Climate system protection from the legal point of view Climate change seems to be a defining ecological issue of the 21st century. However, unlike other global threats there are still some scientific uncertainties about the gravity of this problem and its actual consequences. On the other hand the proven fact is that the Earth climate is affected by altered atmospheric concentrations of greenhouse gases. Dozens of recent studies clearly indicate that the changes in the atmosphere are a result of human activities and that an immediate action is needed to reduce greenhouse gas emissions and avoid reaching more harmful levels. If nothing is happened, climate change would lead to a rise in global average temperature together with other associated impacts such as melting glaciers, rising sea-levels or more frequent appearence of extreme weather events. The climate change issue is being addressed both at international and national level. There is a need to take a coordinated action of all states worldwide with respect to their development capabilities and historic responsibilities. International negotiations in last couple of years have shown that it will be very difficult to achieve an agreement between countries with different intrests. The aim of this diploma thesis is to summarize a development of the...

Climate system protection from the legal point of view The global warming is one of the most serious and acute problem, that is touching all the global society. Growing of the greenhouse gasses is evoking the change of climate system, especially the warming of the Atmosphere and the Earth. In the last 100 years the temperature rises, what cause a lot of problems not just on the environment, but impacts on human health and society. Many of recent scientist studies clearly indicate, that climate changes are a result of human activities. Consequences of the global warming have been observed for several years, included rising global average temperature, rising of the sea level, melting glaciers and severity of extremes such as heat waves, cold waves, storms, floods and droughts. To preclude this consequences, there is necessary a global action with participation of every country. The aim of the diploma thesis is an introduction to the reader create a picture of the functioning of the climate system and its changes, causes and consequences of these changes and clarify the activities to protect, whether it is the activities of international, multinational or the Czech Republic. Finally, I will try to assess the individual activities and measures, including measures of adaptation, or to compare them and...

This dissertation is a collection of three economics essays on different aspects of carbon emission trading markets. The first essay analyzes the dynamic optimal emission control strategies of two nations. With a potential to become the largest buyer under the Kyoto Protocol, the US is assumed to be a monopsony, whereas with a large number of tradable permits on hand Russia is assumed to be a monopoly. Optimal costs of emission control programs are estimated for both the countries under four different market scenarios: non-cooperative no trade, US monopsony, Russia monopoly, and cooperative trading. The US monopsony scenario is found to be the most Pareto cost efficient. The Pareto efficient outcome, however, would require the US to make side payments to Russia, which will even out the differences in the cost savings from cooperative behavior. The second essay analyzes the price dynamics of the Chicago Climate Exchange (CCX), a voluntary emissions trading market. By examining the volatility in market returns using AR-GARCH and Markov switching models, the study associates the market price fluctuations with two different political regimes of the US government. Further, the study also identifies a high volatility in the returns few months before the market collapse. Three possible regulatory and market-based forces are identified as probable causes of market volatility and its ultimate collapse. Organizers of other voluntary markets in the US and worldwide may closely watch for these regime switching forces in order to overcome emission market crashes. The third essay compares excess skewness and kurtosis in carbon prices between CCX and EU ETS (European Union Emission Trading Scheme) Phase I and II markets, by examining the tail behavior when market expectations exceed the threshold level. Dynamic extreme value theory is used to find out the mean price exceedence of the threshold levels and estimate the risk loss. The calculated risk measures suggest that CCX and EU ETS Phase I are extremely immature markets for a risk investor, whereas EU ETS Phase II is a more stable market that could develop as a mature carbon market in future years.

This thesis analysis the impact of private road transport under emission trading using two different Computable General Equilibrium models. A static multi-region model with special emphasis on the European Union, addresses the welfare impact of road transport under the European Emission Trading System. Including terms-of-trade effects, this model does not account for congestion which is the main externality of road transport. Furthermore, technological details of electricity generation which are an important factor in evaluating climate policies are not included. Therefore, the second model is a static Small Open Economy model of the German economy including congestion effects and detailed technological characteristics of electricity generation. The results of both models highlight the important role of already existing taxes on transport fuels for the evaluation of carbon mitigation measures in road transportation.

This thesis analysis the impact of private road transport under emission trading using two different Computable General Equilibrium models. A static multi-region model with special emphasis on the European Union, addresses the welfare impact of road transport under the European Emission Trading System. Including terms-of-trade effects, this model does not account for congestion which is the main externality of road transport. Furthermore, technological details of electricity generation which are an important factor in evaluating climate policies are not included. Therefore, the second model is a static Small Open Economy model of the German economy including congestion effects and detailed technological characteristics of electricity generation. The results of both models highlight the important role of already existing taxes on transport fuels for the evaluation of carbon mitigation measures in road transportation.