The Variable Nature of Ownership of Emission Units in the Intersection of Climate Law, Property Law, and the Regulation of Financial Markets

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Yliheljo , E 2021 , ' The Variable Nature of Ownership of Emission Units in the Intersection of Climate Law, Property Law, and the Regulation of Financial Markets ' , Climate Law , vol. 11 , no. 1 , pp. 45-75 . https://doi.org/10.1163/18786561-11010002

Title: The Variable Nature of Ownership of Emission Units in the Intersection of Climate Law, Property Law, and the Regulation of Financial Markets
Author: Yliheljo, Emilie
Contributor: University of Helsinki, Faculty of Law
Date: 2021-04-01
Language: eng
Number of pages: 31
Belongs to series: Climate Law
ISSN: 1878-6553
URI: http://hdl.handle.net/10138/329502
Abstract: The article analyses the impact of the origins of emission units in transnational climate policy on market participants in the EU ETS and the extension of financial-market regulation to the European carbon market. To assess the consequences of the public-private nature of emission units, a broad view of ownership is taken. Ownership is understood as the legal position of the holder of emission units, being an aggregate of elements of private law but also climate law and financial-market regulation. As a consequence, a picture emerges of a legal position variable in the personal, temporal, and spatial dimensions, following policy-design choices and the evolution of regulation of carbon markets. The ownership of emission units reflects the ongoing balancing of the different public-policy goals of the EU ETS and differs from economic theories laying the foundations of emission trading. Due to the necessity for a proactive management of the scheme, regulatory intervention and risk have become inherent features of the ownership of the units, and the impact of changes will vary across different market participants.
Subject: 513 Law
Klimaträtt
Utsläppshandel
Äganderätt
Finansmarknadsrätt
Sakrätt
Utsläppsrätter
Ilmasto-oikeus
rahoitusmarkkinat
Esineoikeus
omistusoikeus
päästökauppa
päästöoikeusmarkkinat
Climate law
financial markets
property rights
Emission trading
emission units
emission trading
EU ets
property rights
financial-market regulation
emission allowance
emission unit
Certified Emission Reduction
CARBON
ENTITLEMENTS
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