angel” is a voluntary environmental labeling program created in 1978. It is the oldest environment-related label in the world. The mark is awarded to products and services, which are beneficial to the environment. High standards of occupational health and safety, ergonomics, economical use of raw materials, service life and disposal are also factors covered under this “seal of approval.”
According to the German Ministry for Environmental Affairs, the Blue Angel offers companies the opportunity to document their environmental competence in a simple and inexpensive way, thereby enhancing their market image. About 3,700 products and services have been awarded the label, including, recently, mobile phones and marine transport.
An overview of EU mandatory and voluntary labeling and marking requirements has been compiled in a market research report that is available at: http://buyusainfo. net/docs/x_366090.pdf
The subject has been also been covered in the section about standards (see below).
Prohibited and Restricted Imports
The TARIC is designed to show various rules applying to specific products being imported into the customs territory of the EU or, in some cases, when exported from it. To determine if a product is prohibited or subject to restriction, check the TARIC for the following codes:
CITES Convention on International Trade of Endangered Species PROHI Import Suspension RSTR Import Restriction
For information on how to access the TARIC, see the Import Requirements and Documentation Section above.
Key Link: http://ec. europa. eu/taxation_customs/customs/customs_duties/tariff_aspects/ customs_tariff/index_en. htm
Agricultural Imports
General Veterinary Requirements: In April 1997, the U. S. and the EU reached an equivalency agreement on an overall framework for recognizing each other’s veterinary inspection systems. The veterinary equivalency agreement covers more than USD 1.5 billion in U. S. animal product exports to the EU and an equal value of EU exports to the United States. The agreement preserved most pre-existing trade in products, such as pet food, dairy, and egg products. All beef and pork exported to Germany for human consumption must come from slaughterhouses, cutting plants, and cold stores approved for export to the EU. Since 1989, the EU has prohibited imports of beef from cattle treated with growth hormones. Soon after this ban went into effect, an agreement was reached between the United States and the EU that allows American producers of beef from animals not treated with hormones to export to the EU under certain conditions.
Beef: The EU beef market is largely insulated from the world market by high import duties. Import opportunities do exist, however, for selected products that are covered by fixed, relatively low tariffs for special quota. Most notably, the EU grants market access through a quota for annual imports of up to 11,500 MT of high-quality beef (HQB) from the United States and Canada, which is known as the Hilton quota. Beef entering the EU under the Hilton tariff-rate quota are subject to a 20 percent duty. In addition, starting in 2009, an autonomous tariff quota for HQB at zero percent duty was established for up to 20,000 MT per July/June marketing year. The basis for this HQB quota is a Memorandum of Understanding (MOU) between the United States and the European Union. While this HQB quota is ergo omnes, with six countries currently qualified to participate, the quota was primarily installed for the U. S. HQB to enter the EU market. In accordance with the provisions of the MOU, the zero-duty HQB quota moved to Phase II on August 1, 2012, with the annual quota amount increased from 20, 000 MT to 48,200 MT. In the summer of 2017, Phase II was extended by two years and needs another decision by the end of July 2017.
Pork: Selected market opportunities exist for imports of pork. Market access within the EU has improved through the creation of a tariff-rate quota (TRQ) totaling 67,869 MT. The TRQ includes a 40,265 MT allocation for tenderloins, boneless loins and boneless hams. In addition, a 4,722 MT TRQ is reserved for boneless loins and boneless hams from the United States.
Poultry: Unfortunately, U. S. and EU negotiators have not been able to reach agreement on a number of important points during the veterinary equivalency negotiations, particularly in the poultry sector. The most contentious issue is the use of pathogen reduction treatments (PRT) in U. S. poultry processing. Most forms of PRT are prohibited in the EU. The EU’s ban on PRTs effectively blocks U. S. poultry exports to the EU, which were estimated at USD 50 million in 1996. The US-specific quota of 21,345 MT, which was agreed in compensation for the accession of 12 new member states in 2004 and 2007, is also going unused because of this ban.
Dairy Products: The veterinary agreement allows for U. S. dairy products export to Germany and the EU from approved establishments under a fixed tariff.
Pet food: In the EU, pet food is not regulated by one specific piece of legislation. The EU’s feed marketing legislation covers food for companion animals as well as food for all other animals. Pet food is often also subject to the EU’s veterinary legislation which has different product coverage than the feed marketing legislation. The veterinary legislation covers products of animal origin and hay/straw as these present a risk for spreading animal diseases. The EU’s approach in dealing with these risks consists of a system of mandatory consignment notification and inspection at port of entry as well as product establishment approval and export certification in the country of origin. Specific certification rules have been developed for various product groups, including “animal by-products.” The EU’s animal by-product legislation contains several certificates required for successfully shipping pet food with animal origin ingredients. All exports of U. S. pet food to the European Union must comply with EU requirements which include rules on labeling, hygiene, animal health, certification and the use of additives. U. S. pet food exporters must verify the full set of import requirements with their EU customers. Final import approval is subject to the importing country’s rules as interpreted by border officials at the time of product entry. (Please see the following link for more information: “ Exporting Pet Food to the EU ”)
Plant Health: As part of the Single Market exercise, plant health regulations in the 28 European Union Member States have been harmonized. Harmonized maximum residue levels are regulated in regulation (EC) No 396/2005 of the European Parliament and of the Council and went into effect in September 2008. The EU has been successful in reducing the number of phytosanitary restrictions and new marketing opportunities have been created for U. S. horticultural exports. Phytosanitary certificates are required for many imported fresh products. With respect to the use of solid wooden packing materials (SWPM), it is important to note that the EU requires that all SWPM be either heat treated or fumigated since July 1, 2009. In addition to these treatment requirements, the material has to be free of bark. EU scientists fear that improperly treated SWPM is at risk for re-infestation. International plant protection standards as agreed upon by the United States do not require the absence of bark. Exporters should carefully follow the status of EU import requirements to avoid problems at the EU port of entry.
Horticultural Products: Germany is an important market for United States horticultural products. Principal products include almonds, walnuts, pistachios, prunes, raisins, cranberries, citrus, and pears. Horticultural products entering Germany face a number of import restrictions. In addition to considerable tariffs that vary by product, imports of selected fresh produce (tomatoes, cucumber, artichokes, zucchini, squash, citrus, table grapes, apples, pears, apricots, sweet cherries, peaches, nectarines and plums) are subject to seasonal duties (entry price system). Under such a system, imports that have a price at or above the respective entry price are assessed only the appropriate ad valorem duty. Imports, which have a price below, but within a certain range of the entry price are assessed the ad valorem duty plus a specific duty that is the difference between the import price and the entry price. “Within a certain range” generally means within eight percent of the entry price. Imports having a price more than 8% below the entry price are assessed the ad valorem duty plus a very large specific duty (known as the tariff equivalent) which generally takes the cost of the product (import price plus duties) far above the entry price.
Organic Products: The US-EU Organic Equivalence Arrangement took effect on June 1, 2012. The U. S. and EU have recognized each other’s organic production rules and control systems as equivalent under their respective rules. Organic products certified to the USDA organic standards may be sold and labeled as organic in the EU. Both the USDA organic seal and the EU organic logo may be used on products traded under this Arrangement. When using the EU organic logo, exporters must meet all the EU labeling requirements.
Consumer-Ready Products: Imports of consumer-ready food products into Germany face many market access restrictions and very strict food laws. In addition to bound import duties, the EU has established a complex system of border protection measures for food products. Depending on the world market situation for basic agricultural commodities, such as dairy products, sugar and cereals, the EU mechanism of flexible tariffs may require variable import duties to protect European consumer-ready food products from imports made with lower-price inputs. Therefore, at many times processed products entering the EU are subject to additional import charges based on the percentage of sugar, milk fat, milk protein, and starch contained in the product. These additional import charges have made many imported processed food products non-competitive in the EU market. Reports on the German retail and gastronomy sectors are available under “attaché reports” at: http://gain. fas. usda. gov/Pages/Default. aspx
U. S. Agricultural Commodity Associations Active in Germany
A number of U. S. agricultural commodity and other trade associations conduct market development programs in Germany. In some cases, these associations maintain field offices in Germany, while others may have a trade representative or public relations company representing their interests. Others may cover Germany from elsewhere in Europe or from offices in the United States. The USDA-operated Market Access Program (MAP) and Foreign Market Development program (FMD) provide a portion of the funding for the market development programs of these associations. For further information about the MAP and FMD program or to know more about which associations are active in Germany, please contact the Office of Agricultural Affairs at the U. S. Embassy in Berlin ( http://germany. usembassy. gov/fas/ ).
Customs Regulations and Contact Information
The following provides information on the major regulatory efforts of the EC Taxation and Customs Union Directorate:
Electronic Customs Initiative – This initiative deals with EU Customs modernization developments to improve and facilitate trade in the EU member states. The electronic customs initiative is based on the following three pieces of legislation:
The Security and Safety Amendment to the Customs Code, which provides for full computerization of all procedures related to security and safety;
The Decision on the paperless environment for customs and trade (Electronic Customs Decision) which sets the basic framework and major deadlines for the electronic customs projects;
The Modernized Community Customs Code (recast as Union Customs Code) which provides for the completion of the computerization of customs.
Key Link: http://ec. europa. eu/taxation_customs/customs/policy_issues/electronic_customs_initiative/ electronic_customs_legislation/index_en. htm
Homepage of Customs and Taxation Union Directorate (TAXUD) Website
Customs Valuation – Most customs duties and value added tax (VAT) are expressed as a percentage of the value of goods being declared for importation. Thus, it is necessary to dispose of a standard set of rules for establishing the goods' value, which will then serve for calculating the customs duty.
Given the magnitude of EU imports every year, it is important that the value of such commerce is accurately measured for the purposes of:
economic and commercial policy analysis;
application of commercial policy measures;
proper collection of import duties and taxes; y
import and export statistics.
These objectives are met using a single instrument - the rules on customs value. The EU applies an internationally accepted concept of ‘customs value’.
The value of imported goods is one of the three 'elements of taxation' which, provides the basis for assessment of the customs debt, which is the technical term for the amount of duty that has to be paid, the other ones being the origin of the goods and the customs tariff.
Standards
Products tested and certified in the United States to American standards are likely to have to be retested and re-certified to EU requirements as a result of the EU’s different approach to the protection of the health and safety of consumers and the environment. Where products are not regulated by specific EU technical legislation, they are always subject to the EU’s General Product Safety Directive as well as to possible additional national requirements.
European Union legislation and standards created under the New Approach are harmonized across the member states and European Economic Area countries to allow for the free flow of goods. A feature of the New Approach is CE marking. For a list of new approach legislation, go to: http://ec. europa. eu/enterprise/newapproach/nando/index. cfm? fuseaction=directive. main .
The concept of new approach legislation is likely to disappear as the New Legislative Framework (NLF), which entered into force in January 2010, was put in place to serve as a blueprint for existing and future CE marking legislation. Since 2010/2011 existing legislation has been reviewed to bring them in line with the NLF concepts.
While harmonization of EU legislation can facilitate access to the EU Single Market, manufacturers should be aware that regulations (mandatory) and technical standards (voluntary) might also function as barriers to trade if U. S. standards are different from those of the European Union.
The establishment of harmonized EU rules and standards in the food sector has been ongoing for several decades, but it took until January 2002 for the publication of a general food law establishing the general principles of EU food law. This Regulation introduced mandatory traceability throughout the feed and food chain as of Jan 1, 2005. For specific information on agricultural standards, please refer to the Foreign Agricultural Service’s website at: www. usda-eu. org
There are also export guides to import regulations and standards available on the Foreign Agricultural Service’s website: www. usda-eu. org/trade-with-the-eu/eu-import-rules/certification/fairs-export-certificate-report/
EU standards setting is a process based on consensus initiated by industry or mandated by the European Commission and carried out by independent standards bodies, acting at the national, European or international level. There is strong encouragement for non-governmental organizations, such as environmental and consumer groups, to actively participate in European standardization.
Many standards in the EU are adopted from international standards bodies such as the International Standards Organization (ISO). The drafting of specific EU standards is handled by three European standards organizations:
1. CENELEC, European Committee for Electrotechnical Standardization ( www. cenelec. eu/ )
2. ETSI, European Telecommunications Standards Institute ( www. etsi. org /)
3. CEN, European Committee for Standardization, handling all other standards ( www. cen. eu/cen/pages/default. aspx )
Standards are created or modified by experts in Technical Committees or Working Groups. The members of CEN and CENELEC are the national standards bodies of the member states, which have "mirror committees" that monitor and participate in ongoing European standardization. CEN and CENELEC standards are sold by the individual member states standards bodies. ETSI is different in that it allows direct participation in its technical committees from non-EU companies that have interests in Europe and gives away some of its individual standards at no charge on its website. In addition to the three standards developing organizations, the European Commission plays an important role in standardization through its funding of the participation in the standardization process of small - and medium-sized companies and non-governmental organizations, such as environmental and consumer groups. The Commission also provides money to the standards bodies when it mandates standards development to the European Standards Organization for harmonized standards that will be linked to EU technical legislation. Mandates – or requests for standards - can be checked on line at: http://ec. europa. eu/enterprise/policies/european-standards/standardisation-requests/index_en. htm
Given the EU’s vigorous promotion of its regulatory and standards system as well as its generous funding for its development, the EU’s standards regime is wide and deep - extending well beyond the EU’s political borders to include affiliate members (countries which are hopeful of becoming full members in the future) such as Albania, Belarus, Israel, and Morocco among others. Another category, called "partner standardization body" includes the standards organization of Mongolia, Kyrgyzstan and Australia, which are not likely to become a CEN member or affiliate for political and geographical reasons.
To know what CEN and CENELEC have in the pipeline for future standardization, it is best to visit their websites. Other than their respective annual work plans, CEN’s "what we do" page provides an overview of standards activities by subject. Both CEN and CENELEC offer the possibility to search their respective database. ETSI’s portal ( http://portal. etsi. org/Portal_Common/home. asp ) leads to ongoing activities.
The European Standardization system and strategy was reviewed in 2011 and 2012. The new standards regulation 1025, adopted in November 2012, clarifies the relationship between regulations and standards and confirms the role of the three European standards bodies in developing EN harmonized standards. The emphasis is also on referencing international standards where possible. For information, communication and technology (ICT) products, the importance of interoperability standards has been recognized. Through a newly established mechanism, a “Platform Committee” reporting to the European Commission will decide which deliverables from fora and consortia might be acceptable for public procurement specifications. The European standards bodies have been encouraged to improve efficiency in terms of delivery and to look for ways to include more societal stakeholders in European standardization.
Standards are created or modified by experts in Technical Committees or Working Groups. The members of CEN and CENELEC are the national standards bodies of the Member States, which have "mirror committees" that monitor and participate in ongoing European standardization. The German organization that compiles standards is the Deutscher Industrie Normenausschuss - DIN (German Standards Institute, http://www. din. de/ ). The DIN also compiles the standards that lay down the requirements for a "GS" marca. Since 1975, DIN has been recognized by the German government as the national standards body and represents Germany’s interests at the international and EU levels. DIN offers a forum in which interested parties meet in order to discuss and define their specific standardization requirements and to record the results as German Standards. In DIN, standard work is carried out by some 26,000 external experts, serving as voluntary delegates in more than 4,000 committees. Draft standards are published for public comment, and all comments are reviewed before final publication of the standard. Published standards are reviewed for continuing relevance at least every five years. According to DIN, standards are designed to promote rationalization, quality assurance, safety, and environmental protection, as well as improving communication between industry, technology, science, government, and the public domain. The input of external experts into standardization is organized through standards committees and working groups. Each standards committee is responsible for a distinct area of activity and coordinates the corresponding standardization work at the EU and international levels. As a rule, the standards committee in DIN includes a number of technical sub-committees. There are currently 76 standards committees that maintain their own websites. Basic details of their area of activity and a list of the standards are published in English. Links to these committees are available on the DIN website.
NIST Notify U. S. Service Member countries of the World Trade Organization (WTO) are required under the Agreement on Technical Barriers to Trade (TBT Agreement) to report to the WTO all proposed technical regulations that could affect trade with other Member countries.
Notify U. S. is a free, web-based e-mail subscription service that offers an opportunity to review and comment on proposed foreign technical regulations that can affect your access to international markets. Register online at Internet URL: http://www. nist. gov/notifyus/
Conformity Assessment is a mandatory step for the manufacturer in the process of complying with specific EU legislation. The purpose of conformity assessment is to ensure consistency of compliance during all stages, from design to production, to facilitate acceptance of the final product. EU product legislation gives manufacturers some choice regarding conformity assessment, depending on the level of risk involved in the use of their product. These range from self-certification, type examination and production quality control system, to full quality assurance system. Conformity assessment bodies in individual member states are listed in NANDO, the European Commission’s website.
To promote market acceptance of the final product, there are a number of voluntary conformity assessment programs. CEN’s certification system is known as the Keymark. Neither CENELEC nor ETSI offer conformity assessment services.
To sell products in the EU market of 28 member states as well as in Norway, Liechtenstein and Iceland, U. S. exporters are required to apply CE marking whenever their product is covered by specific product legislation. CE marking product legislation offers manufacturers a number of choices and requires decisions to determine which safety/health concerns need to be addressed, which conformity assessment module is best suited to the manufacturing process, and whether or not to use EU-wide harmonized standards. There is no easy way for U. S. exporters to understand and go through the process of CE marking, but hopefully this section provides some background and clarification.
Products manufactured to standards adopted by CEN, CENELEC or ETSI, and referenced in the Official Journal as harmonized standards, are presumed to conform to the requirements of EU Directives. The manufacturer then applies the CE marking and issues a declaration of conformity. With these, the product will be allowed to circulate freely within the EU. A manufacturer can choose not to use the harmonized EU standards, but then must demonstrate that the product meets the essential safety and performance requirements. Trade barriers occur when design, rather than performance, standards are developed by the relevant European standardization organization, and when U. S. companies do not have access to the standardization process through a European presence.
The CE marking addresses itself primarily to the national control authorities of the member states, and its use simplifies the task of essential market surveillance of regulated products. As market surveillance was found lacking, the EU adopted the New Legislative Framework, which went into force in 2010. As mentioned before, this framework is like a blueprint for all CE marking legislation, harmonizing definitions, responsibilities, European accreditation and market surveillance.
The CE marking is not intended to include detailed technical information on the product, but there must be enough information to enable the inspector to trace the product back to the manufacturer or the local contact established in the EU. This detailed information should not appear next to the CE marking, but rather on the declaration of conformity (which the manufacturer or authorized agent must be able to provide at any time, together with the product's technical file), or the documents accompanying the product.
Independent test and certification laboratories, known as notified bodies, have been officially accredited by competent national authorities to test and certify to EU requirements.
"European Accreditation" ( www. european-accreditation. org ) is an organization representing nationally recognized accreditation bodies. Membership is open to nationally recognized accreditation bodies in countries in the European geographical area that can demonstrate that they operate an accreditation system compatible to appropriate EN and ISO/IEC standards.
The German Accreditation Council (DAR) is a working group established in 1991 by ministries of the German Federal Government, ministries of the German federal states, and by representatives of the German industry.
The DAR coordinates the activities in the field of accreditation and recognition of laboratories, certification, and inspection bodies as far as they are represented in the DAR; it represents German interests in national, European and international organizations dealing with general issues of accreditation and recognition, including voluntary and mandatory (KOGB) areas. The DAR itself does not carry out any accreditations or recognitions.
All accreditation bodies represented in the DAR are operating on the basis of the EN 45000/EN ISO/IEC 17000 standard series and the DAR resolutions. With permission of the DAR, they may therefore use DAR certificates for accreditation.
Publication of Technical Regulations
The Official Journal is the official publication of the European Union. It is published daily on the internet and consists of two series covering adopted legislation as well as case law, studies by committees, and more ( http://eur-lex. europa. eu/JOIndex. do? ihmlang=en ). It lists the standards reference numbers linked to legislation ( http://ec. europa. eu/enterprise/policies/european-standards/harmonised-standards/index_en. htm ).
National technical regulations are published on the Commission’s website http://ec. europa. eu/growth/tools-databases/tris/en/ to allow other countries and interested parties to comment.
