The main aim of this thesis is to show how emission allowances for carbon dioxide work in the emission control system of the European Union. The first and second chapters explain global warming, give a summary of views on how to solve environmental pollution using economic instruments and inform about the first summit climate changes in 1992 in Rio de Janeiro. The third and fourth chapters discuss the origin and development of the European Union Emissions Trading Scheme (EU ETS) and other climate summits that were held between 2007 - 2015. The analytical part of my thesis deals with the third trading period of the EU ETS, the factors affecting the price of allowance and the measures resulting from global climate conferences. In this part I verify whether it is possible for climate conferences to be considered trend that moves the entire demand curve. This premise was tested with the aid of hypothesis: "In the period of the climate conference increases price of allowance." This hypothesis was examined on the basis of the condition ceteris paribus and the result of this thesis is the fact that conferences don't influence price of allowance. The results indicate that the price of allowance is probably influenced by other factors that were not the subject of my analysis.

The Master’s thesis reviews the topic of hydrogen in within European and Czech energy industry. Hydrogen’s usage in gas industry, heating industry and power engineering may play a significant role in meeting European Union’s ambitious goals aiming to reduce emission production. This work identifies specifications of technologies used to produce, transport, and use of hydrogen and their impact on today’s energy systems and safety. The technical, economic, and political context is emphasized. The technical part covers the topic of injecting hydrogen into natural gas and it’s impact on physico-chemical properties of gas. The work analyses concentrations of 0, 5, 10, 15, 20 and 25 molar percent of hydrogen in real composition of natural gas measured on a handover point of transition system. Furthermore, calculations for these mixtures have been done to determine a change in characteristics of a heat exchanger. The results show, that with higher concentrations of hydrogen, the power of heat exchanger rises, while the power of a burner decreases due to lower calorific value of gas mixture. The last chapter follows up on a economical analysis of fuel and emission allowance costs for above-mentioned concentrations of hydrogen in gas mixture. Specific values of combined cycle gas plant Počerady from year 2019 were used for calculations. The results show, that in all of the three considered scenarios of emission allowance price predictions, replacing hydrogen with natural gas did not have a positive economic impact.

博士（経営） / 甲第735号 / 162 p. / 一橋大学

The economic instruments of environmental protection form an important part of environmental policy of each state and play a substantive role in forming of specific policy packages. Reagulation founded in Czech law with regards to the system of environmental fees is an object of this thesis. The thesis is dividend into four chapters. The first chapter brings a general characterization of the environmental policy tools and it defines them in contrast to direct regulation instruments. The second chapter mentions the historical development of economic tools, discribes them and explains their functions. The main third chapter deals with emission fees legislation mainly. However, the system of the fees is assessed according to accomplishing the functions typical to economic tools. At the same time it is evaluated in accordance with the overall effectivity point of view. The fourt chapter focuses on the other economic instruments and it endeavours to evaluate the positive and negative aspects of its actual regulation.

Le changement climatique est l'un des plus importants enjeux mondiaux. D'une part, la question du changement climatique est liée aux intérêts fondamentaux de l'humanité tout entière, dont elle menace le développement et la destinée future voire la survie. D'autre part, la diplomatie, dans les principaux domaines de la politique internationale, et en raison du manque de moyens, peine à atteindre une logique d’action collective et à établir une gouvernance climatique mondiale. Par sa croissance économique rapide, la Chine est devenue le plus grand émetteur mondial de gaz à effet de serre, et joue un rôle clé dans la diplomatie climatique. L’évolution de sa position dans les négociations sur le climat influence l’architecture du changement climatique international, pour la période pré-2020 aussi bien que pour l’après-2020. La recherche se concentre sur les interactions entre politiques locales, politiques nationales et la diplomatie sur le climat pour mettre en évidence les perspectives de la politique du changement climatique en Chine. Selon cette étude, la construction d’une civilisation écologique et la dé-carbonisation profonde de la Chine reposent principalement sur la transformation de son mode de développement économique. L’instrument de marché d'échange de carbone jouera un rôle décisif dans la future politique climatique de la Chine. Cela déterminera sa politique étrangère future, et lui permettra de jouer un rôle plus constructif / Climate change is one of the most important global issues of the world. On the one hand, the issue of climate change relates to the fundamental interests of the whole humanity, its development and future destiny, and even threats its survival. On the other hand, climate diplomacy, from the different perspectives of the main areas of international politics, and for lack of means, struggles to reach a logic of collective action in global climate governance. With its rapid economic growth, China has become the world's largest emitter of greenhouse gases and plays a key role in climate diplomacy. The evolution of its climate negotiation position influences the international climate change architecture for the pre and post-2020 period. The research will focus on the interaction between local policies, national policies and climate change foreign policy, in order to highlight the perspectives of climate change policy in China. According to this research, the construction of ecological civilization and its deep decarbonisation action in China need the transformation of the economic mode of development. Carbon trading market instruments will play a decisive role in China’s future climate policy. It will determine its foreign policy, and allow China to play a more constructive role

