한국 배출권거래제 1차 계획기간 중 배출권 차입한도 효과 분석

Abstract

South Korea launched an emissions trading scheme (ETS) to reduce greenhouse gas (GHG) emissions in 2015, and the first compliance period ended in 2017. During this period, the government relaxed the limit of permit borrowing from upcoming compliance years to mitigate market participant concerns regarding volatile permit prices. In this paper, we analyzed the effects of the borrowing limit policy on GHG reductions and permit prices using a nonlinear firm analytical model. We conclude that a policy altering borrowing limits can temporarily suppress market prices, but eventually leads to the price being more volatile across the period.