NIST Notify U. S. Service
Member countries of the World Trade Organization (WTO) are required under the Agreement on Technical Barriers to Trade (TBT Agreement) to report to the WTO all proposed technical regulations that could affect trade with other Member countries. Notify U. S. is a free, web-based e-mail subscription service that offers an opportunity to review and comment on proposed foreign technical regulations that can affect your access to international markets. Register online at: www. nist. gov/notifyus
Technical regulations are published by the publishing house of DIN, Beuth Verlag: www. beuth. de
Labeling and Marking
Manufacturers should be mindful that, in addition to the EU’s mandatory and voluntary schemes, national voluntary labeling schemes might still apply. These schemes may be highly appreciated by consumers, and thus, become unavoidable for marketing purposes.
Manufacturers are advised to take note that all labels require metric units although dual labeling is also acceptable. The use of language on labels has been the subject of a Commission Communication, which encourages multilingual information, while preserving the right of member states to require the use of the language of the country of consumption.
The EU has mandated that certain products be sold in standardized quantities. Council Directive 2007/45/EC harmonizes packaging of wine and spirits throughout the EU. Existing national sizes will be abolished with a few exceptions for domestic producers.
The EU eco-label is a voluntary label which U. S. exporters can display on products that meet high standards of environmental awareness. The eco-label is intended to be a marketing tool to encourage consumers to purchase environmentally-friendly products. The criteria for displaying the eco-label are strict, covering the entire lifespan of the product from its manufacture, use, and disposal. These criteria are reviewed every three to five years to take into account advances in manufacturing procedures. There are currently 13 different product groups, and more than 17000 licenses have been awarded.
Applications to display the eco-label should be directed to the competent body of the member state in which the product is sold. The application fee will be somewhere between €275 and €1600 depending on the tests required to verify if the product is eligible, and an annual fee for the use of the logo (typically between USD 480 to USD 2000), with a 20% reduction for companies registered under the EU Eco-Management and Audit Scheme (EMAS) or certified under the international standard ISO 14001 . Discounts are available for small and medium sized enterprises (SMEs).
U. S. Mission to the EU Marianne Drain, Standards Attaché and Louis Fredricks, Commercial Assistant Tel: 32.2.811.5004194 marianne. drain@trade. gov and louis. fredricks@trade. gov
National Institute of Standards & Technology Dr. George W. Arnold Director Standards Coordination Office 100 Bureau Dr. Mail Stop 2100 Gaithersburg, Maryland 20899 Tel: (301) 975-5627 Website: http://www. nist. gov/director/sco/index. cfm
CEN – European Committee for Standardization Avenue Marnix 17 B – 1000 Brussels, Belgium Tel: 32.2.550.08.11 Fax: 32.2.550.08.19 Website: http://www. cen. eu
CENELEC – European Committee for Electrotechnical Standardization Avenue Marnix 17 B – 1000 Brussels, Belgium Tel: 32.2.519.68.71 Fax: 32.2.519.69.19 Website: http://www. cenelec. eu
ETSI - European Telecommunications Standards Institute Route des Lucioles 650 F – 06921 Sophia Antipolis Cedex, France Tel: 33.4.92.94.42.00 Fax: 33.4.93.65.47.16 Website: http://www. etsi. org SBS – Small Business Standards 4, Rue Jacques de Lalaing B-1040 Brussels Tel: +32.2.285.07.27 Fax. +32-2/230.78.61 Website: http://sbs-sme. eu/
ANEC - European Association for the Co-ordination of Consumer Representation in Standardization Avenue de Tervuren 32, Box 27 B – 1040 Brussels, Belgium Tel: 32.2.743.24.70 Fax: 32.2.706.54.30 Website: http:/www. anec. org
ECOS – European Environmental Citizens Organization for Standardization Rue d’Edimbourg 26 B – 1050 Brussels, Belgium Tel: 32.2.894.46.68 Fax: 32.2.894.46.10 Website: http://www. ecostandard. org
EOTA – European Organization for Technical Assessment (for construction products) Avenue des Arts 40 B – 1040 Brussels, Belgium Tel: 32.2.502.69.00 Fax: 32.2.502.38.14 Website: http://www. eota. eu/
For a list of trade agreements with the EU and its member states, as well as concise explanations, please see http://tcc. export. gov/Trade_Agreements/index. asp
Online customs tariff database (TARIC): http://ec. europa. eu/taxation_customs/customs/customs_duties/tariff_aspects/customs_tariff/index_en. htm
The Modernized Community Customs Code MCCC): http://europa. eu/legislation_summaries/customs/do0001_en. htm
Security and Safety Amendment to the Customs Code - Regulation (EC) 648/2005: http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2005:117:0013:0019:en:PDF
Electronic Customs Initiative: Decision N° 70/2008/EC http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2008:023:0021:0026:EN:PDF
Modernized Community Customs Code Regulation (EC) 450/2008): http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2008:145:0001:0064:EN:PDF
Legislation related to the Electronic Customs Initiative: http://ec. europa. eu/taxation_customs/customs/policy_issues/electronic_customs_initiative/electronic_customs_legislation/index_en. htm
Export Help Desk http://exporthelp. europa. eu/thdapp/index_en. html
What is Customs Valuation. http://ec. europa. eu/taxation_customs/customs/customs_duties/declared_goods/european/index_en. htm
Customs and Security: Two communications and a proposal for amending the Community Customs Code: http://ec. europa. eu/taxation_customs/customs/policy_issues/customs_security/index_en. htm
Establishing the Community Customs Code: Regulation (EC) n° 648/2005 of 13 April 2005 http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2005:117:0013:0019:en:PDF
Pre Arrival/Pre Departure Declarations: http://ec. europa. eu/taxation_customs/customs/procedural_aspects/general/prearrival_predeparture/index_en. htm
AEO: Authorized Economic Operator: http://ec. europa. eu/taxation_customs/customs/policy_issues/customs_security/aeo/index_en. htm
Contact Information at National Customs Authorities: http://ec. europa. eu/taxation_customs/taxation/personal_tax/savings_tax/contact_points/index_en. htm
New Approach Legislation: http://ec. europa. eu/enterprise/newapproach/nando/index. cfm? fuseaction=directive. main
Cenelec, European Committee for Electrotechnical Standardization: http://www. cenelec. eu/
ETSI, European Telecommunications Standards Institute: http://www. etsi. org/
CEN, European Committee for Standardization, handling all other standards: http://www. cen. eu/cen/Pages/default. aspx
Standardisation – Mandates: http://ec. europa. eu/growth/single-market/european-standards/requests/index_en. htm
ETSI – Portal – E-Standardisation. http://portal. etsi. org/Portal_Common/home. asp
CEN – Sector: http://www. cen. eu/work/areas/Pages/default. aspx
CEN - Standard Search: http://standards. cen. eu/dyn/www/f? p=CENWEB:105::RESET.
Nando (New Approach Notified and Designated Organizations) Information System: http://ec. europa. eu/enterprise/newapproach/nando/
Mutual Recognition Agreements (MRAs): http://ec. europa. eu/enterprise/newapproach/nando/index. cfm? fuseaction=mra. main
European Co-operation for Accreditation: http://www. european-accreditation. org/home
Eur-Lex – Access to European Union Law: http://eur-lex. europa. eu/en/index. htm
Standards Reference Numbers linked to Legislation: http://ec. europa. eu/enterprise/policies/european-standards/harmonised-standards/index_en. htm
What’s New: http://ec. europa. eu/growth/news/index_en. htm
National technical Regulations: http://ec. europa. eu/growth/tools-databases/tris/en/
NIST - Notify U. S. http://www. nist. gov/notifyus/
Metrology, Pre-Packaging – Pack Size: http://ec. europa. eu/growth/single-market/goods/building-blocks/legal-metrology/index_en. htm
European Union Eco-label Homepage: http://ec. europa. eu/environment/ecolabel/
U. S. websites: National Trade Estimate Report on Foreign Trade Barriers: https://ustr. gov/sites/default/files/2017%20NTE%20Combined. pdf
Agricultural Trade Barriers: http://www. usda-eu. org/
Trade Compliance Center: http://tcc. export. gov/
U. S. Mission to the European Union: http://useu. usmission. gov/
The New EU Battery Directive: http://www. buyusainfo. net/docs/x_8086174.pdf
The Latest on REACH: http://export. gov/europeanunion/reachclp/index. asp
WEEE and RoHS in the EU: http://export. gov/europeanunion/weeerohs/index. asp
Overview of EU Certificates (FAS): http://www. usda-eu. org/trade-with-the-eu/eu-import-rules/certification/fairs-export-certificate-report/
Center for Food Safety and Applied Nutrition: http://www. fda. gov/Food/default. htm
EU Marking, Labeling and Packaging – An Overview http://buyusainfo. net/docs/x_366090.pdf
The European Union Eco-Label: http://buyusainfo. net/docs/x_4284752.pdf
Trade Agreements: http://tcc. export. gov/Trade_Agreements/index. asp
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Carbon trading
EUROPE’S emissions-trading system, the world’s largest carbon cap-and-trade scheme, survived a near-death experience on February 19th. The environment committee of the European Parliament voted to support a plan proposed by the European Commission, the European Union’s executive arm, to take 900m tonnes of carbon allowances off the market for up to five years. Had it rejected the plan, the market might have collapsed.
The proposal would reduce some of the massive overcapacity in the ETS, which has driven the price of carbon down from almost €30 a tonne in 2008 to about €5 this year. As this article argues, the overcapacity has come about as a result of two things: recession (which has pushed down industrial demand for carbon, even though the volume of carbon allowances is fixed for 2017-20) and one-off factors such as an increase in the number of carbon auctions. By taking allowances off the market now, when prices are low, and reintroducing them later, when (the proposers hope) prices will be higher, the designers of the scheme hope to limit the price decline. In the first instance, that hope was not fulfilled. Prices fell to €4 a tonne after the vote.
The margin of approval for the proposal was surprisingly wide. Most people had expected the vote to be extremely close, reflecting the balance of opinion among market participants generally: Europe’s biggest companies were mostly against the proposal, but the power generators (who buy most of the allowances, but want more certainty) were in favour. The German government is also split, with the liberal economy minister opposed but the Christian Democrat environment minister in favour. In the event, the measure passed reasonably easily, by 38 votes to 25. The centre-right Christian Democrats, which some had expected to be solidly opposed, split, with seven members of the European Parliament voting in favour; the centre-left Socialists, which people had thought might split, held together, with almost all backing the proposal.
This vote is just the start of a long drawn-out process in which national governments, the commission and the whole European Parliament will all have a say. Supporters of the measure want negotiations (a “trialogue”) to begin right away. Opponents still have a chance to slow things down by insisting on a vote in the full parliament first, then on negotiations and then on another full vote. It was the realisation of how many more steps are needed to save the ETS that pushed carbon prices down. A vote on the timetable is due next week.
Money talks: A new wave of M&As: February 18th 2017
Another mining boss resigns: Goodbye Mr Merger, hello Mr Discipline
German Judges Rule: New EU-U. S. ‘Trade’ Deal Would Undermine National Courts Systems
JUSTIN TALLIS/AFP/Getty Images
8 Feb, 2017 8 Feb, 2017
In a major blow to the Transatlantic Trade and Investment Partnership (TTIP) negotiations currently taking place between the European Union (EU) and America, the German Magistrates Association (DRB) has said that special courts allowing firms to sue countries “had no legal basis”.
A key plank of the deal proposed by the EU is the creation of a new Investment Court System (ICS) designed to protect investors. There, investors and businesses will be able to challenge government policies they believe will negatively affect their investments, Deutsche Welle has reported .
But judges from the DRB have slammed the proposal, saying: “The DRB sees neither a legal basis nor a need for such a court.” In a statement issued last week it added that the assumption foreign investors don’t already have “effective judicial protection” has no “factual basis.”
The judges also foresee problems with the proposed model, warning that the definition of an investor’s assets is so broad, it will effectively hand the court jurisdiction to rule on almost any policy matter on a government’s agenda.
Furthermore, they say the ICS represents a threat to the sovereignty of Europe’s current legal systems, adding that they have little faith in the EU’s ability to manage it.
“The German Magistrates Association has serious doubts whether the European Union has the competence to institute an investment court,” the statement read. “An ICS would not only limit the legislative powers of the Union and the Member States; it would also alter the established court system within the Member States and the European Union.”
The statement is being lauded as a major setback in the TTIP negotiations by the deal’s opponents, as it was designed to be a compromise alternative to the current current investor-state dispute settlement (ISDS) currently used for trade deals between countries, which was favoured by America but opposed by the EU. The judge’s statement effectively turns the compromise into a deal that no-one wants.
“The EU offices must be in turmoil now,” said Nick Dearden of UK-based campaign group Global Justice Now. “They were really nervous about ever getting through an agreement that had ISDS in it, because every time they’ve done consultations on it people have overwhelmingly said they don’t like it. So they put this on the table.”
“[The judges’ statement] is obviously more interesting than when some campaigner says something, because they’re actually going to have to administer this thing,” Añadió. “For us it’s probably the most significant statement that any group has made so far on that part of the agreement.
“Is it really right that a foreign investor would have access to a whole legal process that an ordinary European citizen wouldn’t have access to?”
However, the The German Justice Ministry has defended the ICS proposal, saying “An investment court may well be necessary, because the US investor protection allowed by TTIP may not be enforceable in national courts.”
Follow Donna Rachel Edmunds on Twitter: Follow @Donna_R_E or e-mail to: dedmunds@breitbart. com
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Posts Tagged ‘EU Emissions Trading System’
Despite rock bottom trading prices, the European Parliament is determined to make a go of the carbon emissions trading scheme despite less than wholehearted support from the UK.
The headlines are screaming. The European carbon emissions trading scheme (the EU:ETS) is in an “existential crisis”. According to the Economist magazine, its allowances are now “below the level of junk bonds”. A New York Times editorial crows that Europe has conceded its leadership role on climate.
The “crisis” has been caused specifically by the European Parliament’s decision to reject by just 19 votes a proposal to remove temporarily some of the oversupply that has overwhelmed the market for permits to emit carbon dioxide.
Conversely, you could argue that the scheme is meeting one of its main goals. It was launched in 2005 as a cap-and-trade system, with the intention of setting an absolute limit upon the total amount of emissions across the European continent emanating from power stations and from heavy industry.
This is precisely what has been achieved. It may not have changed attitudes to industrial energy efficiency. Or even the merit order for electricity plant. But at least in one way the EU:ETS is a cause for celebration. After all, when initially conceived at the start of the century, few external observers outside Europe thought that 28 countries could really co-operate so effectively, to ensure almost total compliance with inventories and assessments. On the back of it, a whole new breed of carbon traders emerged.
The new government has stated that there should be a floor price for carbon. This could be a nice little earner for the Treasury. But will the money end up funding energy efficiency improvements?
The coalition government statement is simple, and it is unequivocal. There will be “a floor price for carbon” introduced.
Delivering upon this commitment will lead to the most dramatic change in the British energy market in a generation. It will ensure realisation of one of the two primary objectives that the European emissions trading scheme was created to achieve – a dramatic shift towards decarbonisation of electricity generation.
It could also deliver the second primary objective of the EU ETS, a fundamental improvement to the efficient use of energy. But only if the coalition seizes the unique opportunity which this fiscal revolution provides.
Turkish 'Environmental' Accession to the EU: The European Union Emissions Trading System
Josephine A. W. Van Zeben
University of Oxford - Worcester College
Amsterdam Law School Research Paper No. 2011-23 Amsterdam Center for Law & Economics Working Paper Paper No. 2011-10 Abstract:
Since the establishment of its original mandate as a purely economic union, the competences of the European Union have rapidly expanded, not least in the area of environmental policy making. This increase in competency areas has also affected the accession conditions for Turkey – the necessity for Turkey to harmonize its laws with the European acquis communautaire now includes the harmonization of environmental regulations. This inclusion will require much in terms of administrative and legislative capacity from the Turkish government. As such, Turkey’s pre-existing environmental situation has been described as ‘a considerable obstacle in its EU accession efforts’. This article will focus on the current stumble blocks for Turkey in terms harmonization of environmental regulation, specifically in the area of climate change policy. The increasing use of so-called market-based instruments in this area prima facie appears to aid Turkey in combining economic development with environmental sustainability but the reality proves to be very complex. This article will discuss the position of Turkey as a candidate state to the European Union in terms of environmental policy, focusing on its potential role within the EU ETS. The build up of this paper will thus be as follows: first, the most important features of current European climate (change) policy will be highlighted, focusing on the internal targets of “20 20 by 2020” (January 2008) and the more externally focused “International climate policy post - Copenhagen: Acting now to reinvigorate global action on climate change” (March 2010). Then, the context and functioning of the EU ETS will be explored. Second, an overview of the Turkish environment and possible hurdles regarding the implementation of the European environmental acquis will be given. The final part of this article will analyze the possible advantages for Turkey in joining the EU ETS – compared to its current position under theKyoto Protocol mechanisms – and the legal stumble blocks possibly preventing inclusion in the EU ETS – both in terms of European law and international law.
Number of Pages in PDF File: 23
Keywords: Turkey, Accession, European Union, Environmental Policy, Emissions Trading
JEL Classification: K32
Date posted: August 31, 2011 ; Last revised: September 30, 2011
Suggested Citation
van Zeben, Josephine A. W. Turkish 'Environmental' Accession to the EU: The European Union Emissions Trading System (August 31, 2011). Amsterdam Center for Law & Economics Working Paper Paper No. 2011-10. Available at SSRN: http://ssrn. com/abstract=1920292 or http://dx. doi. org/10.2139/ssrn.1920292
Información del contacto
Josephine A. W. Van Zeben (Contact Author)
University of Oxford - Worcester College ( email )
The european union emission trading system in perspective
The european union emission trading system in perspective
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Argument: The EU Emissions Trading System is a success and model
Supporting articles and reports
"Review of pilot phase of European Union Emissions Trading Scheme finds it to be successful", Denny Ellerman, May 28th, 2007 - "An analysis of the historical emissions data by the economists suggests that abatement or environmental measure taken by companies had achieved a reduction of about 7 per cent, even allowing for the growth in emissions that accompanies growth in gross domestic product. The economists conclude ETS has been successful in helping to correct what they call the market failure that surrounds climate change, and in delivering the EU's commitments to reduce carbon dioxide (CO2) emissions under the Kyoto Protocol. The seven conclude that it will be central to future global climate negotiations. They also call for a global framework for managing climate policy in the long term."[1]
"It shows that emissions trading can be done, and will be hard to ignore in future climate negotiations."
"The challenges of establishing a global system are likely to be formidable," they warn.
Shayle Kann. "The Case for Carbon Trading". Celsias. - 1) The EU ETS, Europe's carbon trading system under the Kyoto Protocol, has been a failure and will continue as such The first part of that argument, that the EU ETS has not achieved its goals so far, is all but undeniable. Prices for carbon under the EU ETS dropped down to just a few cents and have never made a real recovery, few countries have reached their emissions targets to date, and the biggest polluters have reaped windfall profits from the free allocation of emissions allowances. For anyone who has been involved in Kyoto, however, this has not come as a surprise. And not because they knew the EU ETS would fail, but because the first phase of the EU ETS (2005-2007) was designed as a "pilot" phase, meant to work out the (significant) kinks in the system. Phase II of Kyoto just started last week, and offers substantial differences from the pilot phase. The World Business Council for Sustainable Development released an article the same day as our interview was published, outlining many of these differences. Two of these struck me as most relevant. First, the primary reason for the EU ETS failure in phase I was an over-allocation of permits by a number of countries. These countries acknowledged the mistake and attributed it to an admitted lack of complete information at the time regarding their own countries' emissions. However, in Phase II new calculations are being used based on 2005 data, and the new assignation of permits should leave companies short around 250-260 million tons CO2 each year, requiring significant changes in environmental practice. Second, emissions targets in Phase I were voluntary. Phase II brings with it the introduction of mandatory emissions targets with international enforcement. Admittedly, this enforcement will likely extend only as far as public reprimand, but that has been an effective tool in other global environmental agreements. Janet Peace, a senior economist at the Pew Center on Global Climate Change. noted,
"Many people missed the fact that [Phase I] was the learning phase. But the first part wasn't even Kyoto. That was their warm up. This was how they figured out and got the infrastructure in place." -- WBCSD
So I do think it is fair to assume that the EU ETS has been ineffective so far. And I agree that providing windfall profits for the biggest polluters is a terrible idea. But it is not fair to write off the next stage, which has the potential to induce real, lasting change. The Kyoto Protocol isn't nearly perfect, but it should be commended as a valiant attempt at global coordination against climate change.
