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Guest Lecture: Phil BrownThe European Carbon Market

Page updated 20 Sep 2007

Slides and abstract from Phil Brown's Guest Lecture presented at the Treasury on 27 February 2007.

Phil Brown

European Climate Exchange

Phil Brown, as well as being the UK Director of the European Climate Exchange, has been involved with discussions around linking emissions trading schemes internationally. These have included discussions with several US states as well as other nations.

Abstract

Many observers of the climate change debate have called for the introduction of a price on carbon throughout international and domestic markets. The carbon market is a rapidly developing market, with the vast majority of activity being in Europe. Market activity has been heavily driven by the European Union's Emission Trading Scheme (EU ETS).

The European Climate Exchange provides futures contracts and options contracts under the EU ETS . EU emissions trading began in January of 2005, to help members meet commitments to the Kyoto Protocol. Emission trading is market based, and attempts to seek an economically efficient means of providing incentives to cut pollution. It does so by incorporating external costs of fossil fuel use into costs of production.

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