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2014, vol. 8, iss. 2, pp. 115-126
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Specific types of international trade: 'Cap and trade' system
Specifični oblici međunarodne trgovine - 'cap and trade' sistem
Project: European integrations and social and economic changes in Serbian economy on the way to the EU (MESTD - 47009)
Challenges and Prospects of Structural Changes in Serbia: Strategic Directions for Economic Development and Harmonization with EU Requirements (MESTD - 179015)
Keywords: international trade; 'cap and trade'; emission trading; trading with transferable permits
Ključne reči: međunarodna trgovina; 'cap and trade' trgovina; trgovanje emisijama; trgovanje transferabilnim dozvolama
Abstract
In contemporary international trade the term 'trade' refers not only to traditional products and services, but also to specific forms of trade with transferable permits which are directly related to environmental protection. Transferable licenses can be sold or bought on the market or invested in an emision bank, and used later in the future. In this paper, the emphasis is on the so-called 'cap and trade' - trade with GHG emissions (Emission Trading - ET), on organized markets, often on the virtual market through computer systems. ET system minimizes the total cost of reducing emissions and thus achieves the goal of reducing emissions conducted where the lowest marginal cost of reducing emissions is. In addition to the 'cap and trade' system there is a 'baseline and trade' system. The difference between these is related to setting emission limits and the methods of allocation of transferable permits. There is a large number of markets that deal with this specific form of trade with licenses. These markets show growth and it is indicative that new markets will emerge. Also, in the future it can be expected that ET markets will be more connected, and creating diverse forms of associations in a global market.
Sažetak
Bez obzira što nas pojam 'trgovina' prevashodno asocira na klasične oblike prodaje proizvoda i usluga, postoje i savremeni oblici međunarodne trgovine koji su predmet ovog rada. Reč je o takozvanoj 'cap and trade' trgovini, odnosno o trgovini GHG (green house gasses) emisijama (Emission Trading - ET). Na specijalizovanim tržištima u okviru Evropske unije, na posebno organizovanim tržištima, vrši se trgovanje emisijama, kao i svakom drugom robom ili uslugom. Trgovina emisijama je definisana Članom 17 Kyoto protokola. Prednost ovog načina trgovine u odnosu na druge vidove zaštite životne sredine je u tome što se optimalnim sistemom ET minimiziraju ukupni troškovi smanjenja emisija. Tako se ostvaruje cilj da se smanjenja emisija sprovode tamo gde su najniži marginalni troškovi smanjenja emisija. Ovaj specifičan oblik trgovine - trgovina transferabilnim - prenosivim dozvolama za emitovanje se odvija na virtualnom tržištu putem računarskog sistema. Transferabilne dozvole za emitovanje na tržištu emisijama se mogu prodati, kupiti ili uložiti u banku emisija, pa se kasnije koristiti u budućnosti. U suštini, trgovina emisijama zapravo predstavlja oblik kazne za kupce zato što nisu smanjili svoje emisije. Istovremeno to predstavlja i način nagrađivanja prodavca dozvola, jer su smanjili emisije više nego što je bilo potrebno. Jedna od osnovnih specifičnosti sistema ovog tržišta je da sistem trgovine emisijama može biti organizovan na dva načina. To su tzv. cap and trade sistem i baseline and trade sistem. Osnovna razlika između navedenih sistema trgovine emisijama je u postavljenim ograničenjima emitovanja odnosno u načinu dodele dozvola za emitovanje. Obzirom na značajan broj tržišta na kojima se trguje ovim dozvolama u okviru Kyoto protokola i van njega i obzirom na rast prometa na tim tržištima, može se očekivati dalje intenziviranje ovog specifičnog oblika međunarodnog trgovanja.
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