We analyze how conventional emissions trading schemes (ETS) can be modified by introducing ”clean-up certificates” to allow for a phase of net-negative emissions. Clean-up certificates bundle the permission to emit CO2 with the obligation for its removal. We show that demand for such...

Like many countries responding to climate change, Korea also faces an unprecedented transformation of its power sector into a low-carbon system. To evaluate the most advantageous combination of technologies and necessary policies for achieving the goals of such a transformation, this study...