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Development of an institutional model for emission trading system:An approach to the carbon market of Turkey

Year 2014, Volume: 15 Issue: 2, 158 - 167, 27.11.2014
https://doi.org/10.18182/tjf.12912

Abstract

Climate change negotiations focus on developing a new climate agreement with legal force under the Convention applicable to all Parties for the post-2020 climate regime. With this new agreement many developed Parties including Turkey would take quantified economy–wide emissions reduction targets. In that case, Turkey would benefit from flexibility and market mechanisms. Therefore, an emission trading system should be developed until 2020 in Turkey. This paper has been prepared for the purpose of describing and developing an institutional model for an emissions trading system in Turkey. The emissions trading system will consist of Designated National Authority/Designated Focal Point, Central Registry Agency, Istanbul Stock Exchange Turkish Carbon Market, Turkish Carbon Market and Istanbul Settlement and Custody Bank Inc.
Keywords: Climate change, Emissions trading, Carbon market, Institutional model, Turkey

References

  • Aasrud, A., Baron, R., Karousakis, K., 2010. Market Readiness: Building Blocks for Market Approaches. OECD/IEA, Available at: http://www.oecd.org/env/cc/46563135.pdf. Accessed: 10.11.2013. 3, p.55.
  • Anonymous, 2012. Tokyo Cap-and-Trade Program for Large Facilities. Bureau of the Environment, Tokyo Metropolitan http://www.kankyo.metro.tokyo.jp/en/climate/attacheme nt/Tokyo_Cap-and-Trade_Program_detailed_ version.pdf. Accessed: 11.09.2013. Available at:
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  • Bando, A., 2010. National Carbon Registry: A Proposal for Turkey. Capacity Building for Climate Change Management in Turkey Project, UN House, Ankara, PowerPoint Presentation. Bayramoğlu, M.M., Toksoy, D., 2010. Carbon Accumulation in Forests and Economy. Forestry Engineering Journal, Year: 47, No: 10-11-12, pp.16-20, ISSN: 1301-3572.
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  • Daskalakis, G., Psychoyios, D., Markellos, R.N., 2009. Modeling CO2 emission allowance prices and derivatives: Evidence from the European trading scheme. Journal of Banking & Finance 33: 1230–1241, doi:10.1016/j.jbankfin.2009.01.001.
  • Ermolieva, T., Ermoliev, Y., Fischer, G., Jonas, M., Makowski, M., Wagner, F., 2010. Carbon emission trading and carbon taxes under uncertainties. Climatic Change (2010) 103:277–289, DOI 10.1007/s10584-010- 9910-x.
  • Fan, Y., Liang, Q-M., Wei, Y-M., Okada, N., 2007. A model for China’s energy requirements and CO2 emissions analysis. Environmental Modelling & Software 22: 378-393, doi:10.1016/j.envsoft.2005.12. 007.
  • Forner, G., 2005. A Short Note on the Social Side of the Modalities and Procedures for Afforestation and Reforestation Projects under the CDM. Carbon Forestry: Who will Benefit? Proceedings of Workshop on Carbon Sequestration and Sustainable Livelihoods, Editors: Daniel Murdiyarso and Hety Herawati, pp.17-25, ISBN 979-3361-73-5.
  • Goers, R.S., Wagner, A.F., Wegmayr, J., 2010. New and old market-based instruments for climate change policy. Environ Econ Pol Stud 12:1–30.
  • Guðbrandsdóttir, H.N., Haraldsson, H.Ó., 2011. Predicting the Price of EU ETS Carbon Credits. Systems Engineering Procedia 1: 481–489, doi:10.1016/j.sepro. 2011.08.070.
  • Im, Eun Ho, 2007. The Economics of Carbon Sequestration in Western Oregon Forests. Ph.D. Thesis, Oregon State University, p.151.
