Handelssystemet med utsläppsrätter, EU ETS, är ett av EU:s verktyg för att minska utsläppen av växthusgaser. Utsläppsrätterna kan förvärvas genom antingen kostnadsfri tilldelning från Naturvårdsverket eller genom handel, vilket ligger till grund för olika anskaffningsvärden. Det finns även olika syner på vilken slags tillgång som en utsläppsrätt kan anses ha karaktär av, exempelvis immateriell tillgång, varulager och finansiell tillgång. Tidigare fanns en gällande tolkning för redovisningen av utsläppsrätter, IFRIC 3, idag finns det dock ingen reglering för redovisningen av utsläppsrätter.Den genomförda studien syftar till att kartlägga hur 250 svenska företag som omfattas av EU ETS redovisar utsläppsrätter i de finansiella rapporterna. Utöver det syftar studien till att undersöka om det föreligger några skillnader i redovisningen beroende på vilket regelverk som företagen tillämpar. För att undersöka skillnader och således göra en jämförelse har bolagen delats in i tre huvudgrupper vilka är; kommunala regelverk, nationella regelverk och internationella regelverk.Tidigare forskning har kommit fram till att redovisningen av utsläppsrätter skiljer sig både vad det gäller klassificering och värdering vilket även bekräftas av den genomförda studien. Från studien kan konstateras att hela 43 procent av företagen inte lämnar någon information alls kring att de omfattas av EU ETS. Dessutom lämnar 20 procent enbart information om att de inkluderas av handelssystemet utan att redovisa ett värde i balansräkningen. En anledning till att företag enbart redovisar information kan vara för att tillgodose intressenters krav på, och behov av, upplysningar av finansiell information. Resterande 37 procent redovisar ett värde av utsläppsrätterna i balansräkningen. Majoriteten klassificerar tillgången som antingen immateriell tillgång eller varulager. Gällande skulden som uppstår för utsläppsrätter är det vanligast att klassificera som en kortfristig skuld. Anskaffningsvärde är den vanligaste värderingsmetoden för både tillgången och skulden av utsläppsrätterna.Redovisningen av utsläppsrätter skiljer sig både inom och mellan bolagsgrupperna. Det finns tendenser på att företag som tillämpar ett internationellt regelverk i större utsträckning redovisar utsläppsrätterna än de som tillämpar ett nationellt regelverk. Det kan bero på mer omfattande upplysningskrav för de som redovisar enligt ett internationellt regelverk. I studien har företagens redovisning av utsläppsrätter analyserats utifrån intressentteorin, legitimitetsteorin och institutionell teori.Den genomförda kartläggningen av svenska företags redovisning av utsläppsrätter har bidragit till att belysa problematiken kring att redovisningen inte är konsekvent. / EU ETS is one of the EU’s instruments for reducing greenhouse gas emissions. The emission rights can be acquired through either free allocation from the Swedish Governmental Authority, Naturvårdsverket, or by trade, which is the basis for various valuation at cost. There are also different views of what kind of asset emission rights can be considered as, for example intangibles, inventories and financial assets. Previously there was a valid interpretation for the accounting of emission rights, IFRIC 3. Nowadays there is no regulation for the accounting of emission rights.The study aims to identify how 250 Swedish companies, covered by the EU ETS, account for the emission rights in the financial statements. Furthermore, the study aims to examine whether any differences between companies depends on the applied accounting standards. To examine differences and thus make a comparison, the companies have been divided into three main groups; Municipal standards, National standards and International standards.Previous research has concluded that the reporting of emission rights differ between companies both in terms of classification and valuation, which is confirmed by the study. The study states that 43 percent of the companies do not provide any information concerning the EU ETS. Furthermore, 20 percent solely provide information about the inclusion of EU ETS without reporting a value in the balance sheet. One reason could be to satisfy stakeholders' requirements and needs for financial information. It is 37 percent that reporting a value in the balance sheet. A majority classify the rights as intangibles or as inventories. Regarding the liability incurred by the emission rights the most common way to classify is as a current liability. The most frequently used method of valuation for both assets and liabilities is at cost.The accounting of emission rights varies both within and between the three groups. There are indications that companies applying the international standards, to a greater extent recognize emission rights than companies applying Swedish standards, which may be due to higher disclosure requirements. In the study, an analysis of the accounting for emission rights is performed based on stakeholder theory, legitimacy theory and institutional theory.The performed identification of how Swedish companies account for the emission rights has intended to highlight the problem that the accounting is not consistent.This thesis is hereinafter written in Swedish.