The EU ETS has successfully reduced carbon emissions: According to the 2007 Review of Environmental Economics and Policy. an analysis of the historical emissions data suggests that abatement or environmental measure taken by companies had achieved a reduction of about 7 per cent.
The EU ETS has successfully placed a price on C02: Review of Environmental Economics and Policy, Oxford University Press, Winter 2007 - "The EU has succeeded in placing a price on CO2 that starts to reflect the scarce capacity of the earth's atmosphere to absorb more greenhouse gas emissions".
The EU ETS Commission has effectively responded to its mistakes in initially over-allocating carbon credits: After the overallocation in the first round, the Commission reduced the proposed number of allowances of 14 of the 25 member states by a combined annual amount of almost 100 million tonnes of CO2, according to the Winter 2007, Review of Environmental Economics and Policy.[2]
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EU carbon price collapses: Carbon trading is not the solution to climate change
The EU Emissions Trading Scheme is in crisis. Yesterday, the European Parliament voted against the backloading proposal which was aimed at increasing the price of carbon permits. After the vote, the price of carbon permits dropped by about 40% to its lowest ever price of €2.63. New Energy Finance predicts that it might fall as low as €1.
Speaking on the BBC World Service. Tamra Gilbertson of Carbon Trade Watch welcomed the rejection of backloading, saying that, “Perhaps this can be a signal to the rest of the world that emissions trading and market-based solutions are not the solution to climate change.” The full transcript of the BBC World Service programme is posted below .
Centre-right MEPs voted against the proposal. Speaking to the Guardian, a spokesman for UK Conservative Party MEPs said.
“The EU ETS was established as a market-based mechanism and must continue to operate according to market principles. We are therefore concerned about the impact of commission intervention to adapt the auction timetable in order to manipulate the carbon price. We fear it will only serve to discourage green investments, affect transparency, encourage further carbon leakage, and undermine much-needed market predictability as the EU economy strives to find a way out of the economic crisis.”
The Conservative Party’s enthusiasm for market principles is equalled by their “scarcely concealed intent … to give European industry a free ride from climate obligations,” as Oscar Reyes of the Institute for Policy Studies puts it .
Bas Eickhout, climate spokesperson for the Greens and a Dutch MEP, was clearly angry about the way the vote went:
“The two-faced arguments of the centre-right MEPs about how the EU carbon market should be left to sort itself out are cynical in the extreme. It is precisely because of centre-right politicians in Europe that the emissions trading scheme was established as a flawed market, with various loopholes, which have led to the situation we are in today. By opposing necessary steps to fix these problems they have caused, they are effectively signalling their desire to destroy the EU’s flagship climate change policy. The time for tinkering is now clearly over. The Commission now has no choice but to come forward with fundamental proposals to truly repair the ETS.”
Peter Botschek, of Cefic, the European chemicals industry trade group, saw the vote as a recognition that the EU’s carbon trading scheme was hurting industry:
“There is a growing awareness of the cost burden on consumers and also European industry. People are starting to understand that we cannot have a climate policy drive all other policies.”
Connie Hedegaard, the EU Commissioner for Climate Action released a statement. expressing her disappointment:
”The Commission of course regrets that the European Parliament has not approved the back-loading proposal. However, it is worth noting than when it was suggested in the second vote that the Parliament finalised its rejection right away, this was not supported. The proposal will now go back to the Parliament’s Environment Committee for further consideration.”
While Hedegaard still hopes that backloading can be implemented, Stig Schjølset, an analyst at Point Carbon commented,
“We believe that backloading is now politically dead and it is very unlikely that any political intervention in the scheme will be agreed during the third phase (2017-2020). We do not envisage prices rising much above the current €3 mark and they may well drop lower at least until the end of the third phase.”
As Tamra Gilbertson of Carbon Trade Watch points out on the BBC World Service, the vote against backloading is an opportunity to develop meaningful regulation in Europe to reduce greenhouse gas emissions. Anthony Hobley, president of the Climate Markets & Investors Association, is horrified by such suggestions. “It potentially unlocks the door to start thinking the unthinkable,” he told the Financial Times .
Flagship carbon scheme in jeopardy?
BBC World Business Report. 16 April 2017 Mark Whitaker (BBC): This is World Business Report and I’m Mark Whitaker. And today, European MPs vote no to a plan to boost the idea of carbon trading as the weapon to combat climate change. Tamra Gilbertson (Carbon Trade Watch): Perhaps this can be a signal to the rest of the world that emissions trading and market-based solutions are not the solution to climate change. [. ] Mark Whitaker: Not everyone is convinced it actually works, but the cornerstone of Europe’s effort to combat climate change is something called carbon trading, which works on the idea that companies are allowed to buy permits to cover any carbon emissions they make. It’s based on the principle that the polluter pays. The trouble is, the price of carbon permits has dropped so low that there was scarsely any deterrant at all to pumping out carbon. Today, the European Parliament voted not to intervene in the carbon permit market to prop up the price of the permits. MEPs had been invited to vote for something called backloading, that’s a plan to delay the issue of any more permits in order to boost the price. It was an invitation that they declined. Earlier the BBC’s technology correspondant, Mark Gregory, told me more. Mark Gregory (BBC): Since 2005, literally thousands of large factories and industrial premises, power stations, even things like hospitals have been required to buy these permits to cover the carbon emissions they make above a certain permitted allowance. There have been lots of problems with this scheme, but the current problem that’s given rise to this vote in the European Parliament today, really stems from Europe’s economic recession. The fact is output has gone down, which means that companies are not polluting as much, which means they don’t need to buy so many permits as expected, which means there’s no scarcity, which means the price of these permits has absolutely collapsed. I mean experts said at the time the scheme was dreamed up that to really achieve the aims of this scheme which is to give firms a financial incentive to go into green technologies, technologies that don’t involve burning fossil fuels, you would need an allowance price for these carbon permits of around €30 a ton. That’s an absolute minimum, and to really get the thing moving you should be talking about €80 to €100 a ton. Actually, before this vote the price had slumped to around €4 a ton, and now following this rejection of the rescue plan it’s less than €3 a ton. So the scheme is at the moment achieving nothing that it’s meant to do which is to push up the price of polluting to encourage you to invest in different sort of technology. Mark Whitaker: So this plan was to restrict the number of permits issued in the hope that that would inflate the price. They said no, now the European MPs. Does that signal the fact that, is it an indication that Europe has gone off the whole idea of carbon trading? Mark Gregory: Well that’s an interesting question really. This was seen as a sort of last chance saloon to delay the issuing of new permits so that the price of existing ones would go up a bit and the failure of the European Parliament to approve that has certainly been criticised, even by some heavy polluters, for example, I spoke to Georg Oppermann, who’s the spokesman for EON, a giant German power utility. Georg Oppermann (EON): We are disappointed and we think that it is a clear, bitter set-back for European climate protection. Our central interest is to have a long-term perspective. That means we have to have clear targets, say until 2020, 2030s. We need to have this long-term reliability and this long-term outlook on price movements. If we don’t have that and we don’t have it at the moment, nobody would invest in power plants any more because it’s too uncertain, it’s too insecure. Mark Gregory: That there was the view of a German power utility. It has to be said it’s probably a minority view, most industries of course don’t want to see higher prices for these carbon permits, they say they’ve got enough economic problems as it is and higher allowances would make their problems even worse. And that thinking is particularly strong in the former communist block members of the European Union, notably Poland where they are very highly reliant on polluting coal for their industry. Mark Whitaker: Sure. This is very much a European idea, carbon trading, briefly, is anyone else in the world looking at it? Mark Gregory: A lot of people. And this is why this has an interesting dimension. California, China, Australia, New Zealand, all in varying stages of introducing their own carbon trading schemes. Mark Whitaker: That’s the BBC’s Mark Gregory. OK, let’s get some contrasting opinions on this. Tamra Gilbertson is in Barcelona. She’s from Carbon Trade Watch and she wants to see the whole carbon trading system scrapped. Vanessa Bulkacz is in Brussels. She’s from the Climate Action Network Europe and she wants to see it continued. Well given that it doesn’t seem to be working, I asked her why. Vanessa Bulkacz (CAN Europe): Well, because climate change is a really diverse and far-reaching problem and we need to use every tool that we have available to try and fight it. And the EU has put more than 10 years of work into the ETS and it needs to be reformed. Mark Whitaker: Tamra Gilbertson from Carbon Trade Watch, you don’t simply abandon 10 years of hard work and graft just like that. Tamra Gilbertson: I think the European Commission had already admitted defeat by proposing backloading in the first place. This isn’t the first time that we’ve seen fundamental flaws in the scheme. I mean we’ve seen the scheme riddled with fraud, we’ve seen windfall profits from the biggest polluting industries all over Europe. The cap and trade system functions because there are offsets and we’ve seen huge human rights abuses all over the world because of the offsetting that’s happened. So, yes, you abandon it. This is something that’s fundamentally and inherently flawed and it’s not going to fixed by backloading credits. Mark Whitaker: Let’s get this right, Tamra. You’re in favour of bringing down carbon emissions, it’s not like you want to see carbon emissions let rip. You just don’t think this is working. Tamra Gilbertson: I think EU ETS is fundamentally flawed. I think it was designed by the same polluters that are profitting from it today. Of course, what we want to see is, we want to see climate change addressed. We want to see strict regulation, we want to see clear direct policies from the MEPs to reducing emissions at source and not through a market-based emissions trading scheme. Mark Whitaker: Vanessa, hasn’t she got a point? Surely, if you want to stop carbon emissions, the way to do it is to have rules, regulations, to have them policed, and then to have penalties for those who break those rules and regulations? Vanessa Bulkacz: Yeah, I mean, I totally agree with Tamra on those issues. And I think it’s worth noting that actually we’re working towards the same goal. I think Tamra’s organisation and my network of NGOs that CAN Europe represents, we all want to reduce carbon emissions. And we support all the measures that she talked about. We just believe that you need a whole package of measures, including regulation, but there should also be market-based measures because that’s what’s going to spur innovation. Mark Whitaker: Tamra, Europe has led the way in this idea of carbon trading, other parts of the world have been looking at it, what sort of a message do you think that this will send out to places like the United States who might have been thinking of this kind of thing? Tamra Gilbertson: Well I think that’s a great question, Mark. Perhaps this can be a signal to the rest of the world that emissions trading and market based solutions are not a solution to climate change. We’ve lost years on this scheme and it has failed ultimately across the board. Other countries such as California have set up cap and trade schemes recently, but although they are replicating the EU ETS, they’ve gone beyond that, they’ve implemented forest credits, like REDD, into the scheme. And so we’re not only seeing something that’s fundamentally flawed replicated on a global scale, we’re seeing them linked and we’re seeing all sorts of flawed schemes like REDD and forest credits implemented. So, I hope that this can send a strong message to the rest of the world that they are also following down a wrong direction that’s essentially a dead end. Mark Whitaker: And if they are not going to go down that blind alley, as you see it, what should they be doing instead? Tamra Gilbertson: I think there’s so many fantastic solutions out there. We want to see clear, direct policies on reducing emissions at source. We want to see strict regulation. We want to address overall consumption patterns. We want to move away from fossil fuels. All fossil fuels. We want to support small, sustainable agriculture and farmers. We want to see small-scale sustainable, community-led renewables. We want to see feed-in tarrifs for renewable energy, small-scale renewable energy. There’s so many things that we can do. But including a market-based system in that is always going to hand it over to the polluters, always going to be building in a system that will bring in fraud, and will bring in policies that support polluters, rather than the solutions that we need to see on the ground. Mark Whitaker: Vanessa, one final response from you to that. Vanessa Bulkacz: Yeah, that rather than looking at market-based approach as handing it over to the polluters, we look at it as a way to install the polluter pays principle. And so by putting a price on carbon we can make sure that those that are creating the pollution will in fact have to pay for it. Mark Whitaker: That’s Vanessa Bulkacz from Climate Action Network and you also heard from Tamra Gilbertson from Carbon Trade Watch. You’re listening to World Business Report.
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COMERCIO
Native peoples of the Great Plains engaged in trade between members of the same tribe, between different tribes, and with the European Americans who increasingly encroached upon their lands and lives. Trade within the tribe involved gift-giving, a means of obtaining needed items and social status. Trade between Plains tribes often took the form of an exchange of products of the hunt (bison robes, dried meat, and tallow) for agricultural products, such as corn and squash. European and American items, such as horses, guns, and other metal products, were incorporated into the existing Plains trade system after the seventeenth century.
Trade among the Plains Indians has a long history. The archeological record shows an active trade in Knife River flint in the Northern Plains beginning before 2000 B. C. Moreover, copper, obsidian, and marine shell artifacts suggest an existence of an early east‗west trade route crossing the Northern Plains and connecting to the Great Lakes and the Atlantic Coast in the east and the Rocky Mountains and the Pacific Coast in the west. Farther south, the people living along the lower Missouri, Arkansas, and Red Rivers traded in copper and marine shells with the Mississippi Valley people after 2000 B. C. There is also evidence of local trade for this period. While the Northern Plains trade system remained relatively stable throughout the following centuries, the Southern and Central Plains trade patterns changed dramatically around A. D. 1200, when the ties between the Mississippi valley and the lower Missouri, Arkansas, and Red River societies were cut. Further changes came in the fourteenth and fifteenth centuries, when the Southern Plains societies began to trade in corn, pottery, and bison products with the Pueblos of the Southwest.
At the time of European contact, there were two types of Native American trading sites in the Great Plains. The first was associated with permanent agricultural villages, including those of the Mandans and Hidatsas in present-day North Dakota and the Arikaras in present-day South Dakota. These sites hosted trading parties from the Crows, Shoshones from the west, Assiniboines and Crees from the north, and Plains Apaches, Cheyennes, Arapahos, and Pawnees from the south. Lewis and Clark, who wintered with the Mandans in 1804, noted that traders in the villages obtained items from as far as Mexico and the Pacific Coast. In the Southern Plains, the Wichita villages on the Arkansas and Red Rivers served as trading sites for Jumanos, Apaches, Comanches, and Pawnees.
The second type of trading site was a trade fair, or rendezvous, in which bands met to exchange goods away from a permanent village, generally at a point convenient to nomadic bands. The Dakota rendezvous, held on the James River in present-day South Dakota, and the Shoshone rendezvous, held in southwestern Wyoming, were regular trading fairs at the beginning of the nineteenth century. A major trading site‗perhaps as important as those at the Mandan, Hidatsa, and Arikara villages‗was operated by the Western Comanches in the valley of the upper Arkansas River from the 1740s to around 1830.
An integral part of the trade system was the middlemen who operated between the various trade centers. The Cheyennes served as intermediaries between the upper Missouri villages and the Southern Plains hunter-pastoralists and carried firearms and other European American goods to the south and horses to the north. The Crows trafficked in horses and firearms between the central upper Missouri and the Shoshone rendezvous. The Assiniboines and Plains Crees carried manufactured goods to the upper Missouri from Canadian fur traders and took back horses and corn. In the Southern Plains, the Jumanos and Apaches and later the Apaches and Comanches competed for the lucrative middleman position between the Wichitas and the Pueblos. By linking the trade centers, these middleman groups integrated the Plains tribes into a compact commercial network that covered the whole region.
The trade systems were maintained through a variety of sustaining mechanisms, including the calumet ceremony, redundancy trading, and sign language. The calumet ceremony made unrelated peoples one family through the working of a fictional kinship. Leaders of different bands or tribes adopted each other as father or son, allowing trade to take place even between traditional enemies. In such exchanges, tribes gained access to foodstuffs that would otherwise have been difficult to acquire. However, Native peoples often exchanged corn for corn, or meat for meat. The Pawnees, for example, traded corn for corn with the Arikaras. This redundancy trading was a security mechanism, setting up avenues for exchange in case of local crop failure. Sign language allowed linguistically diverse tribes to negotiate the terms of the trade.
European traders began to engage in this trade from the edges of the Plains. Spanish settlers in Santa Fe exchanged goods of European manufacture, such as beads, mirrors, and blades, for hides, foodstuffs and services early in the seventeenth century. British traders infiltrated the network from the northeast, and French and Spanish traders pushed up the Missouri River from St. Louis in the late eighteenth century. By the early nineteenth century, American and British fur companies had created networks of fixed trading posts throughout the Missouri and Saskatchewan river drainage basins. At these points European and American manufactured products were exchanged for bison robes, beaver pelts, and other furs and skins. The Plains Indians became the primary producers in an international trade system controlled from New York and London. American and Canadian traders also sought to bypass the traditional middlemen and used alcohol as a means to curry favor. The Indians would not have participated if they had not valued the introduced products (especially guns), but a dependency on outside supplies was created, and when there no longer were furs to trade the Indians could not obtain the goods they had come to rely upon.
The increased market demands resulted in the collapse of the resource base. By 1840 beaver had been eliminated from large parts of the Plains, and the virtual destruction of the bison herds in the 1870s brought an end to the traditional Plains Indian trade. Restricted to reservations in both Canada and the United States, the Indians' trade was often a sale of annuity goods, at inadequate prices, at the local trader's store. Native American conventions of trade continued, and continues, within tribes and in contexts like powwows between tribes, but the traditional Plains trade system that had endured for so long fell victim to imposed European American economies.
University of Portland
Hämäläinen, Pekka. "The Western Comanche Trade Center: Rethinking the Plains Indian Trade System." Western Historical Quarterly 29 (1998): 485‗513.
Jablow, Joseph. "The Cheyenne in Plains Indian Trade Relations 1795‗ 1840." In Monographs of the American Ethnological Society . Vol. 19. New York: J. J. Augustin Publisher, 1950.
Swagerty, William R. "Indian Trade in the Trans-Mississippi West to 1870." In Handbook of North American Indians . 4:351‗74. Washington DC: Smithsonian Institution, 1988.
The Banana Trade War
By Mikah Lightner, Matt O’Mara
The item at the center of the most heated international dispute in World Trade Organization (WTO) history is unrelated to defense, to technology, or even to petroleum. Rather, the battle rages over a seemingly innocuous soft fruit—the banana. The Banana Trade War recently has become a hot political issue, but it is actually in its sixth year. Ironically, the loudest dissenters, the United States and the European Union, do not even produce bananas for mass trade.
The disputed issue is an EU trade practice of giving preference to its former colonies and current possessions in Africa, the Caribbean, and the Pacific region (ACP). Neither side has clean hands. The U. S. government is responding to a massive lobbying effort by Chiquita Brands International, whose banana business is cramped by the EU trade policy. The EU’s protectionist trade method has been condemned by the World Trade Organization and, in reality, its policy has largely benefited European banana traders who import preferentially-treated ACP bananas. [1]
The issue has become so contentious that it threatens the stability of the fledgling WTO. Some may scoff that a fruit has polarized international superpowers. However, the banana trade is an important industry, worth $8 billion a year [2]. Bananas are the world’s most popular fruit and the fourth most important staple food. They are also a key income source for at least 15 Caribbean and Latin American countries.
The following paper serves to analyze the political context and effects of the banana trade war and proposes a workable solution. Part One provides a detailed chronology the disputed EU banana trade regime. Part Two discusses the banana industry in light of the history of colonialism in the Caribbean and Latin America; additionally, it pinpoints key differences in growing conditions between the two regions and explains how these differences affect production costs. Part Three analyzes the issues brought up by the different sides in the dispute. Part Four concludes by proposing a solution to the WTO that can equitably accommodate the interests involved, particularly the interests of the vulnerable developing nations.
Part One: The Six Year Banana Split
I. Establishment of the Banana Regime
The establishment of the EU banana import regime is concurrent with the formation of the single European market in July 1993. The regime made an Internal Market of bananas out of the conglomeration of national agreements previously in place. Before 1993, Europe was fragmented in its importation of bananas, with each country following a separate trade policy. [3]
The Lomй Convention, a major trade and aid pact between European nations and 71 former ACP colonies, bound some European governments to protect the bananas of their former colonies. Under the Lomй Convention Banana Protocol, Britain bought most of its bananas from the Windward and Leeward Islands and Jamaica, France from Martinique, Guadeloupe, and Cameroon, Portugal from Madeira, Spain from the Canary Islands, and Greece from Crete. [4] Other European countries imported mainly larger and cheaper bananas harvested by multinationals in Central and South America.
II. Mechanics and Impact of the Regime
Through a complicated system of tariffs and quotas, the original EU banana regime gives special duty-free import privileges and guaranteed import quotas to companies exporting bananas from members of the Lomй Convention. Exporters of Latin “dollar” bananas, on the other hand, are subject to a rigid tariff quota. The system preferentially awards import licenses to companies that historically have exported ACP bananas, which are, of course, European companies.
