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.

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Darbo objektas – „žalioji“ investavimo sistema. Darbo tikslas – ištirti „žaliosios“ investavimo sistemos įgyvendinimo galimybes Lietuvoje. Darbo uždaviniai: remiantis mokslinės literatūros analize, atskleisti „žaliosios“ investavimo sistemos sampratą; išnagrinėti užsienio šalių patirtį kuriant ŽIS; remiantis Aplinkos ministerijos pateikiamais duomenimis, sudaryti ŽIS įgyvendinimo Lietuvoje galimybių tyrimo modelį; atlikti ŽIS įgyvendinimo galimybių Lietuvoje empirinio tyrimo modelio įvertinimą bei nustatyti pagrindines ŽIS įgyvendinimo Lietuvoje galimybes ir kliūtis. „Žalioji“ investavimo sistema yra naujas finansinis mechanizmas, kurio dėka pajamos, gautos iš nustatytosios normos vienetų pardavimo, yra toliau investuojamos į šiltnamio dujų mažinimą. Atlikus ekspertų apklausą, nustatyta, kad Lietuvoje tikslingiausia skirti 80 proc. „sunkaus“ ir 20 proc. „lengvo žalinimo“ projektams. Lietuvoje yra daug neišnaudotų energijos efektyvumo didinimo ir atsinaujinančių išteklių kūrimo galimybių, o stiprioji ŽIS pusė yra jau veikianti Lietuvoje teisinė bazė ir institucinė sistema. Tyrimas parodė, kad per mažai žmogiškųjų išteklių panaudojama ŽIS kūrimui, tobulinimui ir valdymui ir LAAIF yra silpnas žmogiškųjų gebėjimų ir kompetencijos. Nustatyta, kad Lietuva sugebės laiku parduoti tik dalį, o ne visą NNV perteklių. Kadangi Lietuva turi galimybių įgyvendinti ŽIS, ji gali sėkmingai dalyvauti tarptautiniame klimato kaitos kapitalistiniame žaidime pasinaudodama šiuo naujuoju finansiniu... [toliau žr. visą tekstą] / An object of the work – “green” investment scheme. The aim of the work - to research the potentialities of implementation of “green” investment scheme in Lithuania. Tasks of the work: on the basis of scientific literature analysis to specify the concept of the “green” investment scheme; to consider the foreign experience in developing GIS; based on data, supplied by the Ministry of the Environment, to create the model of opportunities for implementation GIS in Lithuania; to execute the assessment of empirical study model of GIS Implementation opportunities in Lithuania and to identify the key opportunities and barriers of GIS implementation in Lithuania. “Green” investment scheme is a new financial mechanism, by which the income from sale of the assigned amount units is being further invested in a greenhouse gas reduction. Executing experts survey, identified that dedicating 80 percent for “hard” and 20 percent for “soft greening” projects is the most appropriate variant in Lithuania. In Lithuania is a lot of unused energy efficiency and renewable resource development opportunities and a strong GIS side is already operating legal framework and institutional framework of Lithuania. The study showed that too little human resources is being used for GIS design, development and management and LEIF is weak of human capacity and competence. It was found that Lithuania will be able to sell only a part, but not all AAU surplus. Since Lithuania has the opportunities to implement GIS... [to full text]

The Kyoto Protocol Clean Development Mechanism (‘CDM’) allows developed countries to invest in developing country projects, to effect both greenhouse gas emission reductions and sustainable development, in exchange for carbon credits. This study considers how Brazilian CDM projects currently promote or inhibit sustainable development in Brazil. Brazil originally proposed the CDM-type framework, led the developing countries in the multilateral negotiations, and now ranks third globally for CDM project investment. The critical legal geography literature and corresponding hybrid analytical framework is applied to analyse the overlapping and multi-layered legal space of CDM projects in the context of an uneven physical and human geography. It applies legal and qualitative social research methods including textual analysis of English and Portuguese-language documents, onsite visits, semi-structured and unstructured interviews, focus groups and case studies of twelve Brazilian CDM projects of varying project types to consider: • The environmental policymaking processes underlying Brazil’s position in the international climate negotiations and how that position impacts Brazil’s assessment of proposed CDM projects’ sustainable development benefits; • The role of the Brazilian Proposal from the 1997 Kyoto Protocol negotiations in Brazil’s ongoing assessment of proposed CDM projects; • Brazil’s enunciated sustainable development criteria for CDM projects against the criteria actually applied; • The role of state environmental licensing authorities and nonstate actors in defining appropriate sustainable development benefits for CDM projects; and • The resulting (neo-)regulatory framework for Brazilian CDM projects’ sustainable development benefits in the context of legal pluralism. This dissertation concludes that Brazil’s CDM-specific domestic regulation is driven by the negotiating positions Brazil has taken in the international climate negotiations, most notably the 1997 Brazilian Proposal. As a result, Brazilian government-based CDM-specific regulation only considers the CDM projects’ Greenhouse Gas emission reductions benefits. Brazilian approval of domestic CDM projects also entails confirmation of administrative compliance with certain non-CDM specific regulatory frameworks, but institutional capacity issues within state and local regulatory agencies tend to undermine the effectiveness of assessing administrative compliance rather than legal and regulatory compliance. This government based regulatory framework is augmented by non-state actors, who have a neo-regulatory impact on corporate activity through demands for sustainable development benefits, giving rise to corporate sustainability programmes. There is scope for this neo-regulatory impact to extend to addressing sustainable development issues more broadly through NGO engagement with local and state environmental licensing authorities in the determination of appropriate environmental licensing conditions. In each case, the achievement of substantial sustainable development benefits is impeded by the lack of a mature multi-stakeholder dialogue involving a local government and civil society. As a result, corporate actors dominate consideration of appropriate sustainable development benefits.