Carbon leakage occurs when globally exposed industries face increased costs, for instance due to stricter climatic policies, while other industries on the global market are not. Although the intention of stricter climate requirements is good, they risk having the opposite effect, as emissions are moved from one country to another. Since the consequences of emissions are the same regardless of where they are caused, the total amount of emissions will remain unchanged, or increase due to transportation or less ambitious climate policies in the new country. In the European Union Emission Trading System (EU ETS), carbon leakage is a present issue, thus there are methods to identify and compensate industries at risk. The main approach of compensation has been to allocate allowances for free. However, the first two trading periods have resulted in a large surplus of allowances, which have caused low prices on carbon emissions. Since the system is now becoming more ambitious, an accurate analysis on carbon leakage is essential. Therefore, the aim of this study is to analyze in what ways these methods can be improved to enable the system to become more ambitious, without risking leakage. The result shows that the procedures used are not specific enough. Numerous reports and studies presented in my study, show that some industries are over compensated, whereas others are under compensated. Today, carbon intensity is one of the main measurements used to identify industries at risk. However, the EU must pay closer attention to the industries that have invested in renewable energy sources (as a result of the EU ETS incentive structure) and consequently have significantly lower carbon dioxide content in their emissions. These industries are also at risk of leakage due to increased total expense. In conclusion, this study shows that the methods used to identify industries at risk can be improved to prevent leakage. When altering them, not only will the analysis be more accurate, but it will also render a more precise allocation of allowances for free for those at true risk.

Background According to the United Nations, climate change is one of the most challenging and urgent problems. To reduce emissions, various regulations have been introduced. Emissions trading (EU-ETS) and carbon dioxide tax are two economic instruments aimed at reducing greenhouse gas emissions. The industrial sector in Sweden today accounts for 31% of carbon dioxide emissions, and a common fossil energy carrier used is liquified petroleum gas (LPG). When LPG is burned, carbon dioxide is produced, contributing to climate change. By replacing LPG with a sustainable energy carrier, industries can reduce costs associated with emissions and thus increase competitiveness while lowering environmental impact. Therefore, there is a need for a framework that deals with both the economic and environmental impact that arises if alternative sustainable energy carriers replace LPG. Objectives The study’s objective is to evaluate alternative energy carriers that can phase out the use of LPG. The contribution of this study is a framework that analyzes and visualizes the economic and sustainable benefits of changing energy carriers. Methods A techno-economic model was developed by evaluating economic and sustainable indicators. A case study was conducted on a company that uses LPG in its manufacturing process. Eight different scenarios were set up where various energy carriers are used. Data concerning the different scenarios were collected. The scenarios were compared and analyzed based on the model to see which alternative energy carriers generate economic and sustainable improvements. Results The results from the case study show that all scenarios had an increased environmental performance compared to LPG. Either by reduced CO2 emissions or by being carbon dioxide neutral. From an economic perspective, only one scenario is more favorable than LPG, Bio- LPG. Bio-LPG reduces the total cost by 28.5%. Conclusions The study presents a model that can evaluate alternative energy carriers from an economic and environmental perspective. In many cases, a trade-off was discovered either being sustainable at a high cost or paying fees for emissions at a lower price. Alternative energy carriers exist with less environmental impact. Still, the technology for many of them is not sufficiently developed for large-scale production and use, which means that the cost is too high. Depending on the company's business strategy, the model can visualize the effects of a possible change of energy carrier. / Bakgrund Klimatförändringarna är ett av de mest utmanande och brådskande problemen enligt Förenta nationerna, för att minska utsläppen har olika regleringar införts. Handel med utsläppsrättigheter (EU-ETS) och koldioxidskatt är två ekonomiska styrmedel med syfte att minska växthusgasutsläppen. Industrisektorn i Sverige står idag