KARBON PİYASALARI VE TÜRKİYE PERSPEKTİFİ

Atmosferdeki sera gazı emisyonu artışına bağlı olarak küresel ısınmanın da arttığı, bu durumun iklim değişikliklerine, bazı alışılmadık çevresel olaylara ve dolayısıyla büyüme ve kalkınma üzerinde olumsuz etkilere neden olacağı bilim adamlarınca dile getirilmektedir. İklim değişikliğinin olumsuz etkilerini azaltmayı hedefleyen Kyoto Protokolü ile birlikte, özellikle emisyon ticareti, çokça tartışılan iklim politikası aracı haline gelmiştir. ABD’de 1970’li ve 1990’lı yıllarda bazı ulusal emisyon ticareti programlarının ortaya çıkmış olması da emisyon ticaretine olan ilginin artmasının diğer bir nedenidir. Buna bağlı olarak, emisyon ticareti kapsamında birçok ulusal ve uluslararası program oluşturulmuş ve ülkelere verilen emisyon izinlerinin bu programlar dahilinde tezgâhüstü piyasalar ve borsalarda spot ve türev ürünler olarak işlem görmesi sağlanmıştır

KARBON PİYASALARI VE TÜRKİYE PERSPEKTİFİ

Scientists have expressed that the increase in greenhouse gas emissions in the atmosphere causes an increase in global warming which results in climate changes, some unusual environmental events, and has negative effects on economic growth and development. With the adoption of the Kyoto Protocol, aiming to reduce the negative effects of climate change, especially, emissions trading have become widely discussed as an instrument of climate policy. The emerging of some of the national emissions trading programs in the US in the 1970s and 1990s has also increased the interest in emission trading. Therefore, in terms of emissions trading many national and international programs have been established and within these programs the emission allowances of countries have been traded as spot and derivatives instruments on the over-the-counter markets and stock exchanges

