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Policy stringency under the European Union Emission trading system and its impact on technological change in the energy sector

Bel, G; Joseph, S; (2018) Policy stringency under the European Union Emission trading system and its impact on technological change in the energy sector. Energy Policy , 117 pp. 434-444. 10.1016/j.enpol.2018.03.041. Green open access

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Abstract

In this study, we use patent count data for overall Climate Change Mitigation Technologies, and for those related to energy production and distribution to evaluate the relationship between the sizable oversupply of European Union emissions Allowances and a policy shift marked by the transition from Phase I to Phase II under the European Union Emission Trading System, on the one hand, and on “green” patenting, on the other. According to our results, the expected negative impact of this oversupply on technological change seems to be confirmed. Thus, stakeholders take the actual supply of certificates into account when determining their innovative activity. In the same vein, they do so with respect to policy changes related to greater stringency, which generated a sizeable increase in patenting activity when controlling for other economic factors. Our results suggest that a critical evaluation of emission caps and allowances distribution must be undertaken.

Type: Article
Title: Policy stringency under the European Union Emission trading system and its impact on technological change in the energy sector
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.enpol.2018.03.041
Publisher version: https://doi.org/10.1016/j.enpol.2018.03.041
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Environmental policy, Emission trading system, Policy stringency, Technological change, Patent count data, Energy sector
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Political Science
URI: https://discovery.ucl.ac.uk/id/eprint/10123072
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