  • Khan, A.M.A., 2010. Turkey’s Carbon Market Strategy, Section II Organizational Arrangements. Project on the Enhancing of Capacities for Fighting against Climate Change, Ankara, p.17.
  • Korkusuz, M., 2010. Turkish Taxation Laws and Taxation of Carbon Trade within the Scope of Legislative Provisions. Project on the Enhancing of Capacities for Fighting Against Climate Change, p.27. Available at: http://iklim.cob.gov.tr/iklim/Files/karbon%20ticaretinin %20vergilendirilmesi.pdf. Accessed: 22.07.2013.
  • Lerner, P.B., 2010. Attempts at pricing the regulatory commodity: EU emission credits. Environmental Economics, Volume 1, Issue 1, pp.143-154.
  • MacKenzie, D., 2009. Making Things the Same: Gases, Emission Rights and the Politics of Carbon Markets. Accounting, Organizations and Society, Vol. 34, No. 3- 4, 2009, pp. 440-455, doi:10.1016/j.aos.2008.02.004.
  • Mnif, W., Davison, M., 2011. Carbon Emission Markets. D.D. Management, Computational Risk Management, pp.95- 108, DOI 10.1007/978-3-642-19339-2_11, Springer- Verlag Berlin Heidelberg 2011. Financial Risk
  • MoEF, 2008. Flexibility Mechanisms of the Kyoto Protocol and Other International Emissions Trading Systems. Specialization Commission Report on the Ministry of Environment and Forestry, Ankara, dated 13/05/2008, with No. B.18.ÇYG.0.02.00.04-020/8366, p.43.
  • MoENR, 2012. Energy Efficiency Strategy Paper 2012- 2023. p.21, Available at: http://www.tesab.org.tr /index.php?option=com_content&view=article&id=904: enerj-vermll-stratej-belges-2012-2023&catid=5:tesab &Itemid=20. Accessed: 17.11.2012.
  • MoEU, 2011. National Action Plan on Climate Change (2011–2023). ISBN: 978-605-393-096-9, p.176, Ankara, Available IDEP/İDEPTR.pdf. Accessed: 15.10.2011.
  • MoEU, 2012. National Experience and Outlook to the Future in Carbon Markets. Ankara, p.106, ISBN: 978- 605-393-088-4, Available at: http://iklim.cob.gov.tr/ iklim/New%20folder/KARBON%20piyasas%C4%B1,ki tap[1].pdf. Accessed: 25.03.2012.
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  • OG, 2001. Regulation on the Establishment, Operation, Working and Inspection Principles of the Central Registry Agency. Available at: http://www.resmigazete .gov.tr/main.aspx?home=http://www.resmigazete.gov.tr/ eskiler/2001/06/20010621.htm&main=http://www.resmi gazete.gov.tr/eskiler/2001/06/20010621.htm. Accessed: 20.06.2013.
  • OG, 2002. Notification on the Procedures and Principles on Keeping the Records of Registered Capital Market Instruments. Official Gazette dated December 22, 2002, with resmigazete.gov.tr/main.aspx?home=http://www.resmig azete.gov.tr/eskiler/2002/12/20021222.htm&main=http:/ /www.resmigazete.gov.tr/eskiler/2002/12/20021222.htm . Accessed: 21.07.2013. at: http://www.
  • OG, 2010. Notification on Registration Transactions Related to Projects Enabling Greenhouse Gas Emission Reduction. Official Gazette dated August 7, 2010, with No. 27665. Available at: http://www.resmigazete. gov.tr/main.aspx?home=http://www.resmigazete.gov.tr/ eskiler/2010/08/20100807.htm&main=http://www.resmi gazete.gov.tr/eskiler/2010/08/20100807.htm. Accessed: 10.11.2012.
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  • OG, 2013a. Ministerial Circular No. 2013/11 on the Coordination Committee Climate on Change and Weather Management. Official Gazette dated October 7, 2013, http://www.resmigazete.gov.tr/main.aspx?home=http:// www.resmigazete.gov.tr/eskiler/2013/10/20131007.htm &main=http://www.resmigazete.gov.tr/eskiler/2013/10/2 0131007.htm. Accessed: 20.10.2013. Available at:
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Emisyon ticaret sistemi için kurumsal modelin geliştirilmesi: Türkiye karbon piyasası yaklaşımı

