2013年-世界发展银行全球_Tokyos_Emissions_Trading_System___A_Review_of_its_Operation_since_2010_6页_655kb

Summary of Tokyo's Emissions Trading System (ETS) - June 2013

Core Content

Tokyo's Emissions Trading System (ETS) was launched in April 2010, making it the world's first city-level cap-and-trade program targeting energy-related carbon dioxide emissions. The system was designed to mitigate climate change by reducing greenhouse gas (GHG) emissions from large energy-consuming facilities in the city.

Key Features of Tokyo's ETS

Results from the First Two Years

• In FY2011, emissions from participating facilities decreased by 23% compared to the base year, with 7.22 million tons of CO₂ emitted, 2.16 million tons less than the base year.
• 93% of facilities exceeded their reduction obligations in the first compliance period.
• The Great East Japan Earthquake in March 2011 significantly impacted electricity consumption and emissions, with a 9.8% drop in energy supply in November 2011 compared to November 2010.
• Facilities that had already been planning energy conservation due to the ETS were better prepared to handle the electricity crisis, showing increased resilience.

Measures Taken by Participating Facilities

The most common measures included:

• Air