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This book examines the nature of the legal interests in emissions allowances (called emissions entitlements), focusing on the ‘property’ nature of the tradable instruments created by the European Union Emissions Trading System (EU ETS) with the goals of achieving cost-effective emissions reductions to levels scientifically required to tackle climate change and supporting the Union-wide transition to a low-carbon economy.
The author presents a rigorous analytical framework, and introduces a new category of instrumental property which encompasses entitlements created to achieve regulatory goals. In the process, the author addresses such questions as the following:-
The book therefore speaks to the environmental community, to regulators, economists, scientists, lawyers and campaigners – to all those who are preoccupied with the effectiveness of environmental policy. The book also speaks to property lawyers and theorists, as it illustrates the changing nature of property in the regulatory state.