Year 2014, Volume: 15 Issue: 2, 158 - 167, 27.11.2014
https://doi.org/10.18182/tjf.12912

Abstract

İklim değişikliği müzakereleri, 2020 sonrası iklim rejimi için bütün taraf ülkelere uygulanabilecek ve Sözleşme altında yasal bağlayıcılığı olacak yeni iklim anlaşmasının hazırlıkları üzerine odaklanmıştır. Bu yeni anlaşmayla, Türkiye dahil birçok gelişmiş ülke, ekonomi genelinde sayısallaştırılmış emisyon azaltım taahhüdü alabilecektir. Bu durumda, Türkiye, esneklik ve yeni piyasa mekanizmalarından yararlanabilir hale gelecektir. Bu nedenle, Türkiye'de 2020 yılına kadar bir emisyon ticaret sistemi kurulmalıdır. Bu çalışma, Türkiye'de bir emisyon ticaret sisteminin kurumsal modelinin tanımlanması ve kurulması amacıyla hazırlanmıştır. Türkiye Emisyon Ticaret Sisteminin, Yetkili Ulusal Merci/Yetkili Odak Noktası, Merkezi Kayıt Kuruluşu, Borsa İstanbul Türkiye Karbon Piyasası ve İstanbul Takas ve Saklama Bankası A.Ş.'den oluşması öngörülmektedir.
Anahtar kelimeler: İklim değişikliği, Emisyon ticareti, Karbon piyasası, Kurumsal model, Türkiye