___

  • AKSAY, C. S., KETENOĞLU, O. ve KURT, L. (2005). “Küresel Isınma ve İkim Değişikliği”, Selçuk
  • Üniversitesi, Fen Edebiyat Fakültesi Fen Dergisi, 25. ALPER, D. ve ANBAR, A. (2008). “İklim Değişikliğinin Finansal Hizmet Sektörüne Etkileri”,
  • Elektronik Sosyal Bilimler Dergisi, 7, 23. BENZ, E. ve TRÜCK, S. (2009). “Modelling the Price Dynamics of CO2 Emission Allowance”, Energy Economics, 31, 1.
  • BROHÉ, A., EYRE, N. ve HOWARTH, N. (2009). Carbon Futures: An International Business Guide. UK: Earthscan.
  • CAPOOR, K. ve AMBROSI, P. (2009). “State and Trends of the Carbon Market 2009”, The World Bank, Washington, D.C.
  • COASE, R.H. (1960). “The Problem of Social Cost”, Journal of Law and Economics, 3.
  • CRONSHAW, M.B. ve KRUSE, J.B. (1996). “Regulated Firms in Pollution Permit Markets with
  • Banking”, Journal of Regulatory Economics, 9, 2. ÇETİNKAYA, E. ve SOKULGAN, K. (2009). “Kyoto Protokolü ve Karbon Emisyon Piyasası”, Vobjektif, 12.
  • ÇİKOT, Ö. (2009). “Avrupa’da Karbon ve Enerji Borsaları”, Sermaye Piyasasında Gündem, 82.
  • DALES, J. (1968). “Pollution, Property and Prices”, University of Toronto Press: Toronto.
  • DASKALAKIS, G. ve MARKELLOS, R. N. (2008). “Are the European Carbon Markets Efficient?”,
  • Review of Futures Markets, 17, 2. DASKALAKIS, G., PSYCHOYIOS, D. ve MARKELLOS, R.N. (2006). “Modelling CO
  • Allowance Prices and Derivatives: Evidence from the EEX”, Athens University of Economics and Business. Emission ELLERMAN, A.D., JOSKOW, P.L. ve HARRİSON, D.Jr., (2003). Emissions Trading in the U.S.,
  • Experience, Lessons, and Considerations for Greenhouse Gases, US: Pew Center on Global Climate Change. ELLERMAN, D.A. (2008). “The EU Emission Trading Scheme: Prototype of a Global System?”,
  • Discussion Paper 2008-02, Cambridge, Mass.: Harward Project on International Climate Agreements.
  • ENGELS, A. (2009). “The European Emissions Trading Scheme: An Explaratory Study of How
  • Companies Learn to Account for Carbon”, Accounting, Organizations and Society, 34. FEHR, M. ve HINZ, J. (2006). “A Quantitative Approach to Carbon Price Risk Modeling”, Institute for
  • Operations Research, ETH Zurich. Hansjurgens, B. (2005). Emission Trading for Climate Policy: US and European Perspectives.
  • Cambridge: Cambridge University Press. HULL, J.C. (2008), Options, Futures and Other Derivatives. New Delhi: Prentice-Hall of India, Sixth Edition, New Delhi.
  • IMF (2008). The Fiscal Implications of Climate Change.
  • JAEHN, F. ve LETMATHE, P. (2010). “The Emissions Trading Paradox”, European Journal of
  • Operational Research, 202, 1. KADILAR, R. (2010). Karbon Fırsat mı, Tehdit mi? İstanbul: Destek Yayınları.
  • KRUGER, J., OATES, W.E. ve PIZER, W. (2007). “Decentralization in the EU Emissions Trading
  • Scheme and Lessons for Global Policy”, Discussion Paper, Resouces for the Future. MICLĂUŞ, P.G., LUPU, R., DUMITRESCU, S.A. ve BOBIRCĂ, A. (2008). “Testing the Efficiency of the European Carbon Futures Market using Event-Study Methodology”, International Journal of Energy and Environment, 2, 2.
  • MONAST, J., ANDA, J. ve PROFETA, T. (2009). “U.S. Carbon Market Design: Regulating Emissions
  • Allowances as Financial Instruments”, Working Paper, Nicholas Institute for Environmental Policy Solutions, Climate Change Policy Partnership, Duke University. MONTGOMERY, D.W. (1972). “Markets in Licenses and Efficient Poolution Control Programs”,
  • Journal of Economic Theory, 5,3. ÖZTÜRK, K. (2002). “Küresel İklim Değişikliği ve Türkiye’ye Olası Etkileri”, GÜ Gazi Eğitim Fakültesi Dergisi, 22, 1.
  • PAMUKÇU, K. (2007). “Küresel Emisyon Ticareti Sistemi İçin Bir Model: Avrupa Birliği Emisyon
  • Ticareti Programı”, İÜ Siyasal Bilgiler Fakültesi Dergisi, 37. PAOLELLA, M.S. ve TASCHINI, L. (2006). “An Econometric Analysis of Emission Trading
  • Allowances”, Research Paper Series 06–26, Swiss Finance Ins. PEACE, J. ve JULIANI, T. (2009). “The Coming Carbon Market and its Impact on the American
  • Economy”, Policy and Society, 27, 4. PEKER, O. ve DEMİRCİ, M. (2008). “İklim Değişikliğinin Bilim ve Ekonomi Perspektifinden Analizi”, SDÜ İİBF, 13, 1.
  • Rubin, J.D. (1996). “A model of Intertemporal Emission Trading, Banking, and Borrowing”, Journal of
  • Environmental Ecomics and Management, 31, 3. SAĞLAM, N.E., DÜZGÜNEŞ, E. ve BALIK, İ. (2008). “Küresel Isınma ve İklim Değişikliği”, EÜ Su Ürünleri Dergisi, 25, 1.
  • SEIFERT, J., UHRIG-HOMBURG, M. ve WAGNER, M. (2006). “Dynamic Behaviour of CO2 Spot
  • Prices - Theory and Empirical Evidence”, Working Paper, Chair of Financial Engineering and Derivatives, University of Karlsruhe. SHENNACH, S.M. (2000). “The Economics of Pollution Permit Bankin in the Context of Title IV of the 1990 Clean Air Act Amendments”, Journal of Environmental Economics and Management, 40, 3.
  • STERN, N. (2007). The Economics of Climate Change: The Stern Review. Cambridge: Cambridge University Press.
  • TIETENBERG, T.H. (2006). “Emission Trading: Principles and Practice”, USA: Resources for the Future.
  • TÜRKEŞ, M. (2001a). “Küresel İklimin Korunması, İklim Değişikliği Çerçeve Sözleşmesi ve Türkiye”,
  • Tesisat Mühendisliği, TMMOB Mak.MO, Sür.Tek.Yay: 61 TÜRKEŞ, M. (2001b). “Hava, İklim, Şiddetli Hava Olayları ve Küresel Isınma”, DMİ Genel Müd. 2000
  • Yılı Seminerleri, Teknik Sunumlar, Seminerler Dizisi: 1. TÜRKEŞ, M. (2006) “Küresel İklimin Geleceği ve Kyoto Protokolü”, Jeopolitik, 29
  • TÜRKEŞ, M., SÜMER, U.M. ve ÇETİNER, G. (2000). “Küresel İklim Değişikliği ve Olası Etkileri”,
  • Çevre Bakanlığı, BMİDÇS Seminer Notları. UHRİG-HOMBURG, M. ve WAGNER, M. (2007). “Futures Price Dynamics of CO2 Emission
  • Certificates - An Emprical Analysis”, Working Paper, Chair of Financial Engineering and Derivatives, University of Karlsruhe. VOß, J. (2007a). “Innovation Processes in Governance: The Development of ‘Emissions Trading’ as a
  • New Policy Instrument”, Science and Policy, 34, 5. VOß, J. (2007b). “Design on Governance: Development of Policy Instruments and Dynamics in
  • Governance”, Dissertation, Printpartners Ipskamp, Enschede. YAMIN, F. (2005). Climate Change and Carbon Markets: A Handbook of Emission Reduction
  • Mechanism. UK: Earthscan. www.ccfe.com www.cdpturkey.sabanciuniv.edu.tr www.chicagoclimatex.com www.climex.com www.ecx.eu www.ecx.eu www.eex.com www.en.exaa.at www.eur-lex.europa.eu www.nordpool.com www.powernext.com www.tuik.gov.tr www.unfccc.int