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Peeters, Marjan --- "Legislative Choices and Legal Values: Considerations on the Further Design of the European Greenhouse Gas Emissions Trading Scheme from a Viewpoint of Democratic Accountability" [2008] ELECD 414; in Faure, Michael; Peeters, Marjan (eds), "Climate Change and European Emissions Trading" (Edward Elgar Publishing, 2008)

Book Title: Climate Change and European Emissions Trading

Editor(s): Faure, Michael; Peeters, Marjan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781847208989

Section: Chapter 2

Section Title: Legislative Choices and Legal Values: Considerations on the Further Design of the European Greenhouse Gas Emissions Trading Scheme from a Viewpoint of Democratic Accountability

Author(s): Peeters, Marjan

Number of pages: 36

Extract:

2. Legislative choices and legal values:
considerations on the further design of
the European greenhouse gas
Emissions Trading Scheme from a
viewpoint of democratic accountability
Marjan Peeters

1. INTRODUCTION
1.1 Aim of This Chapter

Emissions trading is now widely acknowledged as the major instrument for
regulating greenhouse gas emissions. The effective and efficient control of
greenhouse gas emissions through the issuance of a restricted amount of trad-
able permits is increasingly seen as an attractive approach. However, the
specific design of this instrument, for which different models are available,
raises many questions from an economic and legal perspective. This book
focuses on how the emissions trading instrument is being applied and will be
applied for regulating greenhouse gases in the European legal order. It has
become clear that Europe too is seeking the correct modeling for the instru-
ment: the European Commission already proposed a drastic revision only a
few years after the initial greenhouse gas emissions trading scheme started to
operate in 2005.1 Following this proposal of the Commission of 23 January
2008, important legislative decisions need to be undertaken by the Council and
the European Parliament.2 We are however still at the stage of building under-
standing of the different design options and the related economic effects and


1 Directive of the European Parliament and of the Council of 13 October 2003
establishing a scheme for greenhouse gas emissions allowance trading within the
Community and amending Council Directive 96/61/EC, OJ L 275/32 ...