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dc.contributor.authorBjørnland, Hilde C.
dc.contributor.authorCross, Jamie L.
dc.contributor.authorKapfhammer, Felix
dc.date.accessioned2023-09-18T10:05:05Z
dc.date.available2023-09-18T10:05:05Z
dc.date.issued2023-09-17
dc.identifier.issn1892-2198
dc.identifier.urihttps://hdl.handle.net/11250/3090022
dc.description.abstractThis paper studies the drivers of emission reductions in the carbon market of the European Union Emission Trading System (EU ETS) since its inception in 2005. We introduce a novel empirical framework that facilitates the joint identification of simultaneous demand and supply shocks underlying the European carbon market. We find that emission supply restrictions of the EU ETS were the dominant driver of emissions reductions, reducing emissions by 46%. However we also find that two opposing emission demand factors also played an important role. Demand from industrial economic activity increased emissions by 15%, while other demand-side factors, primarily reflecting the transition to low-carbon economies, reduced emissions by 21%.en_US
dc.language.isoengen_US
dc.publisherBI Norwegian Business Schoolen_US
dc.relation.ispartofseriesCAMP Working Paper Series;08/2023
dc.subjectclimate policyen_US
dc.subjectemissionsen_US
dc.subjectcarbon pricingen_US
dc.subjectemission trading systemen_US
dc.subjectcap and tradeen_US
dc.subjecttransitionen_US
dc.titleThe Drivers of Emission Reductions in the European Carbon Marketen_US
dc.typeWorking paperen_US
dc.source.pagenumber42en_US


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