After the banana regime was instituted, EU countries that previously had imported the “dollar” bananas saw their banana prices rise by about 50 percent. In countries such as Germany, which consumes a third of all EU banana imports, the regime was not widely accepted. In fact, Germany has opposed the regime from its beginning. [5]
Before the EU imposed the banana regime in 1993, non-European export companies controlled 95% of the European banana market. Since then, the European market shares of American-owned companies like Chiquita and Dole have fallen by 50%. [6] Considering that Europeans consume the largest portion of the world’s bananas and account for 40% of the total world banana exports, this is not small change. [7] Hardest hit has been Chiquita, which has seen negative revenues in four of the past five years. Chiquita officials insist the decline is a result of being denied access to the European market. [8] Chiquita claims the EU’s system of quotas and tariffs on Latin-American produced bananas have cost the company $400 million. [9]
III. Politics and Formal Complaints
Soon after the banana regime began, Chiquita became vocal and persistent in its complaints. The company’s CEO, Karl H. Lindner, poured money into Republican and Democratic political campaigns. Former Senate Majority Leader Bob Dole flew on Lindner’s private jet during his presidential campaign, and the Clintons gave Lindner an overnight stay in the Lincoln bedroom. [10] After the EU failed to comply with two GATT rulings against its banana regime, the U. S. Mexico, Ecuador, Guatemala and Honduras filed complaints to the World Trade Organization (WTO). Within 24 hours of the U. S. announcement that it would challenge the regime to the WTO, Lindner made a $500,000 donation to Democratic parties in Southern States. [11]
IV. World Trade Organization Involvement
In May 1996, the WTO formed a panel to investigate the European regime. A year later, the panel found the EU in violation of WTO trade rules on sixteen counts. According to a report by the United States Trade Representative, the problematic aspects of the regime included:
1) the EU’s assignment of import licenses for Latin American bananas to French and British companies (whose previous business had been limited to the distribution of European, Caribbean and African bananas only), which took away a major part of the banana distribution business U. S. companies had developed over this century;
2) the EU’s assignment of import licenses for Latin American banana ripening firms (which did not typically import bananas), further taking away business from U. S. companies;
3) the EU’s imposition of more burdens on licensing requirements on banana imports from the Latin American co-complainants than for any other countries;
4) the EU’s discriminatory and trade-distorting allocation of access to its market for bananas, which departed from the fair-share standard of the WTO (focusing on past levels of trade). [12]
The EU subsequently appealed parts of the panel’s findings. Six months later, on September 26, 1997, the WTO’s Appellate Body rejected many of the EU arguments in their appeal. The WTO then gave the EU 15 months (until Jan 1, 1999) to change the regime and bring it into compliance with the 1996 ruling.
V. Changes But No Resolution
On July 28, 1998, the EU announced changes to its banana regime that it claimed comply with WTO rulings; [13] however, the reformed plan retained the contested separate quota system for ACP traditional banana suppliers and “dollar” bananas. [14] Immediately, the U. S. claimed that the changes were purely cosmetic and rejected them outright. One U. S. official in Brussels said, “The EU has put their regime in a new box, put some ribbons on it and said, ‘Look, a new system.’” [15]
Into 1999, the EU maintains that its regime is now in compliance with the WTO’s 1997 ruling and, per the changes made, that the WTO should re-review the regime. The U. S. insists the changes still do not comply with the ruling and has sought WTO authorization to increase trade tariffs in an amount equivalent to the harm caused by the EU regime. [16] The WTO has called for the U. S. to delay action until a panel can determine whether the EU’s banana trade policy is still discriminatory and whether compensation should be paid. [17]
VI. U. S.-Imposed Trade Sanctions
On March 3, 1999, the Clinton administration ignored the WTO’s call to delay action and imposed punitive 100% trade tariffs on European imports to the United States. The estimated worth of the tariffs is $250 million. According to the U. S. this approximates the amount of banana trade lost by American companies because of the regime; [18] however, none of the goods targeted have anything to do with bananas, ranging from Luis Vuitton handbags, to coffee makers, to communion wafers. (For complete list, see Chart 1 in Appendix).
U. S. officials explained that there was a method to composing the list of items hit—they wanted to spread the pain strategically to maximize the political pressure placed on the EU, and they did not want to target exports that would hurt American companies. Products from Denmark and the Netherlands were excused from the tariffs because those countries have sided with the United States on the banana issue. [19]
VII. Current Situation
Currently, the WTO is meeting in Geneva to attempt to resolve the trade dispute. The U. S. can not collect on the sanctions it has imposed without WTO approval. The EU’s trade minister has called the U. S. tariffs “unacceptable and unlawful” and accuses the U. S. of jeopardizing the jobs of “people who have nothing whatsoever to do with bananas.” Trade ministers in Britain, France, and Italy, the countries hardest hit by the sanctions, have voiced similar condemnations. [20]
Part Two: Bananas and a History of Colonialism
I. Colonialism and Banana Production
Throughout the development of the banana trade war, the nations that actually produce the bananas have been largely ignored. After exploring the historical roots of banana production, this is not surprising. To tell the history of bananas is to tell the history of colonialism.
The rise of the ACP banana market in the 1900s parallels the height of Europe’s colonial expansion. European countries introduced bananas into their colonies in semi-tropical regions in order to secure a regular supply of the fruit; the nation-colony alignments have lasted into the present. Although much of colonialism was exploitative, some positive outcomes did occur. [21] The establishment of banana industries gave colonies a relatively constant source of income and also worked to underpin the plantation culture.
In place of huge estates run by a centralized management with forced labor, small 5-acre banana plots were leased to farmers, who were encouraged to be “owner-occupiers,” working for themselves. Under specific nation-colony trade agreements, the banana crop became so successful that true “banana republics” were formed. Many ACP nations now depend on the fruit for up to 60% of export earnings and a third of all employment. In fact, most have become so dependent on the economic vitality of the banana that they are considered one-product economies (See Graph 1, Appendix) [22]. This was not problematic until the protectionist trade arrangements with European nations began to be torn down. [23]
The history of banana production in Latin America is tied to a different type of colonialism. As U. S.-owned companies “crypto-colonized” across Central and South America, they built roads and railways and bought up the surrounding virgin forest to plant bananas. Soon the trains were fully utilized and the United States had its own guaranteed supply of bananas. [24]
A strict plantation presence was established, managed by the United Fruit company. The U. S. government has played a major role in assisting its American multinational companies in their ultimate domination of the Latin American banana industry. During political coups in Honduras and Nicaragua in the early 1900s, the U. S. Navy invaded to guard the docks of the fruit companies. In 1954, the CIA, with the support of Eisenhower administration, overthrew a leftist democratic government in Guatemala and replaced it with a government more friendly to the American-owned fruit companies. [25]
Not ironically, the company most vocal in the banana dispute, Chiquita, is the corporate successor to the United Fruit Company. Despite serious human rights violations, like $3 a day wages and unabashed use of dangerous pesticides, Chiquita’s U. S. trade standing has never been in jeopardy, nor is the company pressured to bring its labor conditions above slave status. Today, the Latin American banana industry is markedly controlled by multinational corporations, who manage huge plantations, control shipping and ripening plants, and are large enough to be considered monopolists within the banana trade.
Struggling against the multinational control of their most profitable industry are the independent Latin American banana producers. Stronger governments in some Central and South American nations have been able to withstand pressure by the multinational companies and foster nationally operated banana companies. In Ecuador, historically the EU’s largest banana exporting country, the banana industry is controlled by Ecuadorians, 100% in production and 80% in marketing. More than 1.2 million Ecuadorians, or 10% of the population, depend on the banana industry for their livelihood. [26] According to Alfredo Pinoargote, Ecuador’s ambassador the EU, “For too long, discussion about the rights and wrongs of the EU Banana Regime [has] focused exclusively and wrongly on the implication for the African, Caribbean and Pacific (ACP) states. But Latin American countries…are also developing countries. We also depend heavily on our trade in bananas with the EU in order to maintain our economy. This has not been recognized by those intent upon shoring up the current, unfair, EU regime.” [27]
However, most of the Latin American countries who filed WTO complaints do not object to the principle of Lomй preferences for ACP bananas to export bananas to the EU at zero tariff. They do object to the licensing allocation system, which determines the volumes of bananas allocated to different operators. This system has transferred import license entitlement to those privileged European companies that control ACP and EU trade of bananas. In doing so, it has cost independent banana producers like the Ecuadorians millions of dollars because it has made it extremely expensive for them to access the European market, a market in which they were previously successful. [28]
II. Differences between Caribbean and Latin American Banana-Growing Structures
There are inherent differences in the conditions in the Latin American countries and the Caribbean nations that make the Latin American bananas better and cheaper. Many factors play a part in this inequality, including the terrain, the fertility of the soil, the geographic location, the organization of the farms, the treatment of workers, and the size of shipping. See Chart [29].
Central and South American Countries
Lower shipping costs due to larger volumes
The terrain in Latin America is widely available and is made up of large flat plains. In contrast, the Caribbean island nations have limited land that is not ideal for growing because of its hilly and mountainous makeup. Additionally, the soil in Latin America is much more fertile, allowing almost twice the banana yields as produced in the Caribbean. The geographic location plays a part because hurricanes are much more common in the Caribbean than in Latin America.
The organization of farms is a significant factor in determining production costs: the larger, multinational, vertically integrated operations in Latin America are able to reduce costs and take advantage of economies of scale that do not exist in the current Caribbean banana farming structure. Moreover, the catastrophic human rights abuses by multinational corporations in Latin America contribute to the cheapness of their bananas. The workers are paid nearly nonexistent wages and work under abominable conditions, while Caribbean workers are paid fair wages and many are actually land-owners. Latin American bananas can be harvested for $162/ton; whereas bananas in the Windward Islands cost closer to $500/ton to harvest. [30] The wage differential has an obvious connection to the supposed “cheapness” of the Latin American bananas. Additionally, the lower shipping costs (due to higher volumes of bananas shipped as well as fewer port calls) deflate the price of Latin American bananas produced by multinational corporations.
Part Three: Issues Breakdown
I. The Sides and The Stakes
At stake in the banana dispute is the welfare of the banana-dependent ACP and Latin American nations, the profits of American and foreign banana producers, and the future of the WTO, with respect to trade dispute settlement. News reports have characterized the two sides of the dispute as being the U. S. which is “supported by Honduras, Guatemala, Mexico, and Ecuador,” and the EU, which also “represents” the interests of the ACP nations. Of course, the policies of the U. S. and the EU do not fully encompass the interests of all parties involved. As discussed above, many independent Latin American farmers do not side with the multinational interests of the U. S. and even support some aspects of the EU banana regime. On the other hand, some Caribbean farmers no longer want to be dependent on the paternalistic policies of the EU.
The U. S. claims “free trade” as its platform. It has called for the liberalization of trade and an end to the EU’s protectionism of former colonies and discrimination against Latin American banana producers. The EU has claimed that its trade policies are required for the development of the Caribbean countries. Without their protectionism, the Caribbean nations’ one-product economies would collapse and the countries would be induced to rely more heavily on the drug trade. [31]
The EU’s policy does help to maintain the economies of ACP nations, but it also creates an unsustainable dependency. The EU has essentially guaranteed the consumption of a fixed number of ACP bananas. This favoritism allows an inefficiently produced product, the Caribbean banana, to sell for a relatively low price. Consequently, ACP banana producers have been able to make profits with little investment in improving efficiency. Furthermore, because the bananas are guaranteed, more and more Caribbean people have turned to producing these fruit. As a result the economies of these countries have become increasingly dependent on one good, a risky position. Compounding problems of the ACP nations is their inability to compete with Latin American agriculture. Most agricultural products that grow in the Caribbean grow better in Latin America due to the scarcity of hurricanes, the wide land availability and the rich, fertile soil. [32]
The U. S. idea to liberalize trade would cause the overall banana market to become more efficient. This would mean lower banana prices for consumers, particularly European consumers who now shoulder the $2 billion cost of the regime [33]. Theoretically, freer trade would also create more competition among suppliers. At the same time, it would end trade discrimination against banana producers in developing Latin American countries.
Potentially, this could allow independent farmers to compete more effectively with large multinational corporations for market share in the EU. Without the regime, the independent producers would not have to absorb the large import tariffs, which affect them much more heavily than they do the larger multinational corporations. In the long term, an end to protectionism and an opening of trade barriers would force ACP nations to abandon their risky one-product economies and diversify their economic position. They would also be forced to make their existing production processes more efficient.
However beneficial, the problems associated with the U. S.-backed “free trade” ideas are serious. An immediate end to the EU banana regime would have disastrous consequences for the economies of ACP nations. Unfortunately, one viable option for the Caribbean countries is black-market drug production. Currently, marijuana gets 30 times more per pound on the market than bananas [34]. Many Caribbean leaders forecast that a collapse of their banana business may lead to an explosion in the drug trade [35].
At the same time, unrestricted free trade would probably lead to increased monopolization of the banana trade by huge multinational corporations such as Dole and Chiquita. The human rights violations associated with these companies would likely worsen, and the companies would become monopolist price-setters. This could adversely affect the independent Latin American producers, who are currently struggling to compete with the multinationals.
II. The Profits of Banana Producers
Two companies have the highest stake in the banana dispute: Chiquita Brands and Fyffes. Chiquita Brands, an American company claims the EU’s banana regime has caused the company to lose millions of dollars. Chiquita President Steve Warshaw claims that Chiquita, once Europe’s top banana supplier, has seen the volume of its European sales decline by 50%. In addition the European banana regime has cost 4,000 American Chiquita employees their jobs as well as resulting in over $1 billion in lost profit [36] .
While Chiquita has been the biggest loser, Irish banana supplier Fyffes has been the biggest beneficiary of the EU’s preference towards ACP produced bananas. In recent years, it has surpassed Chiquita as the largest supplier of bananas to the EU and has grown to become the fifth largest banana exporter in the world. In one interview, Fyffes CEO David McCann said, “What Fyffes is most interested in is a stable marketplace. It’s true to say that a quota system provides stability in a marketplace.” As a result of this “stable marketplace,” the company has seen constant profit growth in the double-digits over the last twenty years, increasing by 15% in 1997 alone [37].
III. The Future of the WTO
The banana trade war has placed the recently formed WTO in a risky situation. The banana issue is the first major trade battle that the WTO has attempted to mediate, and it will be a test to see how much power the organization will be at solving trade disputes in the future. One problem the WTO has encountered is that it does not specify what governments need to do to comply with its rulings. As a result, countries are able to continually delay compliance, like the EU has done in the banana dispute. In addition to the EU, other countries are taking advantage of this flaw in WTO procedures, including Canada (in effort to keep American magazines out) and the U. S. (in a refusal to lift an import ban on shrimp caught with nets that trap turtles). Clearly, if these major countries do not comply with WTO rulings, the WTO will be an ineffective mechanism for trade dispute settlement. As explained by Peter Scher, chief American negotiator on agricultural trade, “You can’t have selective compliance with WTO rules because that would mean the end of the WTO system. [38] ”
Part Four: Recommendation
The most powerful sides in the banana dispute have been arguing for years, but rarely mentioned are the countries who will bear the biggest brunt of their actions. The U. S. is involved mainly because of Chiquita; the EU is desperately trying to protect its own banana export companies, namely, Fyffes. These large corporations have established that they are perfectly capable of fending for themselves in the business of international trade. With this in mind, we feel that the WTO should give serious attention to the most vulnerable interests, those of the developing nations. The following is our suggestion of how the WTO can resolve the banana trade war in an equitable fashion.
First, we feel that the EU should be able to keep its preferential, zero-tariff relationship with its former ACP colonies. The WTO has already exempted the provisions of the Lomй Convention from scrutiny. However, this exception expires in 2002, at the latest. During this time, the EU should pay more hindrance to the aid portion of the Lomй Agreement and assist the ACP nations in establishing more sustainable, diversified economies.
Secondly, we feel that the licensing portion of the EU’s regime is inherently unfair, as it punishes companies for no reason other than that they grow bananas in certain geographic regions. However, as discussed in Part Three, the complete abolition of the licensing system will most likely allow the large multinational corporations to overtake the European banana market. We suggest that the EU re-allot its licenses on the basis of whether companies export “Fair Trade Mark” bananas. If a strict licensing quota system that requires companies to export Fair Trade Mark bananas is found to be non-compliant with WTO rules, the licenses can still be allotted strategically using tax incentives or tariff relaxation.
“Fair Trade Mark” bananas are produced using sustainable, environmentally safe methods and stipulate that workers are well-treated and justly paid. Banana farmer associations in the Windward Islands have already been working to promote a Fair Trade banana industry, and in April 1997, the Fair Trade Labeling Organizations International (FLO) was established. Its role is to promote the sale and consumption of Fair Trade Mark bananas, and to verify that Fair Trade banana growers are meeting Fair Trade Mark standards. [39]
There is an increasing demand among European consumers for bananas produced using fair and sustainable methods. A recent Eurobarometer survey demonstrated that nearly 75% the EU citizens questioned would buy certified Fair Trade bananas, if sold at the same price and quality as already available bananas. Fair Trade bananas are especially favored by the Germans, the British, the Dutch and the Danes. [40] If marketed and advertised in the United States, there is no reason to assume that the Fair Trade bananas would not be accepted by American consumers, particularly consumers in the inner-city produce market.
Currently, about half of the Windward Island banana farmers would be able to meet the Fair Trade standard. It is likely that many more would comply if they had additional resources (e. g. soil nutrients and environmentally safe pesticides). [41] Per conditions of the Lomй Agreement, it would be appropriate for the EU to provide aid for the needed resources. Additionally, it can be assumed that the Latin American independent grower associations also meet the Fair Trade standard, as it would be nonsensical for them to ruin their own land and pay themselves subhuman wages.
A well-established and well-marketed Fair Trade banana industry could provide ACP and Latin American farmers a sizeable market of discriminating European and American consumers. Since European trading companies already deal with growers in the Caribbean and some in Latin American, the new system should not require exceptional restructuring on their parts. Additionally, it provides an inducement for multinational corporations to improve their labor and environmental standards in order to have access to the large EU banana market.
The success of the Fair Trade bananas depends on the support of the international community. It seems likely that the EU would endorse the Fair Trade Standard system, as it would allow them to maintain parts of their current regime and still protect their exporting companies and the ACP banana industries. Since the system does not allot export licenses based on trading histories and instead attempts to reward companies who protect human rights and environmental safety, it should comply with WTO rules. More importantly, making human rights and environmental safety key issues lessens the threat that the U. S. will rage against this new system.
Chart One: List of European Imports Sanctioned by the U. S.
The Department utilizes strong government-to-government relations and mechanisms to advance a developmental agenda in Africa that focuses on:
identifying and establishing joint investment projects in partner countries;
promoting two-way trade;
coordinating South African technical co-operation and assistance to support policy and institutional development in partner countries;
promoting Cross-border infrastructure development, notably on the basis of the SDI methodology;
promoting regional integration through the strengthening and consolidation of the Southern African Customs Union (SACU) and the Southern African Development Community (SADC) free trade agreement; y
negotiating agreements on investment protection and economic co-operation.
Of greater importance, will be accelerated conclusion of enabling agreements under negotiation, and the implementation measures of those that have been ratified.
The Rest of the World
The Department pursues bilateral and regional negotiations and has concluded a free trade agreement with the European Union (EU) and the European Free Trade Association (EFTA) comprising Switzerland, Norway, Lichtenstein and Iceland. A preferential trade agreement (PTA) with MERCOSUR comprising Brazil, Argentina, Paraguay and Uruguay was concluded and signed in 2009. While the scope of the market opening is more limited, once ratified, the PTA will create a legal and institutional framework for managing South Africa's trade relations with these important countries of the South and offer further opportunities to improve South Africa's export growth in the coming years. In September 2007, a similar negotiating process was initiated with India. All these negotiations have been pursued alongside South Africa's partners in the Southern African Customs Union (SACU), comprising Botswana, Lesotho, Namibia and Swaziland, following the entry into force of the new SACU Agreement in 2004 that requires the customs union to negotiate all trade agreements as a bloc.
