Financial Innovation, Climate Change and the GATS: The Case of Renewable Energy Certificates

30 Pages Posted: 23 Sep 2008

See all articles by Panos Delimatsis

Panos Delimatsis

Tilburg Law and Economics Center (TILEC); Tilburg Law School

Date Written: September 23, 2008

Abstract

Energy has come to the forefront of the public debate in the past decade for two main reasons: the first relates to the lack of a secure, continuous and unconditional energy supply in the demandeurs, mostly developed and transition economies, which are still dependent on non-renewable carbon-based fossil fuels. The second reason is that uncontrolled production, distribution and use of conventional energy may lead to environmental degradation and global warming. Renewable energy certificates (RECs) are instruments that allow countries to promote energy generation from renewables and can be part of domestic policies aimed at climate change mitigation and adaptation. Since RECs can be traded in secondary markets, this paper discusses issues raised by the nature of and the trade in RECs which can be of concern for the General Agreement on Trade in Services (GATS) and the multilateral regulation of trade in financial services, notably in the case where World Trade Organization (WTO) Members undertook sweeping commitments in financial services which equally apply to trade in RECs.

Keywords: climate change, renewable energy sources, green certificates, trading services, energy-related financial services, financial innovation, World Trade Organization (WTO), GATS

JEL Classification: F13, F15, F18, F21, F53, G18, G21, G24, G28, K32, K33, Q27, Q28

Suggested Citation

Delimatsis, Panagiotis, Financial Innovation, Climate Change and the GATS: The Case of Renewable Energy Certificates (September 23, 2008). TILEC Discussion Paper No. 2008-032. Available at SSRN: https://ssrn.com/abstract=1272462 or http://dx.doi.org/10.2139/ssrn.1272462

Panagiotis Delimatsis (Contact Author)

Tilburg Law and Economics Center (TILEC) ( email )

Warandelaan 2
Postbus 90153
Tilburg, NL-5000 LE
Netherlands
0031 13 466 8251 (Phone)
0031 13 466 8047 (Fax)

HOME PAGE: http://www.tilburguniversity.edu/staff/p-delimatsis

Tilburg Law School ( email )

Warandelaan 2
Postbus 90153
Tilburg, 5000 LE
Netherlands

Register to save articles to
your library

Register

Paper statistics

Downloads
335
Abstract Views
3,236
rank
89,354
PlumX Metrics