Challenges of the EU emission trading scheme: the carbon fat cats case and prospects for Turkey

Abstract

The European Union Emission Trading System (EU ETS) is accepted as the largest and the most advanced system among other emission trading systems. Increasing discussions about effectiveness of the EU ETS shows that even the most advanced emission trading system has major challenges. Therefore, main principles, characteristics and especially major challenges of the EU ETS is analyzed in the light of the carbon fat cats case to be able to make recommendations to establish Turkish Emission Trading System.