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Romain H Lacombe - Economic Impact of the European Union Emissions Trading Scheme - Evidence From the Refining Sector - MIT Masters Thesis 2008

Romain H Lacombe - Economic Impact of the European Union Emissions Trading Scheme - Evidence From the Refining Sector - MIT Masters Thesis 2008

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MIT Engineering Systems Division Technology & Policy Program Master's Thesis on the economic impact of the European Union carbon market as measure through on the ground study of refinery operations and energy markets. Romain Lacombe 2008.
MIT Engineering Systems Division Technology & Policy Program Master's Thesis on the economic impact of the European Union carbon market as measure through on the ground study of refinery operations and energy markets. Romain Lacombe 2008.

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Published by: rlacombe on Aug 07, 2010
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10/29/2011

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Economic Impact of the European Union Emission TradingScheme: Evidence from the Refining Sector
by
Romain H. Lacombe
Diplˆome d’Ing´enieur, Ecole Polytechnique, Paris, 2006Submitted to the Engineering Systems Divisionin partial fulfillment of the requirements for the degree of Master of Science in Technology and Policyat theMASSACHUSETTS INSTITUTE OF TECHNOLOGYJune 2008c
Massachusetts Institute of Technology 2008. All rights reserved.Author ............................................................................Engineering Systems DivisionMarch 10, 2008Certified by........................................................................A. Denny EllermanSenior Lecturer, Sloan School of ManagementThesis SupervisorAccepted by.......................................................................Dava J. NewmanProfessor of Aeronautics and Astronautics and Engineering SystemsDirector of Technology and Policy Program
 
2
 
Economic Impact of the European Union Emission Trading Scheme:Evidence from the Refining Sector
byRomain H. Lacombe
Submitted to the Engineering Systems Divisionon March 10, 2008, in partial fulfillment of therequirements for the degree of Master of Science in Technology and Policy
Abstract
I study the economic impact of the European Union Emission Trading Scheme (EU ETS)on the refining industry in Europe. I contrast previous
ex-ante
studies with the lessonsfrom a series of interviews I conducted with industrials, and the public data available onthe first phase of the scheme, effective from January 1st, 2005 to December 31st, 2007. Iconclude that because of organizational inertia, weak incentives linked to the low emissionpermit price that prevailed during its second part, and important industrial and regulatoryconstraints, the Phase I of EU ETS has had a limited economic impact on firms. However,this first trading period was instrumental in allowing the refining sector to build the ca-pabilities needed to respond efficiently to the carbon price signal in the long run. I arguethat the internal and external constraints that this first phase revealed will shape the futureoutcome of the scheme. Based on evidence from the refining sector under EU ETS, I takeposition in the current debate over policy design to suggest ways for regulators to improvethe economic impact and environmental effectiveness of carbon markets.Thesis Supervisor: A. Denny EllermanTitle: Senior Lecturer, Sloan School of Management3

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