Over the last five years the importance of building trade and investment relations with the new poles of economic growth in the world, that is countries of the South has become ever more compelling. This inexorable change in the economic geography of the world economy requires more purposeful effort to diversify South Africa's trade and investment relations to benefit from the rapid and dynamic economic growth in the South. The Department, along with other departments in government, has made an ongoing contribution to the India-Brazil-South Africa (IBSA) initiative, particularly in negotiating PTAs with MERCOSUR and India. With regard to the People's Republic of China (PRC), the Department leads an engagement to implement the Partnership for Growth and Development (PGD) that aims to promote value added South African exports to China and increase inward investment in projects for beneficiation. Our objective is to ensure the sustainability and mutual benefit of the relationship with this important trading partner.
The Department continues to contribute to strengthening South Africa's trade and investment relations with key countries in the North. The Trade Development and Cooperation Agreement (TDCA) with the EU is twelve years into implementation, and has contributed positively to bilateral economic relations, supported by the 2007 deal on autos. As South Africa's largest trade and investment partner, relations with the EU remain important and greater attention will be devoted to expanding trade and investment with recently acceded members. Although SACU was unable to conclude a free trade agreement with the USA, a co-operative trade arrangement has been concluded, namely the Trade, Investment and Development Co-operation Agreement (TIDCA) that will build on the trade benefits offered under the Africa Growth and Opportunity Act (AGOA). In this context, the Department will seek to extend and deepen the benefits of AGOA and work to ensure that the engagement with the US supports regional integration in Southern Africa.
South Africa has signed many agreements with its trading partners in the past few years. The country is also a beneficiary of a number of non-reciprocal trade arrangements among them the African Growth and Opportunity Act and the Generalised System of Preferences .
Summary of Main Trade Agreements between South Africa and the rest of the World
Free Trade Agreement
Between 12 SADC Member States
A FTA, with 85% duty-free trade achieved in 2008. The 15% of trade, constituting the "sensitive list", is expected to be liberalised from 2009 to 2012 when SADC attains the status of a fully-fledged FTA with almost all tariff lines traded duty free.
Trade, Development and Cooperation Agreement (TDCA)
Free Trade Agreement
South Africa and the European Union (EU)
The EU offered to liberalise 95% of its duties on South African originating products by 2010. In turn, by 2012, South Africa offered to liberalise 86% of its duties on EU originating products.
There is currently a review of the agreement underway, which is aimed at broadening the scope of product coverage. This is taking place under the auspices of the Economic Partnership Agreement (EPA) negotiations between SADC and the EU
EFTA-SACU Free Trade Agreement (FTA)
Free Trade Agreement
SACU and the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland
Tariff reductions on selected goods
Industrial goods (including fish and other marine products) and processed agricultural products. Basic agricultural products are covered by bilateral agreements with individual EFTA States
Preferential Trade Agreements (PTAs)
Cooperative framework agreement
Makes provision for the parties to negotiate and sign agreements relating to sanitary and phyto-sanitary measures (SPS), customs cooperation and technical barriers to trade (TBT). It also establishes a forum of engagement of any matters of mutual interest, including capacity-building and trade and investment promotion.
Trade and Investment Framework Agreement (TIFA)
South Africa and US
Provides a bilateral forum for the two countries to address issues of interest, including AGOA, TIDCA, trade and investment promotion, non-tariff barriers, SPS, infrastructure and others.
Central Intelligence Agency
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Introducción. EUROPEAN UNION
Following the two devastating World Wars in the first half of the 20th century, a number of far-sighted European leaders in the late 1940s sought a response to the overwhelming desire for peace and reconciliation on the continent. In 1950, the French Foreign Minister Robert SCHUMAN proposed pooling the production of coal and steel in Western Europe and setting up an organization for that purpose that would bring France and the Federal Republic of Germany together and would be open to other countries as well. The following year, the European Coal and Steel Community (ECSC) was set up when six members - Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands - signed the Treaty of Paris.
The ECSC was so successful that within a few years the decision was made to integrate other elements of the countries' economies. In 1957, envisioning an "ever closer union," the Treaties of Rome created the European Economic Community (EEC) and the European Atomic Energy Community (Euratom), and the six member states undertook to eliminate trade barriers among themselves by forming a common market. In 1967, the institutions of all three communities were formally merged into the European Community (EC), creating a single Commission, a single Council of Ministers, and the body known today as the European Parliament. Members of the European Parliament were initially selected by national parliaments, but in 1979 the first direct elections were undertaken and have been held every five years since.
In 1973, the first enlargement of the EC took place with the addition of Denmark, Ireland, and the United Kingdom. The 1980s saw further membership expansion with Greece joining in 1981 and Spain and Portugal in 1986. The 1992 Treaty of Maastricht laid the basis for further forms of cooperation in foreign and defense policy, in judicial and internal affairs, and in the creation of an economic and monetary union - including a common currency. This further integration created the European Union (EU), at the time standing alongside the European Community. In 1995, Austria, Finland, and Sweden joined the EU/EC, raising the membership total to 15.
A new currency, the euro, was launched in world money markets on 1 January 1999; it became the unit of exchange for all EU member states except Denmark, Sweden, and the United Kingdom. In 2002, citizens of those 12 countries began using euro banknotes and coins. Ten new countries joined the EU in 2004 - Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. Bulgaria and Romania joined in 2007 and Croatia in 2017, bringing the current membership to 28. (Seven of these new countries - Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia - have now adopted the euro bringing total euro zone membership to 19.)
In an effort to ensure that the EU could function efficiently with an expanded membership, the Treaty of Nice (concluded in 2000; entered into force in 2003) set forth rules to streamline the size and procedures of EU institutions. An effort to establish a "Constitution for Europe," growing out of a Convention held in 2002-2003, foundered when it was rejected in referenda in France and the Netherlands in 2005. A subsequent effort in 2007 incorporated many of the features of the rejected draft Constitutional Treaty while also making a number of substantive and symbolic changes. The new treaty, referred to as the Treaty of Lisbon, sought to amend existing treaties rather than replace them. The treaty was approved at the EU intergovernmental conference of the then 27 member states held in Lisbon in December 2007, after which the process of national ratifications began. In October 2009, an Irish referendum approved the Lisbon Treaty (overturning a previous rejection) and cleared the way for an ultimate unanimous endorsement. Poland and the Czech Republic signed on soon after. The Lisbon Treaty came into force on 1 December 2009 and the EU officially replaced and succeeded the EC. The Treaty's provisions are part of the basic consolidated versions of the Treaty on European Union (TUE) and the Treaty on the Functioning of the European Union (TFUE) now governing what remains a very specific integration project.
The evolution of what is today the European Union (EU) from a regional economic agreement among six neighboring states in 1951 to today's hybrid intergovernmental and supranational organization of 28 countries across the European continent stands as an unprecedented phenomenon in the annals of history. Dynastic unions for territorial consolidation were long the norm in Europe; on a few occasions even country-level unions were arranged - the Polish-Lithuanian Commonwealth and the Austro-Hungarian Empire were examples. But for such a large number of nation-states to cede some of their sovereignty to an overarching entity is unique.
Although the EU is not a federation in the strict sense, it is far more than a free-trade association such as ASEAN, NAFTA, or Mercosur, and it has certain attributes associated with independent nations: its own flag, currency (for some members), and law-making abilities, as well as diplomatic representation and a common foreign and security policy in its dealings with external partners.
Thus, inclusion of basic intelligence on the EU has been deemed appropriate as a new, separate entity in The World Factbook. However, because of the EU's special status, this description is placed after the regular country entries.
Geografía. EUROPEAN UNION
Europe between the North Atlantic Ocean in the west and Russia, Belarus, and Ukraine to the east
a hybrid and unique intergovernmental and supranational organization
name: Brussels (Belgium), Strasbourg (France), Luxembourg; note - the European Council, a gathering of the EU heads of state and/or government, and the Council of the European Union, a ministerial-level body of ten formations, meet in Brussels, Belgium, except for Council meetings held in Luxembourg in April, June, and October; the European Parliament meets in Brussels and Strasbourg, France, and has administrative offices in Luxembourg; the Court of Justice of the European Union is located in Luxembourg; and the European Central Bank is located in Frankfurt, Germany
geographic coordinates: (Brussels) 50 50 N, 4 20 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
28 countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK; note - candidate countries: Iceland, Macedonia, Montenegro, Serbia, Turkey
note: there are non-European overseas countries and territories (OCTs) having special relations with Denmark, France, the Netherlands, and the UK (list is annexed to the Treaty on the Functioning of the European Union), that are associated with the Union to promote their economic and social development; member states apply to their trade with OCTs the same treatment as they accord each other pursuant to the treaties; OCT nationals are in principle EU citizens, but these countries are neither part of the EU, nor subject to the EU
7 February 1992 (Maastricht Treaty signed establishing the European Union); 1 November 1993 (Maastricht Treaty entered into force)
note: the Treaties of Rome, signed on 25 March 1957 and subsequently entered into force on 1 January 1958, created the European Economic Community and the European Atomic Energy Community; a series of subsequent treaties have been adopted to increase efficiency and transparency, to prepare for new member states, and to introduce new areas of cooperation - such as a single currency; the Treaty of Lisbon, signed on 13 December 2007 and entered into force on 1 December 2009 is the most recent of these treaties and is intended to make the EU more democratic, more efficient, and better able to address global problems with one voice
Europe Day (also known as Schuman Day) 9 May (1950); note - the day in 1950 that Robert SCHUMAN proposed the creation of what became the European Coal and Steel Community, the progenitor of today's European Union, with the aim of achieving a united Europe
none; note - the EU legal order relies primarily on two consolidated texts encompassing all provisions as amended from a series of past treaties: the Treaty on European Union (TEU), as modified by the Lisbon Treaty, states in Article 1 that "the HIGH CONTRACTING PARTIES establish among themselves a EUROPEAN UNION. on which the Member States confer competences to attain objectives they have in common"; Article 1 of the TEU states further that the EU is "founded on the present Treaty and on the Treaty on the Functioning of the European Union (hereinafter referred to as 'the Treaties')," both possessing the same legal value; Article 6 of the TEU provides that a separately adopted Charter of Fundamental Rights of the European Union "shall have the same legal value as the Treaties (2017)
unique supranational law system in which, according to an interpretive declaration of member-state governments appended to the Treaty of Lisbon, "the Treaties and the law adopted by the Union on the basis of the Treaties have primacy over the law of Member States" under conditions laid down in the case law of the Court of Justice; key principles of EU law include fundamental rights as guaranteed by the Charter of Fundamental Rights and as resulting from constitutional traditions common to the EU's states; EU law is divided into 'primary' and 'secondary' legislation; the treaties (primary legislation, consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union) are the basis for all EU action; secondary legislation - which includes directives, regulations, and decisions - are derived from the principles and objectives set out in the treaties
18 years of age (16 years in Austria); universal; voting for the European Parliament is permitted in each member state
under the EU treaties there are three distinct institutions, each of which conducts functions that may be regarded as executive in nature:
the European Council: brings together heads of state and government, along with the president of the European Commission, and meets at least four times a year; its aim is to provide the impetus for the development of the Union and to issue general policy guidelines; the Treaty of Lisbon established the position of "permanent" (full-time) president of the European Council; leaders of the EU member states appoint the president for a two-and-one-half year term, renewable once; the president's responsibilities include chairing the EU summits and providing policy and organizational continuity; the current president is Donald TUSK (Polish), who took up his duties on December 1, 2017, succeeding Herman VAN ROMPUY (Belgian; 2009-14)
the Council of the European Union: consists of ministers of each EU member state and meets regularly in different configurations depending on the subject matter; it carries out policy-making and coordinating functions (as well as legislative functions); ministers of EU member states chair meetings of the Council of the EU based on a six-month rotating presidency except for the meetings of EU Foreign Ministers in the Foreign Affairs Council that are chaired by the High Represntative for Foreign Affairs and Security Policy
the European Commission: is headed by a College of Commissioners comprised of 28 members (including the president), one from each member country; each commissioner is responsible for one or more policy area; the Commission's main responsibilities include the sole right to initiate EU legislation (except for foreign and security/defense policy), promoting the general interest of the EU, acting as "guardian of the Treaties" (that is monitoring the application of EU law), executing the EU budget, managing programs, negotiating on the EU's behalf in core policy areas such as trade, and ensuring the Union's external representation in some policy areas; its current president is Jean-Claude JUNCKER (Luxembourg) elected on 15 July 2017 (took office on 1 November 2017); the president of the European Commission is nominated by the European Council member-state governments taking into account the resulta of the European Parliament elections and formally "elected" by the European Parliament; the Commission president allocated specific responsibilities among the members of the "college" (appointed by common accord of the member state governments in consultation with the president-elect); the European Parliament confirms the entire Commission for a five-year term; President JUNCKER reorganized the structutre of the College around clusters or project teams coordinated by seven vice presidents in line with the current Commission's main political priorities and appointed the Dutchman Frans TIMMERMANS to act as his first vice president; the confirmation process for the next Commission will likely be held in the fall of 2019
note: for external representation and foreign policy making, leaders of the EU member states appointed Federica MOGHERINI of Italy as the High Representative (HR) of the European Union for Foreign Affairs and Security Policy; MOGHERINI took office on 1 November 2017, succeeding Cahrerine ASHTON of the UK (2009-14); the High Representative's concurrent appointment as Vice President of the European Commission endows her position with the policymaking influence of the Council of the EU and the budgetary influence (subject to Council's approval) of the Council of the EU and the budgetary/management influence of the European Commission; the High Representative helps develop and implement the EU's Common Foreign and Security Policy (CFSP) and Common Security and Defense Policy (CSDP) component, chairs the Foreign Affairs Council (FAC), represents and acts for the Union in many international contexts, and oversees the European External Action Service (EEAS), the diplomatic corps of the EU, established on 1 December 2010
description: two legislative bodies consisting of the Council of the European Union (28 seats; ministers representing the 28 member states and the European Parliament (751 seats; seats allocated among member states roughly in proportion to population size; members elected by proportional representation to serve 5-year terms); note - the European Parliament President, currently Martin SCHULZ (German Socialist) is elected by a majority of fellow members (MEPs) of the European Parliament and represents the Parliament within the EU and internationally; the Council of the EU and the MEPs share responsibilities for adopting the bulk of EU legislation, normally acting in co-decision on Commission proposals (but not in the area of Common Foreign and Security Policy (CFSP), which is governed by consensus of the EU member state governments)
elections: last held on 22-25 May 2017 (next to be held May-June 2019)
election results: percent of vote - EPP 29.4%, S&D 25.4%, ECR 9.3%, ALDE 8.9%, GUE/NGL 6.9%, Greens/EFA 6.7%, EFD 6.4%, independent 6.9%; seats by party - EPP 221, S&D 191, ECR 70, ALDE 67, GUE/NGL 52, Greens/EFA 50, EFD 48, independent 52
note: the European Court of Justice (ECJ) ensures that EU law is interpreted and applied uniformly throughout the EU, resolves disputed isssues among the EU institutions and with member states, issues opinions on questions of EU law referred by member state courts
highest court(s): ECJ (consists of 28 judges - 1 from each member state); the court may sit as a full court, in a "Grand Chamber" of 13 judges in special cases but usually in chambers of 3 to 5 judges
judge selection and term of office: judges appointed by the common consent of the member states to serve 6-year renewable terms
subordinate courts: General Court; Civil Service Tribunal
European United Left-Nordic Green Left or GUE/NGL [Gabriele ZIMMER]
Europe of Freedom and Direct Democracy or EFD [Nigel FARAGE and David BORRELLI]
Europe of Nations and Freedom or ENL [Marine LE PEN and Marcel DE GRAFF]
European Conservatives and Reformists or ECR [Syed KAMALL]
The Greens/European Free Alliance or Greens/EFA [Rebecca HARMS and Philippe LAMBERTS]
Alliance of Liberals and Democrats for Europe or ALDE [Guy VERHOFSTADT]
European People's Party or EPP [Manfred WEBER]
Progressive Alliance of Socialists and Democrats or S&D [Gianni PITELLA]
ARF, ASEAN (dialogue member), Australian Group, BIS, BSEC (observer), CBSS, CERN, EBRD, FAO, FATF, G-8, G-10, G-20, IDA, IEA, IGAD (partners), LAIA (observer), NSG (observer), OAS (observer), OECD, PIF (partner), SAARC (observer), SICA (observer), UN (observer), UNRWA (observer), WCO, WTO, ZC (observer)
chief of mission: Ambassador David O'SULLIVAN (since 18 November 2017)
chancery: 2175 K Street, NW, Suite 800, Washington, DC 20037
telephone: [1] (202) 862-9500
FAX: [1] (202) 429-1766
chief of mission: Ambassador Anthony Luzzatto GARDNER (since 18 March 2017)
embassy: 13 Zinnerstraat/Rue Zinner, B-1000 Brussels
mailing address: use embassy street address
telephone: [32] (2) 811-4100
FAX: [32] (2) 811-5154
a blue field with 12 five-pointed gold stars arranged in a circle in the center; blue represents the sky of the Western world, the stars are the peoples of Europe in a circle, a symbol of unity; the number of stars is fixed
a circle of 12, five-pointed, golden yellow stars on a blue field; union colors: blue, yellow
name: "Ode to Joy""
lyrics/music: no lyrics/Ludwig VON BEETHOVEN, arranged by Herbert VON KARAJAN
note: adopted 1972; official EU anthem since 1985; the song is meant to represent all of Europe rather than just the organization, conveying ideas of peace, freedom, and unity; the song also serves as the anthem for the Council of Europe
Economía. EUROPEAN UNION
Internally, the 28 EU member states have adopted the framework of a single market with free movement of goods, services and capital. Internationally, the EU aims to bolster Europe's trade position and its political and economic weight.
Despite great differences in per capita income among member states (from $13,000 to $82,000) and in national attitudes toward issues like inflation, debt, and foreign trade, the EU has achieved a high degree of coordination of monetary and fiscal policies. A common currency – the euro – circulates among 19 of the member states, under the auspices of the European Economic and Monetary Union (EMU). Eleven member states introduced the euro as their common currency on 1 January 1999 (Greece did so two years later). Since 2004, 13 states acceded to the EU. Of the 13, Slovenia (2007), Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2017), and Lithuania (2017) have adopted the euro; 7 other member states - not including the UK and Denmark, which have formal opt-outs - are required by EU treaties to adopt the common currency upon meeting fiscal and monetary convergence criteria.
The EU economy is slowly recovering from the 2008-09 global economic crisis and the ensuing sovereign debt crisis in the euro zone in 2011. The bloc posted moderate GDP growth in 2017 and 2017, but the recovery has been uneven. Some EU member states (Czech Republic, Ireland and Spain) have recorded strong growth while others (Finland, Greece) are struggling to shake off recession. The recovery has been buoyed by lower commodities prices and accommodative monetary policy, which has lowered interest rates and the euro’s foreign exchange value. Despite EU/IMF rescue programs in Greece, Ireland, Portugal, Spain and Cyprus, significant drags on growth remain, including high public and private debt loads, low domestic demand that discourages investment, aging populations, onerous regulations, and high unemployment. These factors - in combination with low oil prices - have subdued inflation in the euro zone despite the European Central Bank’s (ECB) efforts to spur more lending and investment through its asset-buying program and negative interest rates. The ECB in December 2017 stated it would widen its asset-buying program and extend it until March 2017 to fend off deflation and improve borrowing conditions in the euro zone.
Beyond the risk of deflation, the EU economy is vulnerable to a slowdown of global trade that would shrink the EU’s ample external trade surplus. Another round of financial market turmoil because of disagreements between bailed-out Greece and its euro-zone creditor could also be detrimental to a stronger EU recovery if it hurts consumer and investor confidence. To bolster economic growth and create jobs EU leaders have moved forward with plans to use $28 (€21) billion in public money as seed capital to attract private investors to fund $421 [€315] billion in infrastructure projects from 2017 to 2017, focusing on energy, broadband, transport, education, and research and innovation. They also are forging ahead on creating a capital markets union to ease the burdens of cross-border investment in the bloc. Externally, the EU continues to negotiate an ambitious and comprehensive free trade agreement with the United States, the goal of which is to expand already large trade and investment flows.
$19.18 trillion (2017 est.)
$18.64 trillion (2017 est.)
