"With the global debate now firmly focused on the creation of further carbon markets and the need for international linking, we must never underestimate the influence of the EU's pioneering Emissions Trading Scheme. This created the world's largest carbon market and is the most significant public policy initiative ever to use the market place to protect the environment. Pricing Carbon is a fascinating, detailed but reader-friendly description of the EU ETS by an international team of experts and provides an invaluable evidence based review of the first phase (2005 - 2007) - 'warts and all'. Even the impressive bibliography itself was worth publishing!" - Avril Doyle, former MEP and Rapporteur of the 2008 ETS Directive
"With its empirical focus, this myth-busting book demonstrates the scheme's achievements and flags its ongoing challenges.... For those who want to learn the real lessons of the EU ETS experience, there is no better source than Pricing Carbon." - Nature
The European Union's Emissions Trading Scheme (EU ETS) is the world's largest market for carbon and the most significant multinational initiative ever taken to mobilize markets to protect the environment. This book provides the first detailed description and analysis of the scheme, focusing on the first 'trial' period (2005-7).