för 31% av koldioxidutsläppen och en vanlig fossil energibärare som används är gasol. När gasol förbrännas produceras koldioxid som bidrar till klimatförändringar. Genom att byta ut gasol mot en hållbar energibärare kan industrier minska kostnader som är förknippade med utsläpp och på sådant vis öka konkurrenskraft, samtidigt som man minskar miljöpåverkan. Det finns därav ett behov av ett ramverk som behandlar både den ekonomisk och miljömässig påverkan som uppkommer om gasol byts ut mot alternativa hållbara energibärare. Syfte Syftet med studien är att utvärdera alternativa energibärare som kan fasa ut användandet utav gasol. Bidraget från denna studie är ett ramverk som analyserar och visualiserar de ekonomiska och hållbara fördelarna med att byta energibärare. Metod En tekno-ekonomisk modell utvecklades genom att utvärdera ekonomiska och hållbara indikatorer. En fallstudie utfördes på ett företag som använder gasol i sin tillverkningsprocess. Åtta olika scenarier sattes upp där olika energibärare används. Data rörande de olika scenarierna samlades in. Scenarierna jämfördes och analyserades utifrån modellen för att se vilka alternativa energibärare som genererar ekonomiska och hållbara förbättringar. Resultat Resultaten från fallstudien visar att alla scenarier hade en ökad miljöprestanda jämfört med gasol. Antingen genom minskade CO2-utsläpp eller genom att vara koldioxidneutrala. Ur ett ekonomiskt perspektiv är endast ett scenario mer gynnsamt än gasol, biogasol. Biogasol minskar den totala kostnaden med 28.5 %. Slutsatser Studien presenterar en modell som kan användas för att utvärdera alternativa energibärare utifrån ett ekonomiskt och hållbart perspektiv. En avvägning upptäcktes i många fall, antingen vara hållbar till hög kostnad eller betala avgifter för utsläpp till en lägre kostnad. Alternativa energibärare existerar som har mindre miljöpåverkan, men teknologin för många utav dem är ej tillräckligt utvecklad för storskalig produktion och användning vilket medför att kostanden är för hög. Beroende på vilken affärsstrategi företag har kan modellen visualisera effekterna vid ett eventuellt byte av energibärare.

This paper deals with issues in the influence emission trading has on investment decisions. It explains the system of emissions trading and focuses on the emergence and development of European emissions trading and describes its influence on the Czech Republic. It briefly describes questions of investment decisions in a company, in particular the methods and criteria of investment decisions. The main goal of the paper is to analyse the influence of emissions trading on investment decisions. The analysis is made using investment projects in a real company. With the help of economic evaluation of investments, it classifies variations of investment projects when the influence of emission trading is excluded or with different prices of emission allowances. Using this analysis, I will try to prove that emissions trading can disadvantage some investments, which would otherwise be economically effective and feasible.

As emissions of greenhouse gases has become one of our times most urgent issues, the policies implemented by governments in effort to reduce them are many and varied. In Sweden, a feebate system for vehicles was implemented in mid 2018. This paper attempts to answer the question whether or not the bonus-side (a subsidy for electric vehicles) of the policy will reduce emissions in a cost-efficient and fair way. The questions in answered by using material available to those who made the decision, and by looking at previous research and data. Mathematical examples of the cost, through the cost of the policy, of reduction is compared to EU ETS to evaluate cost-efficiency. The fairness aspect is reviewed by studying regional data. The conclusions are that the policy is neither cost-efficient nor is it free from interregional equity concerns. / Medan utsläppen av växthusgaser har kommit att bli vår tids största utmaningar försöker länder och myndigheter implementera en bred variation av styrmedel för att minska utsläppen. I Sverige, infördes ett s.k. feebate system för personbilar i mitten av 2018 och denna uppsats försöker besvara frågan om Bonusen (subvention av bl.a. elbilar) i styrmedlet kommer att reducera utsläpp på ett kostnadseffektivt vis samtidigt som det inte bidrar till negativa fördelningseffekter. Forskningsfrågan är besvarad genom att använda material som fanns tillgängligt när beslutet att införa styrmedlet fattades, genom att använda tidigare forskning samt statistik. Matematiska exempel över hur kostnaden, genom styrmedlet, för reduktionen blir jämfört med utsläppsrätter för att undersöka kostnadseffektivitet, och fördelningseffekterna är utvärderade genom studier av regional statistik. Slutsatserna är att styrmedlet varken är kostnadseffektivt eller utan negativa fördelningseffekter ur ett interregionalt perspektiv.

