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The Impact of the Tokyo Emissions Trading Scheme on Office Buildings: What factor contributed to the emission reduction?

Toshi Arimura and Tatsuya Abe
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Tatsuya Abe: Graduate School of Economics, Waseda University, 1-6-1 Nishiwaseda, Shinjuku-ku, Tokyo, 169-8050, Japan.

RIEEM Discussion Paper Series from Research Institute for Environmental Economics and Management, Waseda University

Abstract: The Tokyo ETS is the first emission trading scheme to control GHG emissions from office buildings. Although the Tokyo government claimed that Tokyo ETS had been successful, some argued that the emission reduction under Tokyo ETS was actually the result of electric power price increases triggered by the Great East Japan Earthquake in 2011. Using a facility-level data set for Japanese office buildings, we conducted an econometric analysis to examine the impact of Tokyo ETS. We found that half of the emission reduction is a result of the ETS, while the rest of the reduction is due to the electricity power price increase. Another unique feature of Tokyo ETS is that an accurate permit price is not publicly available due to its design. Using our estimated model, we found that the price is approximately $50 per ton of CO2 in the early phase.

Keywords: Emission Trading Scheme; Electricity; Micro Data; Office buildings; Climate Change (search for similar items in EconPapers)
JEL-codes: Q41 Q54 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2019-08
New Economics Papers: this item is included in nep-ene and nep-env
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Citations: View citations in EconPapers (4)

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Journal Article: The impact of the Tokyo emissions trading scheme on office buildings: what factor contributed to the emission reduction? (2021) Downloads
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