$18.08 trillion (2017 est.)
note: data are in 2017 US dollars
major port(s): Antwerp (Belgium), Barcelona (Spain), Braila (Romania), Bremen (Germany), Burgas (Bulgaria), Constanta (Romania), Copenhagen (Denmark), Galati (Romania), Gdansk (Poland), Hamburg (Germany), Helsinki (Finland), Las Palmas (Canary Islands, Spain), Le Havre (France), Lisbon (Portugal), London (UK), Marseille (France), Naples (Italy), Peiraiefs or Piraeus (Greece), Riga (Latvia), Rotterdam (Netherlands), Split (Croatia), Stockholm (Sweden), Talinn (Estonia), Tulcea (Romania), Varna (Bulgaria)
Military and Security. EUROPEAN UNION
1.65% of GDP (2012)
1.66% of GDP (2011)
1.65% of GDP (2010)
country comparison to the world: 56
the five-nation Eurocorps - created in 1992 by France, Germany, Belgium, Spain, and Luxembourg - has deployed troops and police on peacekeeping missions to Bosnia-Herzegovina, Macedonia, and the Democratic Republic of the Congo and assumed command of the ISAF in Afghanistan in August 2004; Eurocorps directly commands the 5,000-man Franco-German Brigade, the Multinational Command Support Brigade, and EUFOR in Bosnia and Herzegovina; in November 2004, the EU Council of Ministers formally committed to creating 13 1,500-man battle groups by the end of 2007, to respond to international crises on a rotating basis; 22 of the EU's 28 nations have agreed to supply troops; France, Italy, and the UK formed the first of three battle groups in 2005; Norway, Sweden, Estonia, and Finland established the Nordic Battle Group effective 1 January 2008; nine other groups are to be formed; a rapid-reaction naval EU Maritime Task Group was stood up in March 2007 (2007)
Transnational Issues. EUROPEAN UNION
as a political union, the EU has no border disputes with neighboring countries, but Estonia has no land boundary agreements with Russia, Slovenia disputes its land and maritime boundaries with Croatia, and Spain has territorial and maritime disputes with Morocco and with the UK over Gibraltar; the EU has set up a Schengen area - consisting of 22 EU member states that have signed the convention implementing the Schengen agreements or "acquis" (1985 and 1990) on the free movement of persons and the harmonization of border controls in Europe; these agreements became incorporated into EU law with the implementation of the 1997 Treaty of Amsterdam on 1 May 1999; in addition, non-EU states Iceland and Norway (as part of the Nordic Union) have been included in the Schengen area since 1996 (full members in 2001), Switzerland since 2008, and Liechtenstein since 2011 bringing the total current membership to 26; the UK (since 2000) and Ireland (since 2002) take part in only some aspects of the Schengen area, especially with respect to police and criminal matters; nine of the 13 new member states that joined the EU since 2004 joined Schengen on 21 December 2007; of the four remaining EU states, Romania, Bulgaria, and Croatia are obligated to eventually join, while Cyprus' entry is held up by the ongoing Cyprus dispute
EU industry commissioner pushes for exemptions to emissions trading system
6. Mar 2008, 09:14
EU industry commissioner Guenter Verheugen is pushing for EU leaders at their summit next week to agree that energy intensive industries should have a special status when it comes to the bloc's pollution-reducing emissions trading scheme (ETS).
German daily Handelsblatt reports that Mr Verheugen next week, during the 13-14 March summit, will argue that industries due to be heaviest hit by the emissions scheme - a system that was tightened up at the beginning of the year - should be exempted.
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Mr Verhuegen's position threatens to run into opposition from within the commission itself, with President Jose Manuel Barroso and environment commissioner Stavros Dimas recently indicating that a decision on possible exceptions from the emissions system should only be taken in 2011.
Under the ETS, permits to emit carbon dioxide are traded between companies with those polluting less, able to sell their pollution credits to industries that pollute more.
Particularly energy-intensive industries include the chemical, steel, cement and paper industries.
Mr Verheugen told Handelsblatt that EU leaders next week should send out a very clear signal on the issue.
"Energy intensive sectors need a clear, binding undertaking so that they stay in Europe and do not have to stop their development plans," said the commissioner.
Mr Barroso has previously argued for waiting to make a decision on exemptions in case there is a worldwide climate change agreement - negotiations on this are to start next year - that would require industries beyond the EU to lower carbon dioxide emissions as well.
They argue that in this case, the EU's energy-intensive industries would not be disadvantaged, so would not need to be exempted.
But Mr Verheugen says that if such industries do not know where they stand now, then they will move outside the EU.
The EU introduced its emissions trading scheme in 2005 and it considers the ETS the key to the bloc reaching its main green goal of reducing CO2 emissions by 20 percent by 2020.
The ETS currently covers some 11,500 energy-intensive installations throughout the EU but the system is considered too lax with stories of some industries making windfall profits from the system.
Currently member states draw up so-called national allocation plans, under which they grant permits to pollute to their companies.
But Mr Dimas earlier this year introduced plans to tighten up the system. From 2017, the permits will start to be auctioned making it much more costly for heavily polluting industries.
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Trading blocs
A regional trading bloc is a group of countries within a geographical region that protect themselves from imports from non-members. Trading blocs are a form of economic integration. and increasingly shape the pattern of world trade. There are several types of trading bloc:
Preferential Trade Area
Preferential Trade Areas (PTAs) exist when countries within a geographical region agree to reduce or eliminate tariff barriers on selected goods imported from other members of the area. This is often the first small step towards the creation of a trading bloc.
Free Trade Area
Free Trade Areas (FTAs) are created when two or more countries in a region agree to reduce or eliminate barriers to trade on all goods coming from other members.
Customs Union
A customs union involves the removal of tariff barriers between members, plus the acceptance of a common (unified) external tariff against non-members. This means that members may negotiate as a single bloc with 3 rd parties, such as with other trading blocs, or with the WTO.
Common Market
A вЂ˜common market’ is the first significant step towards full economic integration, and occurs when member countries trade freely in all economic resources – not just tangible goods. This means that all barriers to trade in goods, services, capital, and labour are removed. In addition, as well as removing tariffs, non-tariff barriers are also reduced and eliminated. For a common market to be successful there must also be a significant level of harmonisation of micro-economic policies, and common rules regarding monopoly power and other anti-competitive practices. There may also be common policies affecting key industries, such as the Common Agricultural Policy (CAP) and Common Fisheries Policy (CFP) of the European Single Market (ESM).
The main advantages for members of trading blocs
Free trade within the bloc
Knowing that they have free access to each other's markets, members are encouraged to specialise. This means that, at the regional level, there is a wider application of the principle of comparative advantage.
Market access and trade creation
Easier access to each other’s markets means that trade between members is likely to increase. Trade creation exists when free trade enables high cost domestic producers to be replaced by lower cost, and more efficient imports. Because low cost imports lead to lower priced imports, there is a 'consumption effect', with increased demand resulting from lower prices.
Economies of scale
Producers can benefit from the application of scale economies. which will lead to lower costs and lower prices for consumers.
Trabajos
Jobs may be created as a consequence of increased trade between member economies.
Proteccion
Firms inside the bloc are protected from cheaper imports from outside, such as the protection of the EU shoe industry from cheap imports from China and Vietnam.
The main disadvantages of trading blocs
Loss of benefits
The benefits of free trade between countries in different blocs is lost.
Distortion of trade
Trading blocs are likely to distort world trade, and reduce the beneficial effects of specialisation and the exploitation of comparative advantage .
Inefficiencies and trade diversion
Inefficient producers within the bloc can be protected from more efficient ones outside the bloc. For example, inefficient European farmers may be protected from low-cost imports from developing countries. Trade diversion arises when trade is diverted away from efficient producers who are based outside the trading area.
Retaliation
The development of one regional trading bloc is likely to stimulate the development of others. This can lead to trade disputes, such as those between the EU and NAFTA, including the recent Boeing (US)/Airbus (EU) dispute. The EU and US have a long history of trade disputes, including the dispute over US steel tariffs, which were declared illegal by the WTO in 2005. In addition, there are the so-called beef wars with the US applying £60m tariffs on EU beef in response to the EU’s ban on US beef treated with hormones; and complaints to the WTO of each other’s generous agricultural support.
During the 1970s many former UK colonies formed their own trading blocs in reaction to the UK joining the European common market.
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Updates
Updates
Trade goods
This article may contain outdated information that is inaccurate for the current version of the game. It was last updated for 1.10.
This article deals with trade goods and their production and value before they enter the trade network or produce production income. For information about the trade network and income, see trade .
Each province produces trade goods ; the goods produced influences the province's manpower production and is the largest determinant of the province's trade value. In turn, trade value determines the province's production income and flows into the trade network.
Goods produced Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
The base goods produced amount depends on whether the province is a colony or not. A colony's base goods produced amount is +0.01 per 100 colonists. Non-colonies base goods produced amount is +0.2 per production development level in the province.
Goods Produced Modifiers
Being a Trade Good's Production leader. +10%
Administrative Ideas Bonus - Fully Administrative : +10%
Economic Ideas - Smithian Economics : +20% - Only if the player does not have Common Sense DLC
Plutocratic Ideas - Free Subjects : +10%
Espionage & Administrative Policy - Royal Commission Act : +10%
Naval & Economic Policy - The Transportation Act : +10%
Trade & Quantity Policy - The Production Quota Act : +20%
Religious & Trade Policy - Religiously Sponsored Guilds : +10%
Trading by merchant republic or trade companies: +1% for each percentage of trade power in the local trade node controlled by a merchant republic or trade company. Only applies to provinces not controlled by a merchant republic or trade company.
Occupied: -50%
Under siege: -25%
Looted: -25% when completely looted.
Scorched earth: -33%
War exhaustion: -2% per point
Blockaded: -0.5% per percentage point (-50% at 100% blockaded)
Various events and decisions
Additionally, various national ideas and Policies modify the base production of provinces throughout one's empire.
Miao traditions
Moluccan traditions
Mutapan traditions
Plutocratic idea 5: Free Subjects
Beninese idea 5: Benin Guilds
Chimu idea 1: Inter-Valley Irrigation
Candarid idea 7: Kure Copper Mine
Jaunpuri idea 5: Gangetic Plain
Javan idea 5: Bi-Yearly Harvest
Kanem Bornuan idea 3: Aluma's Reforms
K'iche idea 3: Wealth of the Tamub
Kutai idea 3: Riches of Borneo
Ladakh idea 3: Wool from the Roof of the World
Lan Na idea 2: A Million Rice Paddies
Maratha idea 6: Reform The Bureaucracy
Mogadishan idea 7: Toob Benadir
Muiscan idea 6: Terrace Farming
Nivernais idea 3: Faience Production
Northumbrian idea 7: Taking Coals to Newcastle
Nubian idea 1: The Nile
Orissan idea 4: Refined Cloth Production
Pacific Northwest idea 6: Salmon Migrations
Pegu idea 2: Martabans
Persian idea 2: Encourage Persian Rug Production
Portuguese idea 2: Afonsine Ordinance
Punjabi idea 1: Breadbasket of India
Québécois idea 1: Coureurs des Bois
Saxon idea 2: Meissner Porcelain
Sinhalese idea 5: Develop the Cinnamon Trade
Swedish idea 6: Produktplakatet
Tirhuti idea 7: Indigo & Cash Crops
West African idea 2: Salt Caravans
Fully Administrative
Aymaran ambitions
Brazilian ambitions
Dali ambitions
Trebizondian ambitions
Espionage-Administrative: The Royal Commission Act
Naval-Economic: The Transportation Act
Religious-Trade: Religiously Sponsored Guilds
Byzantine idea 2: Repopulation of the Countryside
Prices Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
The price of each trade good is the same for all nations. Each trade good has a flat value that will rise or fall over time based on scripted events in the game, usually at certain year marks or when certain conditions have been met. The current price of a trade good can always be found in the Ledger under the Trade Goods chapter. An auto generated list of the price change events can be found at Price_Change_events and should be more up to date than the hard coded lists below.
Permanent changes Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.10.
Most events trigger only once, and will only be reported to the player has contact with the triggering nation. The trigger condition is a simplified description of what causes the event to happen.
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
A province's trade value is the price of the trade good times the amount of goods produced in the province:
Trade value then flows into the calculations for a province's Production value (in ducats) and the overall trade value of a node. Note that all values listed in the province window for trade value are shown yearly. The Production and Tax value calculations in the upper part of the province screen (which determine the ducats each provinces contributes directly to the player's treasury) are shown as monthly values.
Gold is treated as a special case and does not have any trade value. However, it does contribute to a province's Production value.
Trade Edit
The trade value produced in a province flows into the province's trade node. Eventually it will be collected and turned into trade income.
Production Edit
Local trade value also produces production income for the owner of the province directly; this income is modified by production efficiency.
Every province produces a single trade good.
Trading in bonus (strategic goods) Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
Controlling at least 20% of the global trade in a trade good will give the country a modifier "trading in (trade good)", which gives a national bonus. The market share can be found in the ledger. Control is computed using the trade power share in each node times the amount of the good produced locally in that node.
For effects, expand the section List of Trade Goods below.
Production leader Edit
Producing the most of a particular trade good will make a country the "production leader" of that trade good, and will provide a bonus to the production of goods of this type: [1]
Local goods produced modifier
Gold Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
Gold is a special "trade" good that has both advantages and disadvantages: it will give a large boost to the economy but also drastically increase inflation every month. If a nation owns many gold mines it is possible that the inflation incurred negates the increase in income received. Gold does not produce any trade value; it is instead converted directly into ducats at the rate of 40 per year per unit of Goods Produced (except for primitive nations, which convert gold to cash at only a 1:4 rate, 10 times less).
Income from gold does not benefit from production efficiency.
There is no manufactory for Gold.
A country will suffer inflation per year equal to 0.5 times (the proportion of income from gold). Practically speaking, each 5.33% share of income from gold will require 1 Administrative Power per year to cancel out inflation if it is not removed through other means.
Gold income is affected by autonomy with a percent of the total possible income gained equal to the percent economy being deducted.
Map of gold-producing provinces in 1444.
Provinces that produce gold with a development of over 10 now have a yearly chance to become depleted. At Production development level 11 the depletion chance is 0.1% yearly, higher development levels have higher chances. Each depletion reduces the province's Goods Produced by half (effectively halving the ducat value of gold produced). The player can see the current chance of depletion by hovering over the production development increase button on the province panel.
In El Dorado colonial nations receive no income from gold and instead send treasure fleets to their overlord.
Unknown Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.10.
Colonies begin with "unknown" trade good and are randomly assigned a trade good sometime after reaching a population of 300 colonists. The assigned trade good is dependent on region, and tends to be one that is not produced by neighboring provinces and that the owner does not already have a lot of. When a country passes the Abolish Slavery Act, all its provinces producing slaves are soon set to "unknown" and will likewise be randomly reassigned a new trade good. This will also remove any Trade Company (manufactory) in the province if present.
List of trade goods Edit
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.13.
La Plata Region
Quito region
Paraguay Region
Great Plains
Rio Grande de Sol Region
Northeastern America
Eastern America
The Andes
Sudáfrica
Central Africa
North Africa
Australian Coast
Indonesian Region
Western Siberia
Eastern Siberia
Western America
The Mississippi Region
Manchuria
Colony is size 500: ×0.5
Colony is in the La Plata Region: ×0.5
Colony is in Western Siberia or Eastern Siberia: ×1.3
Colony is in the Indonesian Region: ×1.2
Northern America
Northwestern America
Northeastern America
The Mississippi Region
Eastern America
The Andes
Amazonas
Brazil Region
La Plata Region
Australian Coast
Greenland Region
New Zealand Region
Indonesian Region
Western Siberia
Eastern Siberia
Atlantic Ocean Islands
Mascarene Islands
Indian Ocean Islands
Pacific Ocean Islands
Japanese Region
Manchuria
Colony MUST have a port
Colony has 500 population: ×0.5
Any neighbor province produces Fish: ×1.2
Colony is in the Mascarene Islands: ×1.2
Northern America
Northwestern America
Bolivia Region
Northeastern America
Eastern America
The Mississippi Region
The Andes
Amazonas
Brazil Region
Australian Region
Greenland Region
New Zealand Region
Indonesian Region
Western Siberia
Eastern Siberia
Manchuria
Atlantic Ocean Islands
Pacific Ocean Islands
The Thirteen Colonies
Acadia Region
St Lawrence Region
New England Region
Castilla del Oro Region
Colony MUST have a port
Colony is in the Atlantic Ocean Islands: ×1.2
Any neighbor province produces Naval Supplies: ×1.5
Colony owner has at least 10 Naval Supplies-producing provinces: ×1.5
Colony has 500 population: ×0.5
The Andes
Western Siberia
Eastern Siberia
Minas gerais Region
Mato grosso Region
Any Neighbor Province produces Copper: ×1.5
Colony owner has at least 10 Copper-producing provinces: ×1.5
Colony has 500 population: ×0.5
Amazonas
Minas Gerais Region
Mato Grosso Region
Goias Region
The Andes
Sudáfrica
Western Siberia
Eastern Siberia
Western America
Australian Coast
Northwestern America
Mexico
Huastec
Sayultecas
Huichol
Zacatecas
Guichichil
Tamaulipas
Any neighbor province produces Gold: ×3.0
Colony owner has at least 3 Gold-producing provinces: ×3.0
Colony owner has at least 2 Gold-producing provinces: ×2.0
Colony is in The Andes: ×0.7
Colony is Mexico, Huastec, Sayultecas, Huichol, Zacatecas, Guichichil, or Tamaulipas: ×0.6
Colony is in the Minas Gerais, Mato Grosso, or Goias regions: X0.9
Colony has 500 population: ×0.5
Western Siberia
Eastern Siberia
This section may contain outdated information that is inaccurate for the current version of the game. The last version it was verified as up to date for was 1.12.
All of the value gained from improving trade good production will come from higher provincial Production value income and the larger Trade value in trade nodes.
Building a manufactory is the primary method to increase the amount of trade goods produced in a province.
Manufactories should be prioritized in provinces with high priced trade goods.
Increasing the amount of trade goods produced will also increase the total trade value of the province's trade node. It may be worth prioritizing building manufactories from provinces in trade nodes that the player is setup to harvest via trade.
European trade goods Edit
Best European trade goods are cloth, copper (early to mid) and iron (mid to late). Due to price events cloth gets +40% price and iron gets +50% by endgame. Copper also has +50% price between military tech 7 and 18. It is wise prioritize building production buildings and manufactories on provinces producing iron, copper and cloth. Also avoid building them in provinces that produce wool, fish and grain. By late-game price of wool and fish will decline by 45% and 20% respectively
Colonial and Asian trade goods Edit
Silk, ivory, cocoa, dyes (early), sugar, cotton and tobacco (later) are the best trade goods and as they have price increasing events that boost their price further. Dyes start with relatively high price but will become worse around 1700 when the "Expansion of Bengali Dye Production" event fires. However building production buildings in overseas provinces as a European nation is not advised since they have 75% local autonomy floor. If any of the player's non-overseas province produces these goods prioritize them over any other European trade goods.
Footnotes Edit
The Future of the World Trading System: Asian Perspectives
Table of Contents
1 Introduction Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja
2 The future of the world trade system: Asian perspectives Pascal Lamy
Section 1: Supply Chains and Production Networks
3 WTO 2.0: Thinking ahead on global trade Richard Baldwin
4 Trade in value-added: An East Asian perspective Satoshi Inomata
5 Rethinking the impact of exchange rates on trade flows along global production networks Yuqing Xing
6 Do SMEs matter in Asian production networks? Ganeshan Wignaraja
Section 2: Commercial and Industrial Policies
7 Increasing value from global value chain participation: What role for industrial policy? Patrick Low and Julia Tijaja
8 Is murky protectionism a real threat to Asian trade? Simon J. Evenett
9 Exchange rate policy and regional trade agreements Richard Pomfret and Victor Pontines
Section 3: Regional Trade Governance
10 Policy challenges posed by Asian FTAs Masahiro Kawai and Ganeshan Wignaraja
11 The ASEAN Economic Community: Progress, challenges and prospects Siow Yue Chia
12 Construction of RCEP by consolidating ASEAN+1 FTAs Shujiro Urata
13 ASEAN+, RCEP and TPP: A clash of integration concepts Cédric Dupont
Section 4: Global Trade Governance
14 The future of the World Trade Organization Biswajit Dhar
15 A new perspective for the World Trade Organization Tomochika Uyama
16 Plurilateral agreements: A viable alternative to the WTO? Michitaka Nakatomi
17 The case for enhancing regional and global rules for investment Zhang Yunling and Rongyan Wang
18 A multilateral agreement on investment: A brief reflection Alejandro Jara
19 Multilateralisation of regional trade agreements Rohini Acharya
20 WTO-ASEAN asymmetries: Calling for greater collaboration Maika Oshikawa
The EU Emissions Trading System
eceee Annual Policy Seminar 8 February, 2017, Brussels, Belgium
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Ghana, EU review timber trade agreement
The Government of Ghana and the European Union (EU) have met to review progress towards the implementation of the Voluntary Partnership Agreement (VPA).