References

  • Aasrud, A., Baron, R., Karousakis, K., 2010. Market Readiness: Building Blocks for Market Approaches. OECD/IEA, Available at: http://www.oecd.org/env/cc/46563135.pdf. Accessed: 10.11.2013. 3, p.55.
  • Anonymous, 2012. Tokyo Cap-and-Trade Program for Large Facilities. Bureau of the Environment, Tokyo Metropolitan http://www.kankyo.metro.tokyo.jp/en/climate/attacheme nt/Tokyo_Cap-and-Trade_Program_detailed_ version.pdf. Accessed: 11.09.2013. Available at:
  • Arı, I., 2010. Emissions Trading in the Fight against Climate Change and its Implementation in Turkey. State Planning Organization Dissertations, Publication No: 2817, ISBN: 978-975-19-4873-1, p.206.
  • Bando, A., 2010. National Carbon Registry: A Proposal for Turkey. Capacity Building for Climate Change Management in Turkey Project, UN House, Ankara, PowerPoint Presentation. Bayramoğlu, M.M., Toksoy, D., 2010. Carbon Accumulation in Forests and Economy. Forestry Engineering Journal, Year: 47, No: 10-11-12, pp.16-20, ISSN: 1301-3572.
  • BIST, 2013. Borsa Istanbul (BIST) Website. Available at: http://borsaistanbul.com/ana-sayfa. 20.06.2013. Accessed:
  • CRA, 2013. Central Registry Agency Website. Available at: https://www.mkk.com.tr/wps/portal/MKK. 20.06.2013. Accessed:
  • Çikot, Ö., 2009a. American and Asian Pacific Carbon Stock Exchanges. Association of Capital Market Intermediary Institutions of Turkey, The Agenda in the Capital Market, No.84, ISSN 1304–8155, pp.8–19. Available at: http://www.tspakb.org.tr/tr/Portals/0/57ad7180-c5e7- 49f5-b282- c6475cdb7ee7/AIM_Yayin_ve_Raporlar_Aylik_Yayinl ar_2009_gundem_200908.pdf. Accessed: 02.01.2012.
  • Çikot, Ö., 2009b. Carbon and Energy Stock Exchanges in Europe. Association of Capital Market Intermediary Institutions of Turkey, The Agenda in the Capital Market, No: 82, ISSN 1304–8155, pp.9–24. Available at: http://www.tspakb.org.tr/tr/Portals/0/57ad7180-c5e7- 49f5-b282- c6475cdb7ee7/AIM_Yayin_ve_Raporlar_Aylik_Yayinl ar_2009_gundem_200906.pdf. Accessed: 02.01.2012.
  • Daskalakis, G., Psychoyios, D., Markellos, R.N., 2009. Modeling CO2 emission allowance prices and derivatives: Evidence from the European trading scheme. Journal of Banking & Finance 33: 1230–1241, doi:10.1016/j.jbankfin.2009.01.001.
  • Ermolieva, T., Ermoliev, Y., Fischer, G., Jonas, M., Makowski, M., Wagner, F., 2010. Carbon emission trading and carbon taxes under uncertainties. Climatic Change (2010) 103:277–289, DOI 10.1007/s10584-010- 9910-x.
  • Fan, Y., Liang, Q-M., Wei, Y-M., Okada, N., 2007. A model for China’s energy requirements and CO2 emissions analysis. Environmental Modelling & Software 22: 378-393, doi:10.1016/j.envsoft.2005.12. 007.
  • Forner, G., 2005. A Short Note on the Social Side of the Modalities and Procedures for Afforestation and Reforestation Projects under the CDM. Carbon Forestry: Who will Benefit? Proceedings of Workshop on Carbon Sequestration and Sustainable Livelihoods, Editors: Daniel Murdiyarso and Hety Herawati, pp.17-25, ISBN 979-3361-73-5.
  • Goers, R.S., Wagner, A.F., Wegmayr, J., 2010. New and old market-based instruments for climate change policy. Environ Econ Pol Stud 12:1–30.
  • Guðbrandsdóttir, H.N., Haraldsson, H.Ó., 2011. Predicting the Price of EU ETS Carbon Credits. Systems Engineering Procedia 1: 481–489, doi:10.1016/j.sepro. 2011.08.070.
  • Im, Eun Ho, 2007. The Economics of Carbon Sequestration in Western Oregon Forests. Ph.D. Thesis, Oregon State University, p.151.
  • Khan, A.M.A., 2010. Turkey’s Carbon Market Strategy, Section II Organizational Arrangements. Project on the Enhancing of Capacities for Fighting against Climate Change, Ankara, p.17.
  • Korkusuz, M., 2010. Turkish Taxation Laws and Taxation of Carbon Trade within the Scope of Legislative Provisions. Project on the Enhancing of Capacities for Fighting Against Climate Change, p.27. Available at: http://iklim.cob.gov.tr/iklim/Files/karbon%20ticaretinin %20vergilendirilmesi.pdf. Accessed: 22.07.2013.
  • Lerner, P.B., 2010. Attempts at pricing the regulatory commodity: EU emission credits. Environmental Economics, Volume 1, Issue 1, pp.143-154.
  • MacKenzie, D., 2009. Making Things the Same: Gases, Emission Rights and the Politics of Carbon Markets. Accounting, Organizations and Society, Vol. 34, No. 3- 4, 2009, pp. 440-455, doi:10.1016/j.aos.2008.02.004.
  • Mnif, W., Davison, M., 2011. Carbon Emission Markets. D.D. Management, Computational Risk Management, pp.95- 108, DOI 10.1007/978-3-642-19339-2_11, Springer- Verlag Berlin Heidelberg 2011. Financial Risk
  • MoEF, 2008. Flexibility Mechanisms of the Kyoto Protocol and Other International Emissions Trading Systems. Specialization Commission Report on the Ministry of Environment and Forestry, Ankara, dated 13/05/2008, with No. B.18.ÇYG.0.02.00.04-020/8366, p.43.
  • MoENR, 2012. Energy Efficiency Strategy Paper 2012- 2023. p.21, Available at: http://www.tesab.org.tr /index.php?option=com_content&view=article&id=904: enerj-vermll-stratej-belges-2012-2023&catid=5:tesab &Itemid=20. Accessed: 17.11.2012.
  • MoEU, 2011. National Action Plan on Climate Change (2011–2023). ISBN: 978-605-393-096-9, p.176, Ankara, Available IDEP/İDEPTR.pdf. Accessed: 15.10.2011.
  • MoEU, 2012. National Experience and Outlook to the Future in Carbon Markets. Ankara, p.106, ISBN: 978- 605-393-088-4, Available at: http://iklim.cob.gov.tr/ iklim/New%20folder/KARBON%20piyasas%C4%B1,ki tap[1].pdf. Accessed: 25.03.2012.
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  • OG, 2010. Notification on Registration Transactions Related to Projects Enabling Greenhouse Gas Emission Reduction. Official Gazette dated August 7, 2010, with No. 27665. Available at: http://www.resmigazete. gov.tr/main.aspx?home=http://www.resmigazete.gov.tr/ eskiler/2010/08/20100807.htm&main=http://www.resmi gazete.gov.tr/eskiler/2010/08/20100807.htm. Accessed: 10.11.2012.
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  • OG, 2013a. Ministerial Circular No. 2013/11 on the Coordination Committee Climate on Change and Weather Management. Official Gazette dated October 7, 2013, http://www.resmigazete.gov.tr/main.aspx?home=http:// www.resmigazete.gov.tr/eskiler/2013/10/20131007.htm &main=http://www.resmigazete.gov.tr/eskiler/2013/10/2 0131007.htm. Accessed: 20.10.2013. Available at:
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There are 34 citations in total.