The climate protection under international law Key words: international climatic law, United Nations Framework Convention on Climate Change, Kyoto Protocol Abstract The purpose of the thesis is to analyze the system of climate protection in international law. In the thesis, there is described the history of the part of international law concerning climate changes, the contemporary international climatic law itself, and some of the most serious problems concerning the topic. The reason for my research is to introduce the basic system of international climatic law, as well as to show how modern international law is created. The thesis is divided into five chapters. The first chapter describes the international climatic law as a part of the international environmental law, shows the forms of treaties used in the international environmental law and presents the reasons why the form of framework convention was used in the case of international climatic law. The second chapter analyzes the history and evolution of international climatic law. From the first political declaration to the most recent international conventions, the most important milestones of the development of the international climatic law are shown. The third chapter presents the United Nations Framework Convention on Climate Change itself as the...

The study compares FIT (Feed-in tariff) and RPS (Renewable Portfolio Standard) as the two most commonly used support schemes for renewable energy sources (RES) in the EU. It examines a relationship of an Environmental Kuznets Curve (EKC) and by a practical experiment for public lighting in Prague the study proposes an ecological functioning of electricity grids in the EU with CO2 emissions reduction effect. The main contribution lies in the recency and originality of the econometric analysis and practical experiment. FIT and RPS analysis demonstrates that both schemes affect demand for electricity and increase its price. The econometric model was tested for 28 EU countries for 1990-2013. The results say that the EU is currently located on the downslope of the inverted U-shaped EKC with a turning point, after which the dependence begins to grow. Nevertheless, for the most of observations the turning point is too far to be a source of concern. Practical experiment has shown that installation of energy saving devices for electricity grids in the EU can bring satisfactory results in reducing CO2 emissions independently of state aid. More efficient use of existing energy sources, however, should rather serve as a complement to conventional support, phasing out with the development of RES technologies....

Protection of the Earth's climate system from the legal point of view This thesis aims to provide a broad view of legal protection of the Earth's climate within its six chapters. The first three chapters explain drivers of climate change law. Protection of the climate system has stemmed not only from science, but also to a large extent from the political situation and the performance of the world economy. Therefore, after introduction the second chapter examines the scientific basis of climate change and its evolution in time. The third chapter outlines the history of international negotiations which led to the conclusion of the three most important international instruments regulating climate change - the Framework Convention on Climate Change, the Kyoto Protocol, and the EU ETS Directive. The fourth chapter discusses economic approaches to internalization of global warming costs. The core of the thesis analyzes the legal framework addressing climate change. The analysis is devoted to the backbone of international instruments laid down in the Framework Convention on Climate Change and the Kyoto Protocol, and to one of the most significant regional instruments - European emission allowances trading. Therefore, the fourth chapter on the Framework Convention on Climate Change examines the Convention...

