Joo, J. orcid.org/0000-0002-5625-1808, Paavola, J. orcid.org/0000-0001-5720-466X and Van Alstine, J. (2023) The divergence of South Korea's Emissions Trading Scheme (ETS) from the EU ETS: An institutional complementarity view. Politics & Policy, 51 (6). pp. 1155-1173. ISSN 1555-5623
Abstract
Emissions trading schemes (ETS) have spread across the globe to tackle climate change. However, limited attention has been given to how ETS characteristics and designs differ and why. We use the concept of institutional complementarity to explore how the EU ETS and South Korea's ETS (K-ETS) adapt to complement established political economy. The EU ETS is characterized as a market with stakeholder ownership, while the K-ETS is more regulatory in nature with government leadership. The EU ETS complements a decentralized political system with liberalized energy market, and the K-ETS became compatible with the centralized majoritarian politics and a regulated electricity market. The ETSs have evolved incrementally, and they are not likely to link in the foreseeable future due to divergence. We suggest a strong focus on “how to adapt” an ETS to its own institution rather than adopting the established blueprint model in countries with a strong regulatory style of governance.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2023 The Authors. Politics & Policy published by Wiley Periodicals LLC on behalf of Policy Studies Organization. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | carbon markets, climate change policy, emissions trading schemes, EU ETS, European Union, institutional complementarity, K-ETS, Kyoto protocol, market stabilization, Paris agreement, policy design, political economy, regulation, South Korea, stakeholder ownership |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Environment (Leeds) > School of Earth and Environment (Leeds) > Sustainability Research Institute (SRI) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 12 Dec 2023 13:15 |
Last Modified: | 09 Dec 2024 14:45 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1111/polp.12566 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:206503 |