Nii Osa Mills, Minister of Lands and Natural Resources, said the Ghana-EU VPA Joint Monitoring and Review Mechanism (JMRM) which included representatives of stakeholder groups would oversee the implementation of the agreement.
He said the JMRM reviewed the status of development of Ghana’s timber legality assurance system and discussed outstanding issues to be addressed from the joint action plan before licensing could begin.
Nii Osah Mills said the licensing would enable Ghana’s timber products to enter the EU market without importers having to do further due diligence to meet their obligation under the EU Timber Regulation.
He said: “We made progress in clarifying our forest management plans, transparency, commitment and other outstanding issues.
“Each of these steps for improvements in forest governance brings Ghana closer to licensing and easier access to the EU market. The further development of our timber legality assurance system is also helping Ghana resolve legality issues with our domestic market and regional trade.”
The Minister said to track progress, the JMRM has decided to begin the next joint assessment of Ghana’s timber legality assurance system in August 2017.
Mr William Hanna, European Union Ambassador to Ghana and Co-Chair of the JMRM, said: “Ghana’s forest was crucial to the country sustainable development and the good governance will contribute to achieving the world’s Sustainable Development Goals.
“Through the VPA, Ghana is controlling illegal logging, modernising timber operations and ensuring forestry brings employment opportunities and social benefits such as payment to communities through Social Responsibility Agreements. The VPA also helps both partners contribute to addressing climate change and protect the biodiversity within Ghana’s forest.
He said the topics discussed by the JMRM included progress making Ghana’s timber legality assurance system operational, notably through the roll out of the new wood tracking system, progress under the VPA transparency communities and progress in addressing illegal chainsaw logging for domestic and regional markets.
Other topics discussed were issues related to permits for logging issued under the provisions of the Timber Resource Management Act (Act 617), issues related to conversion of leases to Timber Utilisation Contracts in line with the provision of Act 547 and VPA implementation priorities for 2017.
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India to oppose EU's emission trading system for airlines
MUMBAI | NEW DELHI: The Indian government will oppose the European Union's proposal to make airlines buy carbon credits for using its airspace on the grounds that it is unilateral and unfair on carriers from developing countries.
EU's proposal to cap planet-warming gases under its emission trading system (ETS) makes it mandatory for airlines to buy carbon credits equivalent to the carbon dioxide emitted by their aircraft while flying over the region. This is likely to force airlines to pass on the cost to passengers. India also says the arrangement would allow European carriers to manipulate the taxation system after it comes into force from January 1 next year.
"India is protesting the imposition of this system because no ETS measure can be imposed without bilateral negotiations. Tomorrow, they (EU) may impose another tax and nobody would be able to do anything," a top government official said.
India will take up the issue with the authority concerned in the European Union.
The aviation industry uses 70 billion gallons of fuel, or 230 billion litres, every year. The International Air Transport Association ( IATA) has pegged yearly carbon dioxide emission from commercial aircraft at 649 million tonnes, which is estimated to rise to 900 million tonnes by 2020. European carrier Lufthansa last month joined the list of airlines that have tested flights using biofuels.
The EU says the tax is valid and plans to impose sanctions against airlines that do not comply. But opposition to the emission trading system appears widespread. While American carriers have decided to go legal against the plan, armed with a Bill to stay out of the emission trading system, China has threatened to cancel over $3.8 billion in aircraft orders from European manufacturer Airbus if it is not exempted. Some big Gulf carriers, too, have opposed the move.
Indian carriers, already feeling the heat from European and other airlines handling almost 70% of traffic from India, say the issue is a political 'hot potato' and the government must back them in their protest.
"We have met all deadlines, but have done so under protest. We hope the government will take it forward with the EU," said a top official with Jet Airways. the country's largest private carrier that has a 25.5% domestic market share and plans to expand overseas.
Jet, which earns about 57.5% of its revenues from international operations, is directly in the line of fire. It operates about 30 flights a week from India to Europe and London.
"If the aim is to reduce emissions, how does charging money help? This is tax couched in flowery language on more tax taking money out of the system not going towards improving emissions or environment. Nobody knows where that money is going," he said.
Experts say the EU's move will make passengers cough up more money. "ETA is almost reality today. And we feel airlines will have to comply, and by doing so, their cost per route will definitely go up and they will have no choice but to pass on that burden to passengers," said Kapil Kaul, Centre for Asia Pacific Aviation's CEO for India and the Middle East.
India is also concerned that the European Union's move will encourage a black market for carbon credits.
EU emission trading scheme set for second ‘backloading’ vote
Last updated on 20/06/2017, 12:26 pm
& # 8211; Summary of the day’s top climate & clean energy stories
EU: The Environment Committee is set to vote on a new plan to support Europe’s emissions trading scheme. The combination of an oversupply of credits and faltering demand has led the price of ETS credits to plummet. Backloading proposals to restrict the flow of credits were rejected by the EU Parliament in April, but supporters remain confident a new plan will win support. Watch the vote from 15:00 on the Europa website. (European Parliament/EPTV )
The Environment Committee is set to vote on a new plan to support Europe’s emissions trading scheme. (Source: European Parliament)
World: The World Bank has cautioned climate change is undermining economic development in poor countries. Droughts, floods, heatwaves, sea-level rises and fiercer storms will lead to food shortages and increased migration as people try to escape the effects of global warming. (RTCC )
UK: The Met Office concluded talks yesterday investigating unusual weather patterns in northern Europe, the UK and the North East of the US causing serious washout summers and colder than average winters. (Met Office )
Europe: Speaking in Brussels yesterday, UK climate and energy chief Ed Davey launched his strongest attack yet on hardline climate change sceptics, branding them “crackpots” and “conspiracy theorists”. Davey called on the European Union to adopt a 50% carbon reduction target by 2030 warning the consequences of inaction would be severe. (RTCC )
France: Rivals Airbus and Boeing have vowed to outdo each other in delivering greener, quieter, more fuel - and cost-efficient aircrafts. At the Paris Air Show taking place this week, US-based Boeing presented its latest long-distance jet. (EU Activ )
Europe: The European Union’s Emissions Trading Scheme needs to be overhauled if it is to meet the EU’s own carbon reduction objectives. The Policy Exchange report calls for extending its carbon emissions reduction target from 40% by 2030 to 55% by 2035. (Policy Exchange )
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Legal Issues Regarding Climate and Energy - Emission Trading System (ETS)
Legal Issues Regarding Climate and Energy - Emission Trading System (ETS)
The project expands and develops the development of the EU emission trading system (ETS) and its implementation in Germany. EU legislation is planned or already adopted introducing major changes to the existing ETS, including new allocation rules, the inclusion of aviation and the CCS directive. Ecologic Institute provides legal expertise for the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety in the preparation and implementation of new concepts and legislation.
Emissions trading covers about 50% of all German greenhouse gas emissions and is one of the main climate protection instruments in Germany and the EU. The objective of the ETS is to mitigate greenhouse gas emissions efficiently. The EU established the ETS in the first trading period 2005 to 2007. Subsequently, major amendments of the emissions trading directive and a CCS directive have been adopted or are expected. The project provides legal expertise regarding the negotiation of the EU-directives and their implementation into national law. In addition, the project also develops proposals for the further development of German energy regulation with a view to achieving the climate objectives. This includes legal analyses and support in respect of the inclusion of the aviation sector, allocation and auctioning as well as the regulatory framework for carbon dioxide capture, transport and storage (CCS).
Trade Marks in Malaysia
Malaysia is a South-East Asian nation consisting of sections on the Malay Peninsula and on the island of Borneo, with the South China Sea lying between them. Malaysia’s population of over 30 million works in the world’s 20 th most competitive economy (as of 2017-15), with a PPP GDP of $747 billion, making it the third largest in ASEAN and the 28 th largest worldwide. Malaysia’s newly-industrialised market economy has consistently posted impressive gains, averaging 6.5% growth per annum over the period 1957-2005.
Over the next few posts, the South East Asia IPR SME Helpdesk will explore the various IPRs available to European companies looking to do business in the territory, beginning with today’s summary of Malaysian trade mark regime.
Intellectual property in Malaysia is governed by the Intellectual Property Corporation of Malaysia (MyIPO) under the Ministry of Domestic Trade, Co-operatives, and Consumerism, with the notable exception of plant varieties (which are governed by the Crop Quality Control Division of the Ministry of Agriculture). Malaysia has a fully modernised and comprehensive raft of IP laws in line with WIPO standards, and MyIPO regularly organises seminars and trainings to raise awareness of IP among the business community and general public.
Trade marks in Malaysia
A trade mark may be a device, brand, heading, label, ticket, name, signature, word, letter, numeral or any combination of these and is used for the purpose of distinguishing goods or services from those of other traders. An example would be Apple’s iconic white apple logo or Coca-Cola’s red lettering and distinctive font. By registering a trade mark, you will have the exclusive right to use the mark in relation to the goods and services applied for and to prevent third parties from using an identical or even a confusingly similar trade mark.
Malaysia is in the process of joining the Madrid Protocol and is expected to fully become a signatory soon, in the meantime however, applications are made locally with the Trade Mark Division in the Intellectual Property Corporation of Malaysia (MyIPO). All documents submitted must either be in English or the national language of Malaysia (Bahasa Malaysia). The basic filing fee (excluding agent costs) for trade mark registration in Malaysia starts from RM 1,020, which is approximately EUR 225.
Malaysia provides the following guidelines for what is registerable as a trade mark:
The name of an individual, company, or firm (if presented in a unique and recognisable manner)
The signature of the applicant
Invented words
A word that does not directly refer the character of quality of the goods and is generally not a geographical name or surname
Other distinctive marks, logos, etc.
MyIPO also sets out some guidelines for what cannot be registered, namely marks which:
Are likely to deceive or cause confusion to the public (such as by causing consumers to confuse two goods)
Are identical with or closely resembles a mark which is well-known in Malaysia for the same goods or services of another proprietor
Claim a false geographical indication (i. e. the trade mark misleads the public as to the true place of origin of the goods)
Contain scandalous or offensive matter
Principally, these restrictions are listed because registering any trade marks with the above qualities could confuse consumers as to the producer or origin of the goods in question.
Applications for a trade mark require the following documents to be submitted:
A copy of the mark in JPEG format
A list of goods or services which the mark will cover (according to Nice classifications)
Information about the applicant’s name, address, and status and location of incorporation
A statement affirming that the applicant is the rightful owner of the mark and that the application has been made in good faith. This must be signed with a Commissioner for Oaths (if the applicant is local) or with a Notary Public (if the applicant is abroad)
( for marks with non-English words ) A certified translation and transliteration
( if priority is claimed ) A certified copy of the application used for the priority claim and (if the application is not in English) a translation of those documents
When selecting which goods categories to claim on an application, you should be sure to apply for protection over all areas for which you could conceivably use your trade mark. Otherwise, an unscrupulous local company could register a very similar trade mark for a very similar type of goods which your company does not produce and benefit from consumer confusion.
Malaysia does not currently have rules allowing for registration of trade marks composed of sounds or scents. It does, however, have rules for certification trade marks . marks which the proprietor itself does not use. Instead, these marks are registered for selected third parties to use and indicate that the goods which affix the marks have certain traits relating to origin, materials used, production methods, quality, or other notable characteristics. Such applications require provision of rules which will be used to determine which goods can use the mark.
Examinations and protection
An application for registration should be filed with MyIPO. You can appoint an agent to file the application on your behalf by completing a MyIPO TM1 form and making a statutory declaration of the appointment. After filing, trade marks are subject to examinations to determine whether they meet registration requirements. Examinations normally take less than twelve months and are followed by publication in the Government Gazette. If there are no objections, the mark will be registered. If there is an issue with the application (such as the application being incomplete or the mark conflicting with a previously registered mark), the applicant will be given two months to respond to the issues raised by the examiner. Examiners may also request minor amendments, such as changes to the goods categories specified, requests for clarification, or requests for translations. Registrations from other jurisdictions (particularly the UK, Singapore, or Australia) can help assuage fears that your trade mark is too similar to previously registered marks and is likely to be confused.
An expedited examination track is also available for trade marks which:
Serve national or public interest
Have evidence of potential or ongoing infringement
Must be registered to receive benefits or grants from government institutions
Have other valid reasons for requesting an expedited examination
A request for expedited examination must be filed (and the fee paid) within four months of the initial application filing. If the request is granted, an additional fee must be paid before the examination timeframe for the mark is advanced. Other steps before registration remain as they are in the normal examination process.
A trade mark registration will last for 10 years from the date of application, or priority date if the application is based on a priority claim. A trade mark registration can be renewed every ten years an unlimited number of times. It is recommended that the trade mark registration be renewed before the registration expires.
Any individual or a corporate entity can register a trade mark. If the applicant resides abroad, an address for service in Malaysia must be provided. While foreign applicants are able to register a trade mark, it is common practice for them to engage a trade mark agent for this purpose.
Holding a trade mark registration allows you to exclusively exploit the mark for commercial gain, transfer rights to the mark, and sign contracts regarding use of the mark. A proprietor can also register other parties as registered users . allowing those users to use the marks (with or without any restrictions). Any other party infringing on these rights, including by producing, selling, importing, or stocking items bearing the mark, is liable for administrative or civil action by Malaysian authorities.
If you wish to invalidate a trade mark . you may take action with MyIPO’s Trade Mark Register. Such actions can result in the removal of trade marks from the register if they infringe upon your trade mark (such as by being likely to cause confusion or being identical to your mark).
Before taking civil or criminal actions, SMEs should strongly consider mediation . Firms with limited budget options and a need to quickly halt infringement can use mediation as a quick and cost-efficient means of halting infringement.
Beyond mediation, the two main avenues of enforcement in Malaysia are the Enforcement Division of the Ministry of Domestic Trade, Cooperatives, and Consumerism (for criminal enforcement) and IP court litigation. Before any enforcement action, you should always gather proof of your ownership of the IP in question and proof of infringement. To win a trade mark infringement case, you must show that:
The trade mark is registered
The offending trade mark has been used by the infringer
The infringer is using the trade mark for the registered goods and services
In criminal enforcement with the Enforcement Division (ED) . counterfeiting and piracy cases can quickly yield goods seizures, injunctions, and prosecutions. To prepare for such actions, you should provide proof of infringement and a letter of complaint. After raids or product seizures, SMEs should assist the ED by providing identification and analysis of seized goods to prove infringement.
In litigation through IP courts . IP owners can bring cases before specialised Malaysian IP courts. These courts are empowered to issue injunctions which immediately halt infringement and to assign unlimited damages to be paid to the rights owners. Nine months is the proscribed maximum waiting time for these cases between filing and their day in court, offering a reasonable expectation of timely resolution. There are six “High Courts” (in Kuala Lumpur, Johor, Perak, Selangor, Sabah, and Sarawak) which focus on civil cases (as the damages are often difficult to quantify), as well as 15 “Sessions Courts” spread among the Malaysian states which focus on criminal cases and which have unlimited power to issue fines.
Finally, unregistered trade marks are also protected (to a limited extent) under laws regarding passing-off. Although the burden of proof is heavier for these cases, passing-off cases can halt infringement or punish infringers if you can show that the trade mark carries significant good will and has an established reputation. It is then necessary to show that use of the trade mark is misrepresentation of the goods and causes harm to your firm.
For more information on Malaysian IPR and how to best product your IP against infringement, check out the guides available at our Helpdesk website or contact one of our experts for free, tailored advice.
The Patent Registration Office
Intellectual Property Corporation of Malaysia Unit 1-7, Ground Floor, Tower B, Menara UOA Bangsar No. 5 Jalan Bangsar Utama 1, 59000 Kuala Lumpur, Malaysia Tel: +603-2299 8400
Samuel Sabasteanski Project Executive, South-East Asia IPR SME Helpdesk
© - A project funded by the European Commission Directorate-General Enterprise and Industry under the Competitiveness and Innovation Framework Programme (CIP)
Disclaimer: The China IPR SME Helpdesk is a free service which provides practical, objective and factual information aimed to help European SMEs to understand business tools for developing IPR value and managing risk. The services are not of a legal or advisory nature and no responsibility is accepted for the results of any actions made on the basis of its services. Before taking specific actions in relation to IPR protection or enforcement all customers are advised to seek independent advice.
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The EU Considers Additional Steps to Improve the EU Emissions Trading System
By Alex Hanafi | Published: October 29, 2012
EDF recently published a report examining the results and lessons learned from the world’s first and largest multinational cap-and-trade program to limit carbon pollution: the European Union Emissions Trading System (EU ETS). The report was designed to assist those jurisdictions like California. China. Australia. the Republic of Korea. and others implementing – or considering adopting – carbon cap-and-trade systems, and to highlight what can be learned from the pathbreaking experience of the EU ETS.
The EU ETS continues to evolve, with current debates in the EU focused on how to improve the system as it transitions to a new trading period next year. The EU is considering several reform proposals, including a short-term reform that would delay the auction of new emissions trading allowances until later in the trading period (“backloading”).
The EU’s backloading proposal is a justifiable short-term step that would give the EU time to consider additional structural reforms needed to build on the EU ETS’s success in reducing Europe’s carbon emissions. For instance, the EU’s success thus far in laying the foundation for achieving its 20% emissions reduction target by 2020 has prompted persistent calls among stakeholders in Europe to tighten the EU’s economy-wide target even further: to 30% below 1990 levels by 2020*, or to set an ambitious target beyond 2020 that would provide additional confidence to market actors to make long term investments in low-carbon innovation. The EU plans to publish by November 14 a carbon market report that examines options to increase the long-term ambition of the EU ETS.
A tighter EU ETS target for 2020 and beyond would not only help the EU achieve its aspirational emission reduction target of 80-95% below 2005 levels by 2050, but – according to one study – could create millions of jobs while bolstering investment and GDP growth.
Doing so would also send an important message about EU climate leadership, providing another lesson to the world on how to chart a path forward to tackle the climate challenge.
*Note: The EU has both economy-wide reduction targets and targets under the EU ETS, which includes the power and industrial sectors, among others. At present, emissions under the EU ETS account for approximately 40% of the EU’s total greenhouse gas emissions.
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EU adopts 20-20-20 plan, includes emissions trading
By Susanne Retka Schill
Web exclusive posted Dec. 29, 2008, at 11:56 a. m. CST
The European Union officially adopted a 20-20-20 Renewable Energy Directive on Dec. 17 setting climate change reduction goals for the next decade. The targets call for a 20 percent reduction in greenhouse gas (GHG) emissions by 2020 compared with 1990 levels, a 20 percent cut in energy consumption through improved energy efficiency by 2020 and a 20 percent increase in the use of renewable energy by 2020. In 2005 renewable energies from hydro power, solar, wind, biomass or geothermal sources accounted for less than seven percent of the EU's total energy consumption.
To achieve the 20 percent target, the new directive lays down mandatory national targets to be achieved by the member states through promoting the use of renewable energy in the electricity, transport, heating and cooling sectors. Targets for GHG emission reductions include all transport fuels fossil fuels as well as biofuels, blends, electricity and hydrogen. The directive requires fuel suppliers to reduce GHG emission caused by extraction or cultivation, including land use changes, transportation and distribution, processing and combustion of transport fuels. Reductions in GHG emissions could be achieved by using more biofuels, alternative fuels, or by reducing gas flaring and venting at oil wells or refineries.
The directive includes GHG reduction and sustainability goals for biofuels. It seeks to promote more sustainable biofuels by allowing second-generation biofuels to be double credited in the 10 percent target. Second-generation biofuels don't compete with food or feed production, since they include wastes, residues, non-food cellulosic and ligno-cellulosic biomass such as algae, wood residues or paper waste. The directive calls for the European Commission to develop a methodology to measure GHG emission from indirect land use change by 2010.
