This working paper discusses similarities and differences between the cooperation mechanisms of the EU renewable energy directive (RES directive) and the flexible mechanisms of the Kyoto Protocol. The cooperation mechanisms allow the (virtual) trade of renewable energy and were introduced with...

The EU emissions trading system (ETS) is expected to make a major contribution towards achieving the EU’s target to reduce greenhouse emissions by at least 40% by 2030 compared with 1990 levels. Moreover, there is a strong need to address an accumulated over-supply of emissions allowances and...