Michaelowa, Axel; Butzengeiger, Sonja - In: Climate Policy 5 (2005) 1, pp. 1-9
With the introduction of the EU emissions trading system on 1 January 2005, the EU became the world leader in the … implementation of a market mechanism in environmental policy. Through the project-based Kyoto mechanisms, the EU trading scheme is … have received a generous allocation. This may lead to a market with low liquidity and low prices. Nevertheless, the EU …