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Market-Based Instruments of Environmental Policy in Practice: The European Emissions Trading Scheme - Essay Example

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This essay talks that the environmental pollution and gradual depletion of the natural resources in the global economy could be attributed to one of the major factors, namely inappropriate pricing of goods and services. The market based instruments influences the cost of production…
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Market-Based Instruments of Environmental Policy in Practice: The European Emissions Trading Scheme
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Download file to see previous pages As the report stresses the various ways in which market based instruments prevents the sources of environmental pollution and health degradation includes the following. Due to the implementation of the market based instruments, the producers have shown more responsible behaviour towards switching over to the eco-friendly systems of production, efficient use of natural resources and reduction of wastes. The consumers have also received more transparency on the values of products and services consumed and this resulted in the reduction of excessive consumption with the sense of value for money. The market based instruments like tradable emission permits, fuel taxes have resulted in the reduction of emissions from the transports and aviation industry. The waste disposal taxes, incentives for recycling and taxes on packaging have resulted in changes of behaviour of the households and the business. The incentives for energy efficient heating systems and improved insulation have controlled the heat wave emissions in Europe. The taxes on the pesticides and the fertilizers have also been able to control the pollution due to agricultural activities.
This paper declares that the European Emissions Trading Scheme is a policy measure adopted in Europe where the regulatory measure has been taken to fix the level of emission of parameters that emerge from the sources of environmental pollution and degradation of health issues in Europe.
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The incentives for energy efficient heating systems and improved insulation have controlled the heat wave emissions in Europe. The taxes on the pesticides and the fertilizers have also been able to control the pollution due to agricultural activities. European Emissions Trading Scheme The European Emissions Trading Scheme is a policy measure adopted in Europe where the regulatory measure has been taken to fix the level of emission of parameters that emerge from the sources of environmental pollution and degradation of health issues in Europe. The upper limit of the emission level of harmful gases, disposal of wastes has been fixed as compared to certain benchmark or relative to a standard value of the parameter. The European Emissions Trading Scheme works in the following manner. In the initial stages, the emission allowances are first permitted to the sources of emission that causes environmental pollution, depletion of natural resources and other health problems. After initial allocation of the resources, the sources of emission are required to bring down the emission level to the prescribed standard as per the prescribed standard with the help of allowances or permits granted to them within the designated time period of one year (Ellerman, Buchner and Barbara, 2007, p.72). After the designated period of one year, a market for the European Emissions trading would come into action where the sources covered under the scheme would be able to sell or buy the allowances available with them through the process of exchange. The cost or purchase or sell of the allowances for controlling the emissions would be determined by the cost of control of emissions of ...Download file to see next pagesRead More
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