Emissions Trading. Institutional Design, Decision Making and Corporate Strategies. Ralf Antes Bernd Hansjürgens l Peter Letmathe Stefan Pickl Editors

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1 Emissions Trading

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3 Ralf Antes Bernd Hansjürgens l l Peter Letmathe Stefan Pickl l Editors Emissions Trading Institutional Design, Decision Making and Corporate Strategies Second Edition

4 Editors Prof. Dr. Ralf Antes Universität Halle-Wittenberg LS Betriebliches Umweltmanagement Große Steinstr Halle Germany Prof. Dr. Peter Letmathe Universität Siegen FB 05 Wirtschaftswissenschaften LS für Wertschöpfungsmanagement Hölderlinstr Siegen Germany peter.letmathe@uni-siegen.de Prof. Dr. Bernd Hansjürgens UFZ Umweltforschungszentrum Leipzig-Halle GmbH Permoserstr Leipzig Germany bernd.hansjuergens@ufz.de Prof. Stefan Pickl Universität der Bundeswehr München Fakultät für Informatik Werner-Heisenberg-Weg Neubiberg Germany stefan.pickl@unibw.de ISBN e-isbn DOI / Springer Heidelberg Dordrecht London New York Library of Congress Control Number: # Springer-Verlag Berlin Heidelberg 2008, 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (

5 Contents Introduction... 1 Ralf Antes, Bernd Hansjürgens, Peter Letmathe, and Stefan Pickl Part A Emisions Trading Markets Intertemporal Emissions Trading and Market Power: Modeling a Dominant Firm with a Competitive Fringe... 9 Julien Chevallier International Emissions Trading: A Pricing Model Based on System Dynamical Simulations Bo Hu and Stefan Pickl Comparative Analysis of Alternative Post-2012 Climate Policies and Ancillary Benefits for Ukraine: A General Equilibrium Approach Olga Diukanova Design of Emission Allocation Plans and Their Effects on Production and Investment Planning in the Electricity Sector Dominik Möst, Massimo Genoese, Anke Eßer-Frey, and Otto Rentz The Negotiation Process to Include International Aviation in a Post-2012 Climate Regime Odette Deuber v

6 vi Contents Part B Greenhouse Gas Management, Emissions Trading and Business Strategies Corporate Social Responsibility Programs for Emissions-Trading Risk Management in Canadian Banks Brian Robertson How Does Emissions Trading Influence Corporate Risk Management? Edeltraud Günther, Martin Nowack, and Gabriel Weber A Model for the Valuation of Carbon Price Risk Henry Dannenberg and Wilfried Ehrenfeld Integration of a New Emission-Efficiency Ratio into Industrial Decision-Making Processes A Case Study on the Textile Chain Grit Walther, Britta Engel, and Thomas Spengler Offensive GHG Management and Small and Medium-Sized Enterprises Charlotte Hesselbarth and Barbara Castrellon Gutierrez Part C New Technologies and Instruments in the Field of Emissions Trading The Potential of Ocean Iron Fertilization as an Option for Mitigating Climate Change Christine Bertram A New Sector Mechanism for Clean Coal Technologies in a Carbon Constrained World John Kessels Post-Kyoto GHG-Offset Project Eligibility Criteria Brian Robertson Voluntary Carbon Offsets Empirical Findings of an International Survey Stefanie Brinkel and Ralf Antes Climate Change and the Clean Development Mechanism in Indonesia: An Appraisal Nicole Dathe

7 Contributors Ralf Antes Department of Economics, University of Cooperative Education Gera, Weg der Freundschaft 4A, Gera, Germany, Christine Bertram Kiel Institute for the World Economy, Duesternbrooker Weg 120, Kiel, Germany, Stefanie Brinkel Martin-Luther-University, Faculty of Law and Economics, Chair of Corporate Environmental Management, Große Steinstraße 73, Halle (Saale), Germany, Barbara Castrellon Gutierrez Centre for Emissions Trading, Martin-Luther- University Halle-Wittenberg, Große Steinstraße 73, Halle, Germany, Julien Chevallier EconomiX-CNRS, University of Paris, 10 Department of Economics, Office G-307a, 200 avenue de la République, Nanterre Cedex, France, Henry Dannenberg Halle Institute for Economic Research (IWH), Kleine Märkerstr. 8, Halle, Germany Nicole Dathe Pfotenhauerstr. 74, Dresden, Germany, Odette Deuber Mathildenstr. 44, Tübingen, Olga Diukanova Fondazione Eni Enrico Mattei (FEEM) Castello, I Venice, Italy, olga.diukanova@feem.it vii

8 viii Contributors Anke Eßer-Frey Institute for Industrial Production, Universität Karlsruhe (TH), Hertzstraße 14, Karlsruhe, Germany Wilfried Ehrenfeld Halle Institute for Economic Research (IWH), Kleine Märkerstr. 8, Halle, Germany, Britta Engel Braunschweig University of Technology, Katharinenstr. 3, Braunschweig, Germany, Massimo Genoese Institute for Industrial Production, Universität Karlsruhe (TH), Hertzstraße 14, Karlsruhe, Germany Edeltraud Günther Technische Universität Dresden, Dresden, Germany; University of Virginia, McIntire School of Commerce, Bernd Hansjürgens UFZ Umweltforschungszentrum, Leipzig-Halle GmbH, Permoserstr. 15, Leipzig, Germany, Charlotte Hesselbarth Centre for Sustainability Management, Leuphana University Lueneburg, Scharnhorststraße 1, 21335, Lueneburg, Bo Hu Universität der Bundeswehr München, D Neubiberg, Germany, John Kessels IEA Clean Coal Centre, SW15 6AA London, United Kingdom, john. Peter Letmathe Universität Siegen, Fachbereich 05, Hölderlinstr. 3, Siegen, Germany, Dominik Möst Institute for Industrial Production, Universität Karlsruhe (TH), Hertzstraße 14, Karlsruhe, Germany, Martin Nowack Technische Universität Dresden, Dresden, Germany, Stefan Pickl Universität der Bundeswehr München, D Neubiberg, Germany, Otto Rentz Institute for Industrial Production, Universität Karlsruhe (TH), Hertzstraße 14, Karlsruhe, Germany Brian Robertson SolTerra Capital Corp., Toronto, Canada, solterracapital.com

9 Contributors ix Thomas Spengler Braunschweig University of Technology, Katharinenstr. 3, Braunschweig, Germany Grit Walther Schumpeter School of Business and Economics, Bergische Universität Wuppertal, Rainer-Gruenter-Str. 21, Wuppertal, Germany, Gabriel Weber Technische Universität Dresden, Dresden, Germany,

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