Events & Media

The Bren School of Environmental Science & Management
at the University of California, Santa Barbara



"European Market for CO2 Permits: Myths and Reality"

Anna Creti
Professor of Economics
Université Paris Ouest Nanterre la Défense

Wednesday, April 24, 2013
11:30 - 12:30
Bren Hall 1424

"Anna Creti is an internationally renowned expert in energy markets, especially the European Union's Emission Trading Scheme. This trading scheme is most like California's AB 32, so her insights are critical for understanding its success."— Gary Libecap, Faculty Host

The European Union Emission Trading Scheme (EU ETS) is the first large-scale CO2 emission trading system in the world. Established in 2003, the EU ETS is now in its third and final phase, which will last until 2020. Due to the slowing European economy, however, no new abatement is expected to be required to achieve the emissions cap imposed by the third phase of the EU ETS. The fall in price of a tradable carbon credit, from 25€ in 2007 to 3€ at present, is a rational response to European economic conditions. However, in November 2012, the European Commission published its first Carbon Market Report and now estimates a surplus of allowances expected to reach two billion tons by 2020. The report launches a debate on structural measures to reduce this surplus and sets out six options for measures that could do so. Which are the likely consequences of the EU ETS reform? Will Europe's ambitious environmental program be successful?

Anna Creti is a professor of economics at Université Paris Ouest Nanterre la Défense, where she is deputy director of the EconomiX Research Center. She is also a senior researcher and chair for sustainable development at the Ecole Polytechinque in France. Previously, she was an associate professor in economics at Bocconi University in Milan and research director at the "Istituto di Economia e Politica dell´Energia e dell´Ambiente" (IEFE-Bocconi). Anna obtained a PhD in economics from the University of Toulouse. She has previously been a fellow at the London School of Economics, and a tenured researcher at the Institut d’Economie Industrielle, Toulouse School of Economics in France.

NOTE: Community colloquia are generally talks of broad interest geared toward a diverse, sophisticated audience. Their purpose is not only to enhance knowledge and understanding, but also to bring people together and promote interaction that will strengthen the community.


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