Details

Primary Language English
Journal Section Derleme
Authors

Çağlar Başsüllü

Ahmet Tolunay

Publication Date November 27, 2014
Published in Issue Year 2014 Volume: 15 Issue: 2

Cite

APA Başsüllü, Ç., & Tolunay, A. (2014). Development of an institutional model for emission trading system:An approach to the carbon market of Turkey. Turkish Journal of Forestry, 15(2), 158-167. https://doi.org/10.18182/tjf.12912
AMA Başsüllü Ç, Tolunay A. Development of an institutional model for emission trading system:An approach to the carbon market of Turkey. Turkish Journal of Forestry. November 2014;15(2):158-167. doi:10.18182/tjf.12912
Chicago Başsüllü, Çağlar, and Ahmet Tolunay. “Development of an Institutional Model for Emission Trading system:An Approach to the Carbon Market of Turkey”. Turkish Journal of Forestry 15, no. 2 (November 2014): 158-67. https://doi.org/10.18182/tjf.12912.
EndNote Başsüllü Ç, Tolunay A (November 1, 2014) Development of an institutional model for emission trading system:An approach to the carbon market of Turkey. Turkish Journal of Forestry 15 2 158–167.
IEEE Ç. Başsüllü and A. Tolunay, “Development of an institutional model for emission trading system:An approach to the carbon market of Turkey”, Turkish Journal of Forestry, vol. 15, no. 2, pp. 158–167, 2014, doi: 10.18182/tjf.12912.
ISNAD Başsüllü, Çağlar - Tolunay, Ahmet. “Development of an Institutional Model for Emission Trading system:An Approach to the Carbon Market of Turkey”. Turkish Journal of Forestry 15/2 (November 2014), 158-167. https://doi.org/10.18182/tjf.12912.
JAMA Başsüllü Ç, Tolunay A. Development of an institutional model for emission trading system:An approach to the carbon market of Turkey. Turkish Journal of Forestry. 2014;15:158–167.
MLA Başsüllü, Çağlar and Ahmet Tolunay. “Development of an Institutional Model for Emission Trading system:An Approach to the Carbon Market of Turkey”. Turkish Journal of Forestry, vol. 15, no. 2, 2014, pp. 158-67, doi:10.18182/tjf.12912.
Vancouver Başsüllü Ç, Tolunay A. Development of an institutional model for emission trading system:An approach to the carbon market of Turkey. Turkish Journal of Forestry. 2014;15(2):158-67.