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Reviewing the Market Stability Reserve
出版Umweltbundesamt, 2021
URLhttp://books.google.com.hk/books?id=voaHzgEACAAJ&hl=&source=gbs_api
註釋This paper contributes to the review of the Market Stability Reserve (MSR) by assessing the operation of the MSR and by discussing important issues with respect to adapting and complementing the MSR parameters for Phase IV of the EU Emissions Trading System (EU ETS). The analysis focuses on the current cap architecture for Phase IV, while also considering more ambitious cap setting, with an emission reduction of 65% by 2030, compared to 2005, reflecting a potential outcome of revision of the EU ETS cap. We identify and propose reforms to key elements of the MSR. Specifically, we consider several reform options for the MSR feed and release parameters, a change in the definition of the Total Number of Allowances in Circulation (TNAC) thresholds to account for changing liquidity needs during Phase IV, and how to increase the speed of the MSR response within the current MSR architecture. We also discuss the pros and cons of introducing a hybrid system with both price and quantity based MSR triggers. Moreover, we discuss how to account for allowance demand from aviation and introduce invalidation of vintage allowances. We also analyze the interaction between the voluntary cancellation of allowances and the MSR and propose a rule-based cancellation mechanism to account for national initiatives to phase out coal-based power generation.