Publications

Kyoto and Lisbon - the tale of two cities

6 January 2005


Following the official launch of the European Union CO2 emissions trading scheme on 1 January 2005, Julien Bouzon underlines the risks of price fluctuations on the emissions allowance market in this Issue Paper. Examining the spillover effects on the Lisbon objectives, he argues that amending the founding Directive is already necessary to harmonise further the allocation procedures and unify the Commission’s approach to this new system. The success of the EU emissions trading scheme will be crucial in overcoming the wider international deadlock revealed in the UN Conference on Climate Change in Buenos Aires.

Kyoto and Lisbon - the tale of two cities