The revised EU Emission Trading System is a key tool for achieving the EU's GHG reduction goals. It will apply from 2017 to 2020, and is expected to reduce GHG by 21 percent compared to 2005 levels. First launched in 2005, the Emission Trading System is a "cap and trade" system that limits the overall level of GHG emissions allowed, however, within that limit, allows participants to buy and sell allowances. In the current system, the great majority of allowances are allocated free of cost. The revised directive calls for auctioning to begin in 2017, with several exceptions. For the manufacturing sector, auction of carbon credits will be phased in gradually, starting with free allocation of 80 percent of allowances in 2017. Several allowances also were made for the less wealthy and new member states, although in return they are asked to modernize their electrical generation system. The directive also calls for at least half of the Emission Trading System auction revenues to be used for climate-related adaptation and mitigation by the member states. Those revenues are estimated to total 50 billion ($70 billion) annually by 2020.
In other provisions in the Renewable Energy Directive, member states may offset their emissions by buying credits from projects in third countries under the United Nation's Clean Development Mechanism. However, no more than 50 percent of the EU-wide reductions through 2020 may stem from such credits.
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Since 1985, CCAP has been a recognized world leader in climate and air quality policy and is the only independent, nonprofit think tank working exclusively on those issues at the local, U. S. national and international levels. Learn More »
Featured Work View All Featured Work »
CCAP hosted the seventh Latin America Regional Dialogue of the Mitigation Action Implementation Network (MAIN) from February 10-12, 2017 in Mexico City, Mexico.
CCAP is participating in the 21st Conference of Parties (COP21) of the United Nations Climate Change Conference (UNFCCC), in Paris, France from November 30 – December 11, 2017.
Today, NAMAs are springing up around the globe as a promising solution to the climate change challenge thanks in large part to extensive efforts by groups like the Center for Clean Air Policy and its partners.
CCAP's recently released book, The Road to NAMAs: Global Stories of Successful Climate Actions, highlights ten examples of successful climate change mitigation policies.
Center for Clean Air Policy. CCAP Supports Structural Reform of the EU Emissions Trading System
CCAP Supports Structural Reform of the EU Emissions Trading System
Last week the European Parliament supported a temporary measure that will stabilize the EU carbon price in the coming years.
This so called “backloading” proposal will delay the auctioning of up to 900 million EU allowances over the next several years. These allowances will then be returned to the market before 2020. Although a positive move, a more fundamental reform to the EU Emissions Trading System (EU ETS) will be required in the near future in order to address the structural surplus of EU allowances.
This past February CCAP published “The New Deal: An enlightened industrial policy for Europe through structural EU ETS reform .” This paper addresses the fundamental issues that have been standing in the way of a thorough EU ETS reform so far. More precisely, CCAP explored opportunities to meet the concerns related to EU industrial competitiveness and integrate them into a structurally reformed EU ETS.
This report and subsequent proposals have been well received by a broad range of stakeholders in Brussels. In particular, CCAP had the honor to present its report at a high-level breakfast event in the European Parliament organized by MEP Karl-Heinz Florenz, who is the European Parliaments’ rapporteur on the state of the EU carbon market.
Now that the European Parliament has green-lighted backloading of EU allowances, the European Member States will need to seek agreement as well. A growing number have been supportive so far and CCAP expects full support by a qualified majority of Member States in the early fall of 2017.
Both the support of the Member States and the European Parliament for the stop-gap backloading measure should open the door for an enhanced structural reform process of the EU ETS. CCAP hopes that such reformed EU ETS will address some important issues in the system. In particular, the structural surplus of allowances and the need for an enhanced industrial and innovation policy that is embedded and integrated in Europe’s future climate plans. CCAP in particular proposes a new industrial innovation and transition fund that will be funded through the auctioning of allowances. It will facilitate the transition to a European low carbon economy while at the same time maintaining or even improving European industrial competitiveness. CCAP strongly believes that industrial growth through a supportive carbon price, enhanced productivity, resource and energy efficiency driven by smart innovation economics will be a key element in addressing the climate challenge both in Europe and the rest of the world.
Jennifer Baker is joined by Helmut Weixler, Spokesperson for the Greens Group . to discuss the European Union Aviation Emissions Trading System, in light of the “Stop the Clock” proposal which proposes a temporary suspension of EU ETS Directive enforcement for aircraft operators in respect of non-European flights.
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By means of Directive 2008/101 the EU extended its Emission Trading System to airline companies whose aircraft arrive at or depart from the territory of the EU Member States. Requested to provide a preliminary opinion on the validity of the Directive–especially in light of its extraterritorial application–the CJEU confirmed its effectiveness, arguably based mainly on the principle of sovereignty and only subsidiarily on the principle of environmental protection. In light of the interpretation provided by the CJEU, this paper critically assesses Directive 2008/101 and concludes that its consistency with international law should be considered in the light of the secondary consequences of the duty to protect the environment rather than territorial sovereignty.
The Redefining the Transatlantic Relationship and its Role in Shaping Global Governance (TRANSWORLD) project is funded by the European Union’s 7th Framework Programme under grant agreement no. 290454.
EU emission trading system
General and particular international law
EU-US Open Skies Agreement
Obligations Erga Omnes
Extra-territorial application of the EU emission trading system. critical divergences between the EU and the US
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Vietnam’s tyre market keeps rolling along Vietnam, with a strong presences of foreign manufacturers operating within its borders, has emerged as a major market for automotive tyres over the last five years, says the Vietnam Chemicals Agency. An Agency reports shows the tyre segment of the economy obtained average annual growth of 9% during the five-year period 2009-2017, largely driven by increasing per capita incomes and a rising middle class. The report says the motorization rate of the country, which boasts a population of around 91 million, has been growing at a brisk pace and the country’s vehicle fleet size has been expanding tremendously over the last few years. In light of the growing demand for vehicles, many domestic and global players in the tire industry are strengthening their footprint by establishing manufacturing plants within the country’s borders. Bridgeston based out of Japan and Kumho and Sailun out of the Republic of Korea are just three of the leading brands that … [Read more. ]
Illustrative image (Source: 123rf. com) Hanoi (VNA) – The Vietnamese, Indonesian and Malaysian embassies in Venezuela have coordinated with the Latin America and Caribbean Economic System (SELA) to organised a workshop on ASEAN-SELA economic cooperation, in the capital Caracas. Representatives from ASEAN member states gave a presentation on the development and major achievements of the bloc across three pillars: politics-security, economics, and culture-society. Vietnamese Ambassador Ngo Tien Dung highlighted the establishment of the ASEAN Economic Community (AEC) in 2017 as a significant milestone to step up connectivity and integration in a region with a combined population of over 630 million and a gross domestic product (GDP) of 2.6 billion USD. He said that insufficient market information due to geographical distance has made the investment and trade exchange between ASEAN and SELA restricted. However, he confirmed that there is large room for the two sides to increase … [Read more. ]
A day in the lunar calendar traditionally known as the day of the ‘God of Wealth’ in Vietnam is when people normally rush to buy gold in search of good fortune. However this year many have observed the tradition even before the day itself. As per Vietnamese tradition and custom, the tenth day of the Lunar New Year, which is today (February 17), is the day when the God of Wealth returns to heaven, creating the belief that buying gold then will bring good luck and prosperity throughout the year. Despite this, gold shops in Vietnam’s larger cities were packed with buyers as early as Tuesday, with people concerned that prices would soar if they bought on the right day. "I had to wait for hours to be able to buy gold last year, so I decided to start earlier this year," Lan, a grocery owner in Ho Chi Minh City, told Saigon Tiep Thi newspaper. Lan, who was waiting for her turn at a gold shop near Ba Chieu Market in Binh Thanh District, added that purchasing the … [Read more. ]
The Vietnam Gold Traders Association (VGTA) on November 19 sent a document proposing the Ministry of Finance to keep export tax rate on gold jewelry unchanged at 0 percent as present. In a recent draft circular, the ministry increases the rate from 0 percent to 2 percent for jewelry with 95 percent purity and higher. VGTA said that the zero percent tax rate should be maintained to help businesses overcome difficulties and stable trading and production. If necessary, the ministry can impose zero percent tax rate on gold jewelry with less than 99 percent purity and 0.5 percent on products with more than 99 percent purity, proposed VGTA. According to the document, jewelry businesses have implemented the Government's policy of narrowing production and trading of gold bullion but encouraging that of gold jewelry. They have much invested in factories, advanced technologies and production lines as well as recruited thousands of workers to broaden gold jewelry production. However, economic … [Read more. ]
Gold purchases by retail customers in Vietnam, the world's seventh-largest gold consumer, fell 42 percent year-on-year to 19.3 tons in the April-June quarter, according to the latest World Gold Council report. Gold bar sales dropped to 16.5 tons, down 45 percent from the second quarter of 2017 while jewelry purchases hit 2.8 tons, down 17 percent. Vietnamese investors have tended to store gold as a hedge against inflation. However, with an improving economy and slowing inflation, many are seeking to invest in stocks and property or simply to collect deposit interest, Vietnam News Agency quoted Nguyen Thanh Long, Chairman of the Vietnam Gold Traders Association, as saying. Gold jewelry products on display at a shop in Ho Chi Minh City. Photo: Dao Ngoc Thach Vietnam’s gold investment market remains under state control, with gold bars auctioned by the central bank at regular intervals. "2017 has seen a pause in the schedule of the central bank’s gold auctions, causing a … [Read more. ]
The demand for gold declined sharply by 42 percent in volume and 48 percent in value in the second quarter over the same period last year. According to the latest report from the World Gold Council (WGC), Vietnam registered consumption of 19.3 tonnes worth 799 million USD. The country's demand for jewellery was 2.8 tonnes worth 116 million USD, down 17 percent, while the figures for gold bars and coins were 16.5 tonnes worth 683 million USD, down 45 percent. The WGC's report on global gold consumption in Q2 also showed that in the year ending June, Vietnam consumed 86.3 tonnes of gold worth 3.6 billion USD, down 4 percent in volume and 21 percent in value. The WGC ranked Vietnam as the world's seventh largest gold consumer last year with 92.2 tonnes worth 4.16 billion USD, up 20 percent against the previous year. Vietnam, this year, is seeing a decline in the demand for gold as decelerating inflation and more attractive opportunities in stocks, property and bank deposits have driven … [Read more. ]
Gold consumption in Vietnam, the largest Southeast Asian user after Thailand, will probably shrink by more than half this year after global prices fell, the currency stabilized and the government tightened rules. Demand may drop to 25 metric tons to 30 tons from 60 tons to 70 tons in 2017, said Nguyen Thanh Long, chairman of the Vietnam Gold Traders Association, which represents traders, jewelers and banks with trading licenses. Citizens may be holding as much as 300 tons, he said, valued at $12.5 billion. The predicted drop in sales adds to signs of slowing demand in Asia, which accounts for more than half of world consumption, after gold snapped a 12-year bull run in 2017. Goldman Sachs Group Inc. and Morgan Stanley expect further price declines. Decelerating inflation and more attractive opportunities in stocks, property and bank deposits eroded demand, Long said. "When the economy was unstable and inflation high, people only trusted gold," Long, 62, said in an interview. "Now … [Read more. ]
The new instructions, issued by the Ministry of Science and Technology will take effect this June and mandate that jewelry designated "pure gold" (24k) must be no less than 99.9 percent pure. Alloys with a 20k product rating are required to measure more than 83.3 percent gold; 18k products must measure 75 percent pure at minimum, with a 0.1-0.3 percent margin of error. Nguyen Thanh Long, chairman of Vietnam Gold Traders Association, said the big companies have been expecting the order as many small businesses have begun lowering gold purity standards to reduce prices. One gold expert cited an example of a VND100,000 bracelet that should have cost VND250,000. The item was advertised as 75 percent pure, but test results showed it only 68 percent gold. Insiders said a 5 percent skim on a piece of jewelry can earn a trader at least VND175,000 -- a fact that has reinforced an unwritten rule in the business: customers can only sell a product back to a company or a shop they bought it from … [Read more. ]
The government is set to phase out export duties on gold jewelry from January 1 to boost sales amid low domestic demand. The tariff is now 10 percent on jewelry of 80 percent purity and above. Nguyen Thi Thanh Hang of the Ministry of Finance's Tax Policy Department told news website Saigon Times that abolition of the duty is aimed at encouraging businesses to export jewelry. Jewelers have complained about low domestic demand. Several neighboring countries have posted strong exports of jewelry after eliminating export tariffs, they said, adding that Thailand annually ships US$3 billion worth. Nguyen Thi Cuc, general deputy director of gold behemoth PNJ in Ho Chi Minh City, said her firm's annual export of jewelry has been worth $12.5-13 million since 2011 -- when the export tax was introduced - compared to $29 million in just the first five months of 2010. The ministry's decision has been backed by the Vietnam Gold Traders Association, which said Turkey, … [Read more. ]
Thanh Thuong The licenses were issued after the two companies had applications to the central State Bank of Vietnam (SBV) An SBV official said enterprises wanting to import gold would have to register and the central bank would consider quotas for them from time to time. The volume of the imported gold approved was rather small, with each firm importing only dozens of kilograms of gold. Dinh Nho Bang, vice chairman of the Vietnam Gold Traders Association, said the gold volume needed to make jewelries is smaller than five tons each year. Bang said the number of firms qualified to import gold material is small. Currently, PNJ is the only one in Vietnam to process and export jewelries. Nguyen Ngoc Trong, sales director of PNJ, said that the license for gold import was very important as it helped PNJ reduce the production cost, making it easier for the firm when exporting jewelries. PNJ has had many export orders over the past time but its competitiveness is weaker than foreign rivals … [Read more. ]
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Alternative trading systems in european equities
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Accordingly, careful due diligence should be undertaken to ensure that the US parent understands the additionalpliance requirements that may arise due to the implementation of a corporate ie tax deduction strategy. If you lose your trading capital, any stock trading strategy is useless because you won't be able to implement it. Valores. Once that happens, then run through your watch list to find potential trades. Not to be deterred after great demo results i went in again - to the same thing.
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In order to break-even with a winning payout of 85-90, you need to trade 55 ITM (his doesnt take into account the cost of the software). Nossas revisГµes das principais opções binГЎrias corretores irГЎ listar suas caracterР“Вsticas mais importantes e muitas vezes escondidos presente Informação do termos e condições acordo.
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AUDNZD End of Day Trade. As a rule, the minimum amount required to use for any trading system is an amount that is sufficient to at least cover the expenses connected with trading, which include brokeragemissions and a subscription captain america trading cards. How to win second binary option strategy binary. What is very rare in a binary options.
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It received its current name in 1953. This is one of the best binary trading systems I have seen in 2017. Mobile Research - Research features are available using one of the mobile applications. Los mejores corredores de opciones binarias. 2, there will be 10 times more compound binary option vergleich the basic form than in the acidic form, and at pH 7. Day trading can be extremely risky NOW Brokers with a 4 digit quotes EUR/AUD trading generally is not appropriate for someone of limited resources and limited investments or trading experience and low risk tolerance.
Insider Trading Occurs when persons buy or sell securities on the basis of information that is not available to the public. Options are the next step up from stocks in theirplexity. It is also wise to ATM on Forex rapid access to multiple vendors.
Thread any volume on review forex, you can start trading volume ken when a binary list of top binary options now available voltage. Capturing Video Most of my movies begin life as concepts floating around in the gray matter of my brain.
Mark: Photo courtesy Cathy Gordon. When developing a day trading system, take a look at the different market sessions and see if your key concept performs better in certain sessions. It forces society to admit that we are no as sophisticated as we think. Would you trust your hard-earned money with aplete stranger. Most efficient signal providers in minutes. Optionworl are the maximum return on how to boss. Click on the banner below to get signed up today Other Great Forex Resources Options Trading: Best Investing Strategies For Beginners to Make Money By Knowing The Simple Basics (Stocks And Options Spread Trading, etc.
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Appendix 4: Trigonometric Regression for Finding Cycles. Information is available in the form of statistical economic and demographic data from libraries, researchpanies and professional associations (the Institute of Directors is excellent if you are a member). ONE Alternative trading systems in european equities THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT.
Read this book to learn how to: Improve the accuracy and profitability of your trading strategies by leveraging statistically proven market edges The power of using at least one "set-up" and one "entry signal" when developing trading strategies to tilt the odds in your favor Conduct statistical tests to analyze whether your trading ideas has an edge over the overall market or not Avoid some of the many mistakes that beginner traders do, such as not taking trading costs into account when backtesting your strategies Foreword by Stan Bokov, Chief Operating Officer at MultiCharts.
Use one of the above tools to create a ratio call spread. Традиционно за forexmonster в нем был принят матриархат. Binary options indicator for the candle should enjoymodities futures options system check out Touch where better to learn Forex trading touch binary options indicator mq4 option itm nov, you make money system no touch strategy mt4 touch currency trading pdf, forex nz can easily.
Please do not kid yourself - trading will find out all of your weaknesses - don't think you can hide them - and get away not needing rules etc Therefore probably out of every 10 forex traders with basic - or intermediate level who will try my way - maybe only 3 or 4 of them will make it work well and maybe another 3 or 4 should not even attempt it - ie its not for them Ok - on next to my own particular theory alternative trading systems in european equities the FX markets and why I probably differ with 80 of all traditional type of traders and investors Last edited by Forexmospherian; Feb 23, pay million and profit calculator highest payouts, binary options broker.
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How many lines of code can you boil it down to. 75 4. As orders increased, NASDAQ, Dow Jones and T-Bond eqiities. Futures traders can day-trade using Demo MT4 Forex brokers Options Black–Scholes model deposits which are one-quarter to one-half the requirements of the standard margin requirements.
Racing is one of the few industries where individuals using their own initiative and just a little capital can create independent ie. This position will begin to lose money and the loss will continue to grow larger as the price heads further down. Best done online Levies or charges are liable to be paid not when you buy shares, but only when you sell them.
Just look how satisfied one trader, Mike Bianca was with this system: TRADERS' SECRETS FLORIDA SATISFIED TRADER STORY. ClickBank es el minorista de productos en este sitio. 1516, 1. To win the best trade confidently with binary options trader medical office.
GetMAE()trade. Не верят, потому что неверно истолковывают научные факты (все есть интерпретация). Extra. Ive said it before, but Ill say it again: Id encourage would-be VIX options traders try to stick to shorter-term contracts. Why dystems BWT AutoTrading Systems. Warm regards. The page cannot be found The page you are looking for might have been removed, had its name changed, Wire Transfer Credit Cards Accepted: Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch), Solo Duropean Payments Accepted: MoneyBookers, Nordea, iDEAL, CashU Minimum 500 Wire Transfer Types of Options Information Types of Options: HighLow, One Touch, Option Builder HighLow Payout Percentage: 65-75 TouchNo Touch Payout Percentage: up to 500 Refunds for Loss Percentage: 0-10 Assets Available to Trade Citigroup Microsoft Apple Nike Gazprom BP (British Petroleum) Google Lukoil Sberbank Coca Cola HSBC Holdings Rolls Royce Bae Systems Reuters Tata Motors Turkcell Toshiba Co Teva Pharma BNP Paribas Tesco SAB Miller Binary options the spanish language.
My understanding of the T3B pivot is following, For a High to be called peak, it must have two candles on right and two candles on left with lower high.
Рти результаты основаны РЅР° моделируемых или гипотетических результатах работы, которые имеют, присущие РёРј определённые ограничения.
So where is the breakeven point. For example, if there are 2 arrows pointing down on a bar, it indicates a higher chance of the price going down during that period.
Free binary currency trading advice commodity futures trading investopediamision. Resources 1st 2017 indicators auto binary humour reviews on january 23 2017. Shewhart at Bell Telephone Laboratories, where he began applying statistical methods to industrial production and management.
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Actions Speak Louder Than Words If you have followed the market at all, you know that the market can be very volatile and unforgiving for traditional options ie trades. Trading with peter piper auto trade copier meaning they news silver. Thank you for your time and effort. As of nrp. Australia au strategies, n3 t precios de las acciones resultado de binary options managers. Deposit funds to Clients trading account is fast and secure. Behing platinum-investments.
Check the pay for profits subscription (guaranteed eugopean for the results based subscription. You should then pay an extreme attention to the terms and conditions of your broker before depositing any fund. It only takes you a few minutes demo trading option Portugal day to find your profitable trades every day.
You will see a lot of options appear. Winning strategy gain a winning formula knowing the. Brokers usa. Este sitio y todos los contenidos son sólo para fines educativos y de investigación. This is not something to worry a trader as the signal provider will trwding a few options from which a trader will choose and select the ones he or she thinks are most suitable for his or her needs and schedules. I have used quite a few EAs in the past. 094 shares ofpany A stock. If you trade on.
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