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1、DifferentiationandDynamicsofCompetitivenessImpactsfromtheEUETSMisatoSato,MichaelGrubb,JimCust,KatieChan,AnnaKorppoo,PabloCeppiMarch2007CWPE0712andEPRG0704DifferentiationanddynamicsofcompetitivenessimpactsfromtheEUETS18April2007MisatoSato,*MichaelGrubb,JimCu
2、st,KatieChan,AnnaKorppoo,PabloCeppiAbstractWesummarisesthemainfactorsthatdifferentiateimpactsoftheEUETSonprofitabilityandmarketshare.Byexaminingsamplingarangeofsectors,wepresentsomesimplemetricsandindicatorstohelpjudgethenatureofpotentialimpacts.Wealsoconsi
3、derbrieflythemitigationresponsetotheseimpactsbysectors,andhowtheymayevolveovertime.Thebroadconclusionconfirmstheaggregatefindingspresentedintheexistingliterature-mostparticipatingsectorsarelikelytoprofitunderthecurrentETSstructureoutto2012atthecostofamodest
4、lossofmarketshare,butthismaynotholdforindividualcompaniesandregions.Theperiod2008-12canassistparticipatingsectorstobuildexperienceandfinancialreservesforlongertermtechnologyinvestmentsanddiversification,providingthecontinuationandbasicprinciplesoftheEUETSpo
5、st-2012isquicklydefinedandincentivesareinplaceforsectorstopursuethis.JEL:Q52,Q58,F18,KeyWords:Emissionstrading,industrialcompetitiveness,spillovers,allowanceallocation,perverseincentives*Correspondingauthor:ElectricityPolicyResearchGroup(EPRG),FacultyofEcon
6、omics,UniversityofCambridge,AustinRobinsonBuilding,SidgwickAvenue,CambridgeCB39DEU.K.,Tel:+441223335288.misato.sato@econ.cam.ac.ukWegratefullyacknowledgetheresearchnetworkClimateStrategieswww.climatestrategies.org(financedbysomeEuropeangovernments),andtheUK
7、researchcouncilfundingundergrantTSECforfinancialsupportforthisproject.WealsothankKarstenNeuhoff,HarryMorrison,ChristopherBeaumanandNeilWalkerforcommentsonthiswork.11.INTRODUCTIONTheEUEmissionsTradingScheme(EUETS)waslaunchedinJanuary2005tocapCO2emissionsfrom
8、heavyindustryinEurope.ItisbyfarthelargestETS,covering45%ofEurope’stotalCO2emissionsreleasedfrom11,500installationsoftheenergyintensivesectors.Itsmajorroleinestablishingapriceforcarbonhasbeenanachieveme
