Linking Emissions Trading Schemes: Assessing the Potential for EU-South Korea Linkage

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Abstract

Emissions trading schemes have emerged as stable components of a fragmented climate governance landscape. Yet the proliferation of emissions trading schemes raises critical questions concerning their design, the development of conflicting norms, and how such schemes might link. This Article engages with these concerns by advancing a linkage framework based on a series of core convergence criteria which are considered necessary to assess the compatibility of candidate partner schemes. For the EU, the search for a candidate linkage partner has seemed a Sisyphean undertaking, but it is suggested that South Korea offers the prospect of stable climate settings. The critical design features of South Korea’s Emissions Trading Scheme (KETS) are evaluated before applying core convergence criteria to evaluate compatibility. This Article identifies a degree of alignment between the design features of the EU ETS and the KETS, but also uncovers divergences where detailed negotiation will prove necessary.
Original languageEnglish
Pages (from-to)135 – 148
JournalEuropean Energy and Environmental Law Review
Volume31
Issue number3
Early online date01 May 2022
Publication statusEarly online date - 01 May 2022

Keywords

  • European Union emissions trading scheme;
  • Korea emissions trading scheme
  • emissions trading
  • economic instruments
  • climate governance
  • linkage

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