Global warming reveals that the current evolution of the world consumption is on an unsustainable path. Humankind's insatiable appetite for energy has sparked a new crisis. In a world where climate change has become a proven reality, there lies a deep uncertainty about the physical, economic and...

This article studies the price relationships between EU emissions allowances (EUAs) - valid under the EU Emissions Trading Scheme (EU ETS) - and secondary Certified Emissions Reductions (sCERs) - established from primary CERs generated through the Kyoto Protocol's Clean Development Mechanism...

To improve risk management in the European Union Emissions Trading Scheme (EU ETS), the European Climate Exchange (ECX) has introduced option instruments in October 2006 after regulatory authorization. The central question we address is: can we identify a potential destabilizing effect of the...

Cet article examine les impacts de la production industrielle dans les secteurs couverts par le Système d’Echange des Quotas Européens (European Union Emissions Trading Scheme, EU ETS) sur les changements de prix au comptant du CO2 durant la PhaseI(2005-2007). À partir d’indices de...

This article aims at characterizing the daily price fundamentals of European Union Allowances (EUAs) traded since 2005 as part of the Emissions Trading Scheme (ETS). First, the presence of two structural changes on April, 2006 following the disclosure of 2005 veri?ed emissions and on October,...

The EU ETS has been criticised for threatening the competitiveness of European industry and generating carbon leakage, i.e., increasing foreign greenhouse gas emissions. Two main options have been put forward to tackle these concerns : border adjustments and output-based allocation, i.e.,...

Le régime de l’assurance des catastrophes naturelles en France est actuellement en équilibre. Cependant, un évènement majeur peut le déséquilibrer et l’Etat peut être appelé en garantie. Des événements climatiques récents ont conduit à l’élaboration d’une réforme,...