Romania Toward a Low Carbon and Climate Resilient Economy

Romanian industrial and power installations entered the European Union Emissions Trading Scheme (EU ETS) in 2007 when Romania joined the European Union. Emissions from aircraft operators were included in 2012. Around 200 Romanian installations and operators currently participate in the European Union Emissions Trading Scheme (EU ETS), out of a total of some 10,000, and they emitted around 40 percent of Romanian greenhouse gases in 2013. By the end of 2014, Romania collected about 260 million Euros from the EU ETS auctioning revenues, of which 71 percent was dedicated to climate finance projects. Potential EU ETS auctioning revenues for Romania could amount to around 4 billion per year by 2030. As the government strives for a climate resilient, low-carbon economy by 2030, the efficient use of revenues from the auctioning of EU ETS allowances could be an effective tool for reaching this goal in the sectors not covered by existing climate finance mechanisms and policy regulations. The introduction of a Market Stability Reserve (MSR) in 2018 is expected to increase significantly the carbon price. To conclude, in order to constitute a viable and longer-term climate finance programs supported by EU ETS auctioning revenue, it is necessary to amend the current legislation and approve an updated financial and organizational scheme for the use of EU ETS revenues.

Bibliographic Details

Main Author:	World Bank
Format:	Brief biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2015-10-06
Subjects:	BUSES, AUCTION, JOBS, ALLOWANCE, AUCTIONS, TOTAL EMISSIONS, ALLOCATION OF ALLOWANCES, GREENHOUSE, EMISSION, UNCERTAINTIES, REGULATORY FRAMEWORK, POWER PLANTS, TRANSPORTATION, POLICIES, CLIMATE CHANGE, FOREST COVER, SUBWAY, MARKET PLAYERS, FUTURE, CARBON, VALUE, HEATING SYSTEMS, INVESTMENT FUND, ELECTRICITY, CLIMATE, EMISSIONS FROM AIRCRAFT, DEMAND, FORESTS, ABATEMENT, DEVELOPING COUNTRIES, EMISSIONS, REVENUES, CARBON PRICE, PUBLIC TRANSPORT, FOREST, EMISSION REDUCTION, EQUILIBRIUM, GAS, PRICE, MARKET, ENVIRONMENT, AIRCRAFT, RESERVE, POLICY, AIR, BENEFICIARIES, ENERGY PRODUCTION, INSTRUMENTS, ALLOWANCES, ENERGY EFFICIENCY, BUDGET, ENERGY DEMAND, TRADE, CARBON ALLOWANCES, BIOMASS, COST EFFECTIVENESS, LAND, ENERGY POLICIES, MARKET STABILITY, INVESTMENT, BENEFICIARY, ECONOMIC IMPACTS, TRANSPORT, ALLOCATION, SUPPLY, CAPACITY, GHG, TRADING, AIR CONDITIONING, REVENUE, LOW-CARBON, INVESTMENTS, FINANCIAL SUPPORT, FREE ALLOCATION, CLIMATE POLICY, CARBON ECONOMY, ELECTRICITY SUPPLY, PUBLIC FINANCE, FORESTRY, INSTRUMENT, RENEWABLE ENERGY, ENVIRONMENTAL, DIESEL, PRIVATE FINANCE, PUBLIC TRANSPORTATION, EMISSIONS REDUCTION, FINANCE, EFFICIENCY, MARKET PRICE, INFRASTRUCTURE, LAND USE, ENERGY, EMISSIONS REDUCTIONS,
Online Access:	http://documents.worldbank.org/curated/en/2016/03/26048806/romania-toward-low-carbon-climate-resilient-economy-better-use-revenues-auctioning-european-union-emissions-trading-scheme-carbon-allowances-climate-finance-programs-non-ets-sectors https://hdl.handle.net/10986/24067
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