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The EU Emissions Trading  System and Climate Policy towards 2050: Real incentives to reduce  emissions and drive innovation? / Christian Egenhofer and Monica Alessi  and Anton Georgiev and Noriko Fujiwara. CEPS, Janv 2011, 39 p. (Special  Reports)http://www.ceps.eu/book/eu-emissions-trading-system-and-climate-policy-towards-2050-real-incentives-reduce-emissions-anAbstract CEPS : With the EU Emissions Trading System (ETS) now entering in its seventh  year of operation, this report takes stock of the largest multi-sector  greenhouse gas trading scheme in the world. It reviews the experiences  of the pilot phase from 2005-07, assesses the adjustments introduced in  the second phase (2008-12) and looks ahead to the radical changes that  will come into effect in the third phase starting in 2013. The  assessment is based on a literature review of recently published ex-post  analyses and ex-ante studies and draws as well on our own calculations.  It investigates the main controversies surrounding the EU ETS, such as  its environmental effectiveness, economic rents, windfall profits and  fairness, the role of CDM and JI and its impact of on industrial  competitiveness. It also evaluates the scheme’s ability to promote  innovation and low-carbon technology deployment. Finally, the study  addresses the fundamental question of whether the ETS has lived up to  its promise to “promote reductions of greenhouse gas emissions in a  cost-effective and economically efficient manner”, and if not, what are  the prospects of its doing so in the future and what additional changes  will be required. (© CEPS)