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1、KIELWORKINGPAPERNO.2164
2、SEPTEMBER2020THEFUTUREOF(NEGATIVE)EMISSIONSTRADINGINTHEEUROPEANUNIONWilfriedRickels,AlexanderProelß,OliverGeden,JulianBurhenne,MathiasFridahlUndertheEuropeanUnionEmissionsTradingSystem(EUETS),operatorsmustsurrenderallowancescorrespondingtotheemissionsofgreenhousegases
3、(GHG)fromtheirinstallations.ThesupplyofallowancesintheEUETSdecreaseslinearlyand,allelseequal,isexpectedtoendaround2057.Anearliercut-offdateislikelytofollowfromtheEuropeanCouncil’srecentdecisionthattheEUshouldreachnet-zeroGHGemissionsby2050.ScenariospublishedbytheEuropeanCommissionevenanticip
4、ateanet-negativecapintheEUETSfrom2045onwards,generatedthroughcarbondioxide(CO2)removals.Upholdingemissionstrading,inthelongrun,thereforeentailssignificantuseofcreditsresultingfromatmosphericCO2removalactivities.However,initscurrentform,theETSDirectivedoesnotcontainanylegalbasisforgeneratingC
5、O2removalcredits.IntegratingCO2removalintotheEUETSwould,thus,requirefundamentalamendmentsoftheETSDirective,waivingthecurrentlymandatoryassociationbindingemittingactivitiestotheadoptionofemissionabatementtechnologies.Thenextpolicywindowforsuchamendmentswillopenin2021,followingthedecisiononamo
6、reambitiousEU2030emissionreductiontarget.Thisconceptualpaperexploresvariousdesignoptionsforintegratingnegativeemissionstechnologies(NETs)intotheEUETS.Wediscusstheirpotentialimplicationsforemissionstradingatlargeandaddressthespecificityofbioenergywithcarboncaptureandstorage(BECCS):repealingth
7、eprovisionthatinstallationsexclusivelyusingbiomassarenotcoveredbytheETSDirective,BE(CCS)installationscouldinprinciplefallwithinthescopeoftheETSDirective.Theoretically,itwouldbepossibletoconsiderfreeallocationofbiogeniccreditstoBE(CCS)installations.Bioenergyoperatorscouldavoidhavingtosurrende
8、rthesebiogenicallowancesthroughtheuseofCCSandinsteadsellthemontheEUETSmarket,havingimplicitlyreceivedcreditsfortheremovalofCO2fromtheatmosphere.Keywords:EuropeanEmissionTrading,CarbonDioxideRemoval,NegativeEmissionTechnologies.JELclassification:K33