Made available in DSpace on 2016-08-10T10:46:47Z (GMT). No. of bitstreams: 1 PERICLES BUENO NETO.pdf: 851501 bytes, checksum: 77508dd1e45a9be201c1704a651deada (MD5) Previous issue date: 2011-11-21 / The theme of this piece of paper is the Statal Interference in the Holding Properties of Water Resources. At first, it s necessary the delimitation and approach of property right s evolution. Aftwards a synthesis will be make of the historical development on the Statal rights, especiallyin Constitutions drawing a parallel between them. After had it done, standards of others countries like Argentina and Chile will be analyze to demonstrate the tendence that this block has on the study in vogue. Concluded this, will specifically get in to enviromental contours shouing the great concern with he issue of development and it s interference in the enviroment. Will be considere the positive law in force throught the standards and utilization of natural resoucers that establishes rules for its management. Analyzing the problem of water scarcity national and internationally speaking, will be directly study the restrictions to the water resource owners, Permanent Preservation Areas and Legal Reserves, among others. To conclue this essay some topics will be argue like: Human action, climate s change, the greenhouse effect and the global warming, and the Kyoto Protocol mechanisms and its critical points. / Este trabalho tem como tema a Interferência Estatal nas Propriedades Detentoras de Recursos Hídricos. A princípio, faz necessárias a delimitação e abordagem à evolução do direito de propriedade. Posteriormente, será feita uma síntese do desenvolvimento histórico no direito pátrio, em especial nas Constituições, fazendo um paralelo entre as mesmas. Feito isso, serão analisadas normas de outras nações, como a Argentina e o Chile, demonstrando a tendência que este bloco tem em relação ao estudo em voga. Concluída esta fase, adentrar-se-á especificamente aos contornos ambientais, demonstrando a grande preocupação, com a problemática do desenvolvimento, e sua interferência ao Meio Ambiente. Será analisado o direito positivo vigente, através de suas normas e a utilização dos recursos naturais que estabelece regras para o seu manuseio. Ao fazer uma análise do problema da escassez da água em âmbito nacional e internacional, serão diretamente estudadas as restrições aos bens detentores de recursos hídricos, as Áreas de Preservação Permanente e a Reserva Legal, dentre outras. Serão abordados alguns tópicos correlatos que finalizam o entendimento da matéria como: a ação humana interferindo nas mudanças climáticas, o Efeito Estufa e o aquecimento Global, além de analisarmos o Protocolo de Quioto, seus mecanismos e seus pontos críticos.

Made available in DSpace on 2015-03-05T17:19:10Z (GMT). No. of bitstreams: 0 Previous issue date: 4 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / O objetivo principal da dissertação é a observação do problema do aquecimento global sob uma ótica sistêmica a fim de indicar um caminho através de uma intervenção do Direito. Para encontrar essa via, observa-se a Sociedade Contemporânea com seus riscos e perigos produzidos numa realidade de globalização e avanços tecnológicos que acabam por influenciar diretamente no mecanismo de regulação de temperatura da Terra. Parte-se do princípio de que a intervenção humana está causando sensíveis alterações no clima em virtude da grande produção de gases de efeito estufa que são os responsáveis pelo fenômeno. Existem opções capazes de enfrentar o problema. Uma delas seria uma conscientização ampla acerca necessidade de reduzir drasticamente as emissões de gases por meio de educação e medidas que cada um poderia adotar economizando energia e diminuindo o consumo. Outra alternativa poderia ser a obrigatoriedade de todas as nações do mundo aceitarem diminuir sua soberania em favor de uma governança global que fosse respo / The main purpose of this dissertation is the observation of the problem of Global Warming in a systemic view in order to point a way through the intervention of the Law. To find it, it is observed that the Contemporary Society with its risks and dangers produced in a reality of Globalization and technologic developments which ended up influencing directly the Earth’s Temperature Regulation. Based on the principle that the human intervention is causing sensitive weather changes because of the big production of greenhouse effect gases, which are the responsible for the phenomenon. There are capable options to face the problem. One of them would be a broad awareness about the necessity of reducing drastically the gas emissions through education and actions which each individual could adopt to save energy and to reduce the consume of it. Another alternative could be the obligation of all nations in the World to accept the reduction of their domain in benefit of a global government that would be responsible for t

