eLibrary: Emissions Trading. Version 1.0 (September 2021)

The purpose of this eLibrary is to introduce scientific debates around emissions trading. Several countries have put a price/cost on fossil fuel pollution, but with the price comes a market. Such schemes are viewed by their proponents as vital tools in climate change control and they will be a hot topic over the coming months. Here is a source on their current use


The list is not intended to be exhaustive. For readers new to the topic, we have added three explanatory videos in the ‘How it works’ section. When it comes to the articles, we recommend reading the Abstract and Conclusion first, before deciding whether to invest further in a specific piece. All the pieces are free-online. However, some items have been republished in Academia Edu [AE] and Research Gate [RG]. These can be accessed simply by registering at each (once only).



ADB (2016) Emissions Trading Schemes and their Linking: Challenges and Opportunities in Asia and the Pacific

ADB (2018) The Korea Emissions Trading Scheme. Challenges and Emerging Opportunities

AIGCC (2021) China Emission Trading System. A New Dawn

Ares, E. (2021) The UK Emissions Trading Scheme. UK Parliament Briefing

Bandyopadhyay, K.R. (2016) Emission Trading in India: A Study of Two Schemes, Asian Growth Research Institute, Working paper 2016-03

Bang, G., Victor, D.G. and Andersen, S. (2017) ‘California’s Cap-and-Trade System: Diffusion and Lessons’, Global Environmental Politics, 17, 3, 12-30

Bayer, P. and Aklin, M. (2020) ‘The European Union Emissions Trading System reduced CO2 emissions despite low pricesPNAS, 117, 16, 8804-8812

Burtraw, D. and Themann, M. (2018) Pricing Carbon Effectively: Lessons from the European Emissions Trading System

Calel, R. and A. Dechezleprêtre (2016), “Environmental Policy and Directed Technological Change: Evidence from the European Carbon Market”, Review of Economics and Statistics 9 (1), 173−91

Carbon Market Watch (2021) A New Hope – Recommendations for the EU Emissions Trading System review

Chen, X. and Xu, J. (2018) ‘Carbon Trading Scheme in the People’s Republic of China: Evaluating the Performance of Seven Pilot Projects’ Asian Development Review, 35, 2, 131-152

Cushing, L.A. e.a. (2016) A Preliminary Environmental Equity Assessment of California’s Cap-And-Trade Program

Dechezleprêtre, A., D. Nachtigall, and F. Venmans (2018), The Joint Impact of the European Union Emissions Trading System on Carbon Emissions and Economic Performance, OECD Economics Department Working Papers no. 1515.

Duan, M., Pang, T. and Zhang, X. (2014) ‘Review of Carbon Emissions Trading Pilots in China’, Energy and Environment, 25, 3-4, 527-549

European Commission, EU ETS Handbook

European Commission EU Action against Climate Change. The EU Emissions Trading Scheme

Ferrier, J. (2019) EU Emissions Trading System. SPICe

Friends of the Earth Europe (2010) The EU Emissions Trading System: failing to deliver

Gerlagh, R., R. J. R. K. Heijmans, and K. E. Rosendahl (2019), Endogenous Emission Caps Always Induce a Green Paradox, CESifo Working Paper no. 786

German Emissions Trading Authority (DEHSt) (2013) Linking Different Emissions Trading Systems. Current State and Future Perspectives

Hua, Y and Dong, F. (2019) ‘China’s Carbon Market Development and Carbon Market Connection: A Literature Review’, Energies, 12

ICAP (2021) EU Emissions Trading System (EU ETS)

ICAP (2021) Emissions Trading Worldwide. Status Report 2021

IEA (2020) China’s Emissions Trading Designing efficient allowance allocation

Kuneman, E. e.a. (2021) The Korea Emissions Trading System and electricity market Influence of market structures and market regulation on the carbon market. German Environment Agency

Laing, T. e.a.  (2014) Assessing the effectiveness of the EU Emissions Trading System,

Leining C. and Kerr, S. (2016) Lessons Learned from the New Zealand Emissions Trading Scheme, MoTu Working Paper, 16-06.

Leining C. and Kerr, S. (2018) A Guide to the New Zealand Emissions Trading Scheme, MoTu

Ma. Z e.a. (2019) ‘Linking Emissions Trading Schemes: Economic Valuation of a Joint China–Japan–Korea Carbon Market’, Sustainability, 11

Narassimhan, E. e.a. (2018) ‘Carbon pricing in practice: a review of existing emissions trading systems’, Climate Policy, 18, 8

OECD (2021), Effective Carbon Rates 2021: Pricing Carbon Emissions Through Taxes and Emissions Trading, OECD Publishing, Paris

OECD (2002) Towards International Emissions Trading: Design Implications for Linkages

Perino, G., R. A. Ritz, and A. van Benthem (2019), Understanding Overlapping Policies: Internal Carbon Leakage and the Punctured Waterbed, Cambridge Working paper in Economics.

Philibert, C. and Reinaud, J. (2004) Emissions Trading: Taking Stock and Looking Forward, OECD

Reyes, O. and Gilbertson, T. (2009) ‘Carbon Trading: How it Works and Why it Fails’, Critical Currents, 7. [RG]

Thomson Reuters Carbon Point (??) Carbon Pricing, Emissions Trading and Linking Emissions Trading Schemes

Tiche, F. (2017) Linking emissions trading systems: A law and economics analysis. PhD Thesis University of Groningen

UNEP (2020), Emissions Gap Report 2020, United Nations Environment Programme, Nairobi.

Vollebergh, H.R.J  and Brink, C. (2020) ‘What Can We Learn from EU ETS?’ ifo DICE Report, 18, 23-39.

World Bank (2020), State and Trends of Carbon Pricing 2020, World Bank, Washington, DC.

Zhang, H., Boute, A. and Acworth, W. (2021) China’s Pilot Emission Trading Systems and Electricity Markets (Hubei and Shenzhen) Influence of market structures and market regulations on the carbon market German Environment Agency