Emissions trading : the legal issues

Abstract

The thesis presents a study of the legal principles that underlie the concept of Emissions Trading. The study aims to critically examine the framework for emissions trading from various aspects.

First, the history of the development of Emissions Trading will be examined from its beginning in academic circles to its eventual adoption in policy and legislation. Its use as a mechanism in the Kyoto Protocol will be discussed. The thesis shall subsequently focus on the main legal issues concerning Emissions Trading. These are discussed in an abstract manner and the main legal elements of the Emissions Trading Architecture will be discussed. The study then examines the European Emissions Trading System as established by the European Emissions Trading Directive 2003. The transposition of Directive into Maltese Law will then be examined. This will be accompanied by a discussion as how the main elements of the Directive will interact with established principles of Maltese Law. A short exposition of a number of broad criticisms on the use of an Emissions Trading System will attempt to paint a more complete picture of the use of such a scheme. Finally, the examination concludes with some personal reflections as to the efficacy of Emissions Trading to tackle the problem of excess emissions.