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Prof Bobby Banerjee , Cass Business School +44 20 7040 5280 Bobby.Banerjee@city.ac.uk

Carbon Markets in Question:. Prof Bobby Banerjee , Cass Business School +44 20 7040 5280 Bobby.Banerjee@city.ac.uk Prof Veronica Hope-Hailey, Dean, School of Management, University of Bath +44 1225 383769 v.hope.hailey@bath.ac.uk

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Prof Bobby Banerjee , Cass Business School +44 20 7040 5280 Bobby.Banerjee@city.ac.uk

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  1. Carbon Markets in Question: Prof Bobby Banerjee, Cass Business School +44 20 7040 5280 Bobby.Banerjee@city.ac.uk Prof Veronica Hope-Hailey, Dean, School of Management, University of Bath +44 1225 383769 v.hope.hailey@bath.ac.uk Prof David L. Levy, Department of Management and Marketing, Director, Center for Sustainable Enterprise and Regional Competitiveness, University of Massachusetts, BostonDavid.Levy@umb.edu Prof Stefanos Mouzas, Lancaster University Management School, +44 1524 510986 s.mouzas@lancaster.ac.uk Dr Shahzad Ansari, Cambridge Judge Business School +44 1223 768128 s.ansari@jbs.cam.ac.uk Dr Jane Davies, Cambridge Judge Business School +44 1223 339651 j.davies@jbs.cam.ac.uk Dr Gareth Veal, Prize Fellow Sustainability, School of Management, University of Bath +44 1225 384972 g.j.veal@bath.ac.uk

  2. Agenda

  3. Overall objective? To ask: How can management researchers inform improvements in the design and implementation of climate change regulation?

  4. Climate change as a market failure Objective: CO2 markets aim “to bring [CO2] emissions within the frame of economic calculation, by giving them a price” (MacKenzie, 2009: 441) Form: CO2 markets are “markets in permits to emit CO2 gases or in credits earned by not emitting them” (MacKenzie, 2009: 440). Selling points: Capital efficiency, reduction target set up front

  5. CO2 markets: As designed Sell CO2saved beyond allocation Option 1: ‘MAKE’ CO2 reductions in-house (facilities with cheap CO2 abatement options) CO2market Buy CO2to cover emissions above allocation Option 2: ‘BUY’ CO2reductions from CO2 market (facilities with expensive CO2 abatement options)

  6. CO2 markets: Some figures • Value: $176 billion in 2011 (World Bank) • Reach: United Nations, European Union, regional and state-level initiatives within the United States of America, New Zealand, even as pilot versions at 7 major cities within China • Penalties: E.g. Shenzhen’s pilot in China will carry fines of 3 times the market price for CO2 for those who don’t comply • Climate targets: CO2 markets underpinned by long-term government targets for CO2 emission reductions, e.g. European Union has set a target for an 80-95% reduction by 2050 against a 1990 baseline. • Opportunities: Minimising exposure may eventually provide competitive advantage.

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