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By Tamra Gilbertson and Oscar Reyes

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14. 3. 40 Critical Currents no. 43 Carbon crunch The fundamental problem of ‘overallocation’ remains, and has been exacerbated by the fi nancial crisis. 1. 42 See UK Environment Agency, EU Emissions Trading Scheme: Summary Report on Applications to the New Entrant Reserve for Phase II of the Scheme (2008 – 2012), 3 August 2009. pdf+fawley+Summary+ Report+on+Applications+to+the+New+Entrant+ Reserve+for+Phase+II+of+the+Scheme+(2008++2012)&hl=en&gl=uk 43 The EU’s official ETS data source, the Community Independent Transaction Log lists an allocation of 706,633 for 2008, compared to verified emisisons of 199,913 – see European Commission, ‘2008 Compliance Data (extract from CITL 12/06/2009 incl.

Pdf Carbon Trading – How it works and why it fails 37 Proponents of the EU ETS argue that flexibility in transfers of permits across national boundaries within the EU and between different sectors is the fundamental strength of the scheme, providing the ‘flexibility’ for reductions to be achieved at the lowest cost. In practice, though, this has offered an ‘escape hatch’ for companies in the wealthier nations to avoid making any reductions by buying permits that are overallocated elsewhere. The effect was relatively understated in the fi rst phase of the EU ETS, because the whole scheme was overallocated, but there was still a significant proportion of crossborder trade.

57 55 John Browne has subsequently revised his judgment of emissions trading. In March 2009, he told The Observer newspaper: ‘My view has shifted over time. ’ See Tim Webb and Terry Macalister, ‘Carbon trading wrong, says Lord Browne’, The Observer, 8 March 2009. uk/business/2009/mar/08/ oilandgascompanies-carbon-emissions 56 D. Mackenzie, ‘Making Things the Same: Gases, Emission Rights and the Politics of Carbon Markets’, February. ac. uk/staff /sociology/mackenzie_donald ; accessed 5 June 2008.

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Carbon trading : how it works and why it fails by Tamra Gilbertson and Oscar Reyes

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