O tratamento diferenciado dos países em desenvolvimento surge a partir da década de 70 como expressão de resistência dos países do então Terceiro Mundo a uma ordem mundial pós-guerra entendida essencialmente como injusta e cuja doutrina do desenvolvimento tal como prescrita não conseguia equalizar. A partir de movimentações políticas, os países em desenvolvimento emplacaram tal tratamento no âmbito de importantes documentos internacionais e acordos multilaterais. O tratamento diferenciado dos países em desenvolvimento se expressa no direito internacional ambiental por meio do princípio das responsabilidades comuns mas diferenciadas e respectivas capacidades, consagrado da Declaração do Rio sobre Meio Ambiente e Desenvolvimento, de 1992, e cuja expressão máxima é a Convenção-Quadro das Nações Unidas sobre Mudanças Climáticas (CQMC). Tendo como objeto o tratamento diferenciado dos países em desenvolvimento, delimitado às obrigações centrais no âmbito da CQMC, a presente pesquisa encara o problema de sua operacionalização desde a mencionada Convenção até o seu Acordo de Paris. Para tanto, a pesquisa vale-se do método dedutivo, uma abordagem estruturalista e materialista-histórica para a análise de conteúdo dos textos jurídicos, observando a operacionalização do tratamento diferenciado em nas obrigações em termos de vinculatividade, precisão e delegação. O resultado foi que as mudanças climáticas são necessariamente um debate sobre desigualdades em termos de responsabilidade, mitigação e vulnerabilidade. Sob a alegação de um mundo mais complexo, onde a expressão ‘Terceiro Mundo’ é substituída pela noção de ‘Sul Global’, afirma-se que tal enquadramento de uma dívida Norte-Sul não seria mais pertinente, esvaziando o significado do tratamento diferenciado dos países em desenvolvimento. Porém, a persistência da dívida Norte-Sul em termos dinâmicos aponta que tal tratamento diferenciado dos países em desenvolvimento também continua atual. No intuito de instrumentalizar as obrigações da Convenção, o Protocolo de Quioto – endossado principalmente pelos países europeus – estabelece uma arquitetura descendente, apoiado em normas diferenciais por meio de compromissos de redução precisos, vinculantes e firmados internacionalmente, tendo como destinatários, em um primeiro momento, os países desenvolvidos. O Acordo de Paris – que reflete a estratégia dos Estados Unidos desde antes da própria Convenção – estabelece uma arquitetura ascendente, recorrendo a normas contextuais, onde os compromissos são nacionalmente determinados e isentos de um escrutínio internacional. O Acordo – cuidadosamente redigido – não estabelece nenhuma obrigação substancial precisa ou mesmo vinculante sobre tais contribuições, deixando ampla margem para todos os países e tornando a liderança dos países desenvolvidos no enfrentamento das mudanças climáticas apenas uma obrigação retórica. Deste modo, conclui-se que, sob o argumento de prover diferenciação para todos, o Acordo de Paris esvazia o significado do tratamento diferenciado dos países em desenvolvimento. Entretanto, apenas no âmbito da delegação, ou seja, dos mecanismos de cumprimento estabelecidos pelo Acordo, notadamente o balanço geral de implementação por meio de ‘naming and shaming’ que os países em desenvolvimento poderão exigir a necessária liderança dos países desenvolvidos. / In the 1970s, countries recognised as ‘developing’ began to be treated differently with regard to international agreements and doctrines that affected those countries development, following a widespread consensus among developing countries that the post-war order was unjust. As a result of political moves, developing countries have introduced such treatment in the framework of important international documents and multilateral agreements. The differentiated treatment of developing countries is expressed in international environmental law through the principle of common but differentiated responsibilities and respective capacities enshrined in the 1992 Rio Declaration on Environment and Development and culminated in the United Nations Framework Convention on Climate Change (UNFCCC). Having as its object the differentiated treatment of developing countries, limited to the central obligations under the UNFCCC, this research faces how international climate agreements operated within the differentiated treatment for developing countries. The research is based on the deductive method, a structuralist and historical materialist approach to the analysis of the content of legal texts, observing the differential treatment in obligations in terms of obligation, precision and delegation. The result was that climate change is necessarily a debate on inequalities in terms of responsibility, mitigation and vulnerability. Under the claim of a more complex world, where the expression 'Third World' is replaced by the notion of 'Global South', it is stated that such framing of a North-South divide would not be more relevant, depriving the meaning of differential treatment of developing countries. However, the persistence of the North-South divide in dynamic terms points out that such differentiated treatment of the developing countries is still relevant. In order to implement the obligations of the Convention, the Kyoto Protocol - endorsed mainly by European countries - establishes a downward architecture, supported by differential norms through precise, binding and internationally agreed reduction commitments, directed primarily to developed countries. The Paris Agreement - which reflects the US strategy prior to the Convention itself - establishes an upward architecture, using contextual norms where commitments are nationally determined and thus exempt from international scrutiny. The Agreement - carefully worded - does not establish any substantive or precise binding obligation on such contributions, leaving wide scope for all countries and does not require substantive efforts from developed countries in tackling climate change. In this way, it is concluded that, under the argument of providing differentiation for all, the Paris Agreement emptied the meaning of the differential treatment of developing countries. However, only within the scope of the delegation, through compliance mechanisms established by the Agreement, notably the global stocktake through naming and shaming that developing countries may require the necessary leadership of the developed countries.