Handelssystem för utsläppsrätter används av flertalet länder och områden i ett försök att minska klimatförändringarna. Syftet med dessa handelssystem är att ge företag ekonomiska incitament att minska sina utsläpp av växthusgaser och på så vis gemensamt minska utsläppen på ett kostnadseffektivt sätt. Många av dessa system bygger på en ”cap and trade” princip, d.v.s. ett tak sätts för hur stora utsläppen får vara. För att säkerställa att de sammanlagda utsläppen inte överstiger taket kan företag förvärva utsläppsrätter genom gratis tilldelning eller köp. En utsläppsrätt innebär att företaget kan släppa ut en viss mängd växthusgaser. Företaget måste ha tillräckligt med utsläppsrätter för att täcka sina utsläpp, annars måste de köpa ytterligare utsläppsrätter av andra företag. Tanken är att man genom detta handelssystem gör det möjligt att minska utsläppen till minsta möjliga kostnad. I dagsläget finns det väldigt lite vägledning kring hur företag ska redovisa utsläppsrätter, vilket främst grundar sig i att åsikterna kring vad utsläppsrätter verkligen är går isär. En del hävdar exempelvis att utsläppsrätter ska ses som lager, medan andra hävdar att de är immateriella tillgångar. En argumentation har även först om att utsläppsrätter i grund och botten är rättigheter och därför ska behandlas som sådana i de finansiella rapporterna. I Nordamerika har organisationen FERC gett ut rekommendationer inom området, sedan tillbakadragandet av IFRIC 3 finns dock ingen vägledning i Europa. Syftet med studien är att undersöka hur 104 företag med säte i Nordamerika och Europa redovisar utsläppsrätter i sina finansiella rapporter. Vidare är syftet att fastställa om det finns några skillnader mellan kontinenter samt mellan sektorerna olja och gas, el samt naturgas. Dessutom förs en diskussion om reglering, särskilt i form av ytterligare standarder, kommer att förbättra kvaliteten på den information som delas i de finansiella rapporterna. Enligt tidigare forskning delger företag vanligtvis väldigt lite information gällande utsläppsrätter. Denna slutsats styrks även av vårt resultat då vår studie visar att en stor andel av företagen inte ens nämner utsläppsrätter i sina finansiella rapporter. Vidare har tidigare forskning visat att redovisningen av utsläppsrätter skiljer sig åt när det gäller klassificering såväl som värdering, något som även styrks av vårt resultat. Vårt resultat indikerar även att de skillnader som finns gällande klassificering och värdering delvis kan förklaras av sätes- och sektorstillhörighet men även av en viss påverkan från FERC och IFRIC 3 på respektive kontinent. Utsläppsrätter klassificeras vanligen som lager i Nordamerika och som immateriell tillgång i Europa, detta beror antagligen på att kontinenterna påverkas av FERCs rekommendation respektive IFRIC 3. Den vanligaste värderingsmetoden, på båda kontinenterna, är anskaffningsvärde. Bland de företag som inte använder sig av denna metod är skillnaderna mellan kontinenterna desto större. Resultatet tyder på att företagen vidtar försiktighet på grund av den osäkerhet utsläppsrätterna innebär. Utifrån detta drar vi slutsatsen att det finns stora skillnader i hur nordamerikanska och europeiska företag klassificerar och värderar utsläppsrätter i de finansiella rapporterna. Studien belyser hur val av redovisningsmetoder, gällande utsläppsrätter, skiljer sig åt mellan nordamerikanska och europeiska företag såväl som mellan olika sektorer. Vidare belyser studien hur den bristande regleringen påverkat kvaliteten i de finansiella rapporterna. Användbarheten i de finansiella rapporterna diskuteras även utifrån legitimitets-, intressent- såväl som institutionell teori. / Emission trading schemes are used by several countries and areas with the hope of mitigating climate change. The aim of these schemes is to create economic incentives for companies to reduce greenhouse gas emission and thereby cut the overall emissions cost-effectively. Many of these systems are based on a ”cap and trade” principle where a cap is set on the total amount of emission that can be emitted. To ensure that the overall emissions do not exceed the cap, companies receive, buy or trade emission allowances. These allowances give companies the right to emit a certain amount of greenhouse gases. The company must have a sufficient amount of allowances to cover the emissions, otherwise they must buy additional allowances from other companies. The idea behind this system is that it will make it possible to reduce emission where it costs less. Currently, there is very little guidance in terms of how companies should account for emission allowances. The main issue is that there are different views of what kind of an asset these allowances are. Some argue, for example, that emission allowances should be viewed as inventory while others argue that they should be seen as intangible assets. Arguments have also been made that these allowances are rights and therefore should be treated as such in the financial reports. In America, the organization FERC has given out some recommendations on the area and since the withdrawal of IFRIC 3, there is no guidance in Europe. The aim of this study is to investigate how 104 companies located in North America (USA and Canada) and Europe account for emission allowances in their financial reports. In addition to this, the study aims to determine whether any differences exist between the continents as well as between the sectors oil and gas, electric utility and natural gas. Furthermore, a discussion will be made whether guidance on the matter, especially in the form of additional standards, will improve the quality of the information in the financial reports. Previous research has concluded that companies usually disclose very little information regarding emission allowances. This conclusion is supported by our findings. Our study shows that many companies do not even mention emission allowances in their financial reports. Furthermore, previous research has concluded that the reporting of emission allowances differs among companies in terms of classification as well as valuation, which is consistent with our findings. Our results indicate that the differences in classification and valuation partly can be explained by location and industry affiliation but also by the influence of FERC and IFRIC 3 on the respective continent. Emission allowances are often classified as inventory in Northern America and as intangibles in Europe, which is probably due to the influence of FERCs recommendation and IFRIC 3. The most common valuation method on both continents are historical cost. Among companies that does not use this method the continental variations are major. These findings suggest that prudence plays a key part due to the uncertainty related to emission allowances. Based on this we conclude that there are major differences between how emission allowances are classified and valued in the financial report of North American and European companies. This study highlights how accounting choices differs among Northern American and European companies as well as among different sectors. Furthermore, this study highlights the lack of regulation and how this affects the quality of the financial reports. The usefulness of the financial reports is also discussed from a legitimacy-, stakeholder- and an institutional perspective.