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Report
出版Umweltbundesamt, 2021
URLhttp://books.google.com.hk/books?id=PrRKzgEACAAJ&hl=&source=gbs_api
註釋To date, the supply of units for the voluntary carbon markethas been almost exclusively in the form of credits generated by projects under baseline-and-credit programmes.This report analyses the merits and challenges of another possible source of supply: allowances from emissionstrading systems (ETSs). If the ETS cap is stringent, cancelling an allowance leads to an additional scarcity -and therefore to an additional emission reduction -within the system. Yet some ETSs have market stability instruments (MSIs), such as the Market Stability Reserve (MSR) in the EU ETS, which may provide for the invalidation of allowances in response to market developments. An MSI can thus affect the additionality (and consequently the environmental outcome) of voluntary offsetting. To address thisin the specific context of the EUETS, we find that voluntary buyers aiming to purchase allowances could adopt a 'buy-and-hold' approach, e.g. where a service provider purchasesan allowance and holds it until the MSRno longer effects invalidations.Ultimately, the differing interests and priorities of actors in the voluntary carbon marketprovidespace for both credits and allowances. On the one hand, offset purchasers with a strong focus on international cooperation, the generation of co-benefits in developing countries, communicability with a clearer narrative, and a preference for the promotion of certain technologies may find credits more attractive. Credits often have lower prices but may carry integrity risks due to uncertainty in the establishment of additionality and crediting baselines, which may in turn also create reputational risks. On the other hand, actors in the voluntary market who prefera higher certainty of the direct emission impact may favour allowances.Allowances may also be preferred by buyers keen to promote innovation or drive emissions reductions 'at home', as most buyers stem from developed countries. The main challenges of using allowances for voluntary cancellation arethat emission reductions hinge on the stringency of the aggregated ETS cap over time, and that MSIs need to be appropriately considered.