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Integrated Environmental-Economic Accounts

Integrated Environmental-Economic Accounts. for Tradeable Carbon Dioxide Emission Permits. Thomas Olsen, Statistics Denmark. Conference on Climate Change, Development and Official Statistics Seoul, Republic of Korea 11 – 12 December 2008. Purpose.

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Integrated Environmental-Economic Accounts

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  1. Integrated Environmental-Economic Accounts for Tradeable Carbon Dioxide Emission Permits Thomas Olsen, Statistics Denmark Conference on Climate Change, Development and Official Statistics Seoul, Republic of Korea 11 – 12 December 2008

  2. Purpose • To introduce the Environmental-Economic Accounting framework as a means for organizing data on CO2 permits

  3. Outline • Why account for permits? • Features of the Emission Trading Scheme • The System of Environmental-Economic Accounting (SEEA-2003) • Physical CO2 permits accounts • Monetary CO2 permits accounts

  4. Why Account for Permits? • Analyse the impact on the economy • The permits are the link between the emissions in the emission inventories and the emission targets obliged to in the Kyoto-protocol

  5. Link between Danish emissions and targets Difference explained in bridge table Extra permits explain the gap

  6. Emission Trading Schemes • Cap on the total emissions • The permits gives the right to emit 1 ton of CO2 • The permits are tradeable • The market will lead to efficient reductions

  7. Emission Trading Schemes cont’. • The European emissions trading scheme is one of the means for meeting the European reduction obligations committed to under the Kyoto-protocol • Came into force in 2005 • Covers electricity, heat and manufacturing industries • Amended to include international air transport from 2012 • In principle, everyone can trade with the permits

  8. Emission Trading Schemes cont’. • Different participants on the market • Different types of permits • Permits / Credits (from CDM / and JI) • Global market • Japan (voluntary scheme) • United States (mandatory scheme among north-eastern states) • Australia is also setting up a scheme • Physical as well as monetary aspects

  9. SEEA-2003 • Satellite system of the System of National Accounts (SNA) • Set of definitions, classifications, statistical accounts and tables • Allows incorporation of environment and energy statistics into the national accounting framework • Analyse interaction between environment and economy and between environmental domains

  10. The permits’ flow through the economy • The creation of the permits • Agents in the Emission Trading Scheme • Other agents

  11. Grandfathering The Tradeable CO2 Emissions Permits’ Flow Through the Economy Sold to residents Trade Investments ECONOMY Used permits Unused permits Government Emissions Trading Scheme Surrendered Foreign Economies Losses Other Agents CDM / JI Mechanisms

  12. Physical CO2 permits accounts • Data source: The CO2 permit registry • Link to the National Accounts industry classification • Statistics on the CO2 permits • Link to the Environmental Accounts • Link to the National Accounts

  13. Questions that could be answered • What are the origins of the CO2 permits? • From where have the industries received the permits? • Who owns the permits? • Who is trading with the permits?

  14. Questions that could be answered, cont’. • Relationship between the use of energy and the CO2 emissions • Relationship between CO2 emissions and permits • Relationship between CO2 permits and environmentally related taxes and subsidies • Economy: Output, Gross Value Added, Employment

  15. Results from a Danish experience

  16. Physical flows + + + + ÷ ÷ ÷ =

  17. Monetary CO2 permits accounts • The corresponding monetary values based on the physical CO2 permits accounts • Valued at the average CO2 permit price • The basis for the description in the National Accounts

  18. Global carbon market • 2007: c $ 50 bn. • 2008: c $ 75 bn. • European market constitutes approximately two thirds

  19. Demand / supply of permits / credits • Some countries will tend to need more permits • Some countries, part of an emissions trading scheme or not, will be able to supply credits to other countries • Countries who are able to supply credits could also benefit from structuring the information on their potential supply of credits

  20. Summary • Complex market for CO2 permits • Integrated Environmental-Economic Accounting is a way of structuring information • Enables to systematically analyse the impact of the economy on the environment, and vice versa • Enables consistent analyses of the economic activity, the use of energy, the associated CO2 emissions, environmentally related taxes and subsidies as well as the CO2 permits

  21. Summary, cont’. • Important not only for the countries who are already part of an emission trading schemes to structure information on the permits, but also for countries who are able to supply credits to other countries • Finally, accounting for the permits are crucial in order to understand the link between the emission inventories reported to the UNFCCC and the reduction obligations laid down in the Kyoto-protocol

  22. Contact information Thomas Olsen, Statistics Denmark E-mail: Tol@dst.dk

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