This thesis is using the idea that climate change is a product of discourses. It puts focus on the knowledge creation of particular climate change governance. This thesis aims to identify the discursive articulations of carbon trading in the Czech EU ETS. Environmental discourses, informed by M. Foucaults governmentality concept, have an impact on how climate change is rendered governable. Discourse analysis of the Czech EU ETS uses governmentality lens to detect fields of visibility, technical aspects, forms of knowledge and formations of identities of the particular environmental discourse to uncover, how the EU ETS is translated into the national level and how does it hold together.

近年來世人注目的焦點已從金融風暴議題，轉向了地球暖化、氣候劇變等問題，世界環境變遷造成人類巨大的傷害，已是國際組織與各國政府施政重點。在1997年12月於日本召開UNFCCC COP3，通過旨在限制溫室氣體排放的京都議定書，其中排放交易是指已開發國家間的合作，普遍被認為最具有成本效率性。 近年全球對於環境保護意識已有大幅提升，各國降低碳排放之手段可區分為技術面以及經濟面。本文以後者為主要探討重點，亦即透過經濟手段以促進減碳科技廣泛的應用。減碳的技術同時具備外部性及公共財的特性，降低二氧化碳排放對環境之效益並無法排除他人享受，因此若碳價波動過度劇烈將影響企業減碳投資意願時，政府須介入管制碳價格。本文先探討究竟影響碳價波動的主因為何，以利後續研究碳權價格波動和價格管制間，權衡對減碳投資與減碳成效的影響。 研究結果顯示，歐洲地區如北歐、東歐及南歐夏日氣候差異大，以及歐洲地區處於溫帶氣候因素使得極熱變數對碳價波動影響不顯著，但不保證其它地區有相同結論；能源價格對碳權價格有重大之影響，尤其原油最為明顯；由於匯率會影響能源價格，因此連帶影響碳價；極寒氣候對碳價有顯著影響，其先影響能源之供需，間接影響碳價之波動；SP之落後期在phase 2有縮短之趨勢，即天然氣與煤炭間之價差對碳價影響越來越大；進行碳價格之實證分析必須區分第一階段及第二階段，否則會造成估計上之不準確。不僅能源價格本身對碳價會有直接之影響，影響能源價格之變數亦間接影響碳價之波動，如氣候以及匯率，先經由透過能源價格變動再傳導至碳權價格。

This thesis examines the informational efficiency of the European carbon market based on the European Union Emissions Trading Scheme (EU ETS). The issue is approached from three different perspectives. I explore whether the volatility embedded in carbon options is a rational forecast of subsequently realized volatility. Then, I investigate if, and to what extent, new information about the structural and institutional set-up of the market impacts the carbon price dynamics. Lastly, I examine whether the European carbon market is relevant for the firm valuations of covered companies. First, perhaps because the market is new and derivatives’ trading on emission allowances has only started recently, carbon options have not yet been extensively studied. By using data on options traded on the European Climate Exchange, this thesis examines an aspect of market efficiency which has been previously overlooked. Market efficiency suggests that, conditional upon the accuracy of the option pricing model, implied volatility should be an unbiased and efficient forecast of future realized volatility (Campbell et al., 1997). Black (1976) implied volatility and implied volatility estimates directly surveyed from market participants are used in this thesis to study the information content of carbon options. Implied volatility is found to be highly informative and directionally accurate in forecasting future volatility. There is no evidence, however, that volatility embedded in carbon options is an unbiased and efficient forecast of future realized volatility. Instead, historical volatility-based forecasts are shown to contain incremental information to implied volatility, particularly for short-term forecasts. In addition, this thesis finds no evidence that directly surveyed implied volatility estimates perform better as a forecast of future volatility relative to Black’s (1976) estimates. Second, the market sensitivity to announcements about the organizational and institutional set-up of the EU ETS is re-examined. Despite their importance for the carbon price formation, demand-side announcements and announcements about the post-2012 framework have not yet been researched. By examining a very comprehensive and updated dataset of announcements, this thesis adds to the earlier works of Miclaus et al. (2008), Mansanet-Bataller and Pardo (2009) and Lepone et al. (2011). Market participants are found to rationally incorporate new information about the institutional and regulatory framework of the emissions trading scheme into the carbon price dynamics. However, they seem to be unable to accurately assess the implications of inter-temporal banking and borrowing on pricing futures contracts with different maturities. The impact of macroeconomic conditions on the market responsiveness is investigated by splitting the dataset into subsamples according to two alternative methods: 1) a simple split into pre-crisis and full-crisis time periods, and 2) according to a Bai-Perron structural break test. Evidence is found that in the context of economic slowdown and known allowances oversupply, the relationship between the carbon price and its fundamentals (institutional announcements, energy prices and extreme weather) breaks down. These findings are consistent with the arguments in Hintermann (2010), Keppler and Mansanet-Bataller (2010) and Koop and Tole (2011) that carbon price drivers change in response to the differing context of the individual trading periods. Third, the role of carbon performance in firm valuation is understudied. Since companies were not obliged to disclose their carbon emissions prior to the launch of the EU ETS, there exists little empirical evidence of the effect of carbon performance on market value. Earlier studies of the European carbon market have only focused on the impact of ETS compliance on the profitability and competitiveness of covered companies (e.g. Anger and Oberndorfer, 2008). There is also little research on how the newly available emissions data has altered the carbon performance of companies. This thesis addresses these gaps in the literature by examining the stock price reactions of British and German firms on the day of verified emissions release under the EU ETS over the period 2006 – 2011. An event study is conducted using a Seemingly Unrelated Regressions model to deal with the event clustering present in the dataset. Limited evidence is found that investors use information about the carbon performance of companies in their valuations. The information contained in the carbon emissions reports is shown to be somewhat more important for companies with high carbon-intensive operations. This thesis finds no conclusive evidence that the cap-and-trade programme has been able to provide regulated companies with enough incentives to de-carbonize their operations. The market does not punish companies which continue to emit carbon at increasing rates or reward companies which improve their carbon performance. In brief, the results of the thesis suggest that the market is not fully efficient yet. Inefficiently priced carbon options may allow for arbitrage trades in the market. The inability of investors to incorporate rules on inter-temporal banking and borrowing of allowances across the different trading periods leads to significant price reactions when there should be none. A recessionary economic environment and a known oversupply of emission allowances have led to a disconnect between the carbon price and its fundamental drivers. And, lastly, the signal embedded in the carbon price is not strong enough to invoke investor action and turn carbon performance into a standard component of investment analysis.

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.

Dans le cadre de cette thèse, nous nous interrogeons sur la concurrence que peut potentiellement apporter les recycleurs sur un marché des matières premières traditionnellement dominé par un oligopole minier. Dans quelle mesure les recycleurs peuvent-ils concurrencer les firmes minières et quels sont les effets sur l'oligopole? Comme deuxième axe de recherche, nous tenons compte du différentiel d'externalités environnementales qui existe entre les deux types d'offre. Nous intégrons donc dans notre modèle une subvention au recyclage ainsi qu'une taxe sur la pollution minière, ceci, en réponse aux deux distorsions de marché que sont la structure non concurrentielle de l'extraction minière et les externalités qui sont associées à cette activité. Pour donner une dimension empirique à cette thèse, nous utilisons les marchés du minerai de fer et de l'acier. Préalablement à l'analyse de la concurrence avec les recycleurs, nous effectuons dans le cadre du Chapitre 1, une analyse de l'évolution des marchés du fer et de l'acier suite au choc de demande des années 2000. La concentration de la demande autour des sidérurgistes chinois ainsi que la stratégie mise en place par les autorités à partir de 2010, aboutissent à l'existence d'un monopsone contrarié sur le marché mondial du minerai de fer.En se recentrant sur l'amont de la chaîne de valeur, notre Chapitre 2 pose le cadre théorique de la concurrence entre les entreprises minières et les recycleurs. A travers un modèle Cournot-Stackelberg, nous montrons que la part de marché du secteur minier augmente avec le degré de concurrence de ce secteur. Les recycleurs ne peuvent en effet pas augmenter de manière significative leur part de marché si une technologie de recyclage efficace n'est pas, dans le même temps, associée à une importante disponibilité de déchets. Cette double condition est également nécessaire pour garantir la diminution de la rente minière. Par ailleurs, nous mettons en avant l'existence d'un niveau de technologie de recyclage minimum pour que les recycleurs puissent entrer sur le marché. La prise en compte du différentiel d'externalités environnementales dans le Chapitre 3 renforce la nécessité d'une augmentation de l'offre de matières secondaires, au regard de son effet bénéfique sur le bien-être. L'instauration d'une taxe environnementale sur la production minière s'avère, à cet effet, moins pertinente qu'une subvention au recyclage. La taxe renforce la contrainte de capacités pour les recycleurs, repose sur une nécessaire évaluation de la pollution minière difficile à réaliser pour certaines matières premières, et des limites quant à sa mise en œuvre semblent également se poser. A l'inverse, l'instauration d'une subvention au recyclage aurait des effets significatifs sur les parts de marché des recycleurs et sur la nécessaire baisse des dommages liés à l'extraction. Comme nous le montrons, la différence d'effets entre les deux politiques est d'autant plus forte lorsque le niveau de recyclage initial est faible. Enfin, en s'intéressant à une politique publique axée sur la demande de matières plutôt que sur l'offre, le Chapitre 4 met en exergue la faible incitation du marché européen du carbone sur la baisse des émissions de CO$_2$ des sidérurgistes, et donc sur un potentiel recours accru à la matière secondaire. Nous montrons également comment cette politique climatique interfère avec la politique de concurrence car elle bénéficie essentiellement aux leaders du marché, au détriment du principe de concurrence libre et non faussée qui prévaut au sein du marché commun. Plus surprenant, nos résultats indiquent que le leader du marché est la firme la moins efficace dans la consommation de matières premières, par rapport à la quantité d'acier produite et aux émissions de CO2 générées. A l'inverse, la firme qui semble être la plus efficace est, dans le même temps, celle qui aurait été la moins avantagée dans l'attribution des quotas gratuits depuis 2007. / In addition to a solution for managing end-of-life products, recycling is also an alternative to the production of virgin raw materials. In this thesis, we are therefore wondering about this new form of competition that could potentially include recyclers, on a commodity market traditionally dominated by a mining oligopoly. To what extent can recyclers compete with mining firms and what are the effects on oligopoly? As a second line of research, we consider the differential of environmental externalities that exists between the two types of supply. We therefore include in our model a recycling subsidy and a tax on mining pollution, in response to the two market distortions: the non-competitive structure of mining extraction and the externalities that are associated with this activity. To give an empirical dimension to this thesis, we use the iron and steel industry. Prior to the analysis of the competition with recyclers, we carry out in Chapter 1, an analysis of the evolution of the markets of iron and steel following the demand shock since the year 2000. The concentration of the demand from Chinese steelmakers as well as the strategy put in place by the authorities from 2010, led to a new market structure of the world iron ore market: a thwarted monopsony.By focusing on the upstream value chain, Chapter 2 sets the theoretical framework for competition between mining firms and recyclers. Through a Cournot-Stackelberg model, we show that the market share of the mining sector increases with the degree of competition in this sector. Recyclers cannot significantly increase their market share if an efficient recycling technology is not associated with a high availability of waste. This dual condition is also necessary to ensure the reduction of the mining rent. In addition, we highlight the requirement of a minimum level of recycling technology for recyclers to enter the market.Taking into account the differential of environmental externalities in Chapter 3 strengthens the need for increasing the supply of secondary materials, with regard to its positive effect on social wellfare. For this purpose, the introduction of an environmental tax on mining extraction is less relevant than a subsidy for recycling. The tax reinforces the capacity constraint for recyclers, relies on a necessary assessment of mining pollution that is difficult to achieve for certain raw materials, and there are limits on its implementation which also seem to arise. On the other hand, the introduction of a recycling subsidy would have a significant impact on recyclers' market share and the necessary reduction of extraction-related damages. As we show, the difference in effects between the two policies is even stronger when the initial level of recycling is low.Finally, by focusing on a public policy based on the demand for materials rather than on supply, Chapter 4 highlights the weak incentive of the EU-ETS to reduce CO2 emissions from steelmakers, and therefore a potential increase of the secondary input instead of the virgin one. We also show how this climate policy interferes with the EU competition policy because it mainly benefits market leaders, to the detriment of the principle of free and undistorted competition prevailing in the EU market. More surprisingly, our results indicate that the market leader is the least efficient firm in the consumption of raw materials, considering the quantity of steel produced and the CO$_2$ emissions generated. Conversely, the firm that seems to be the most efficient would also have been least favoured when free allowances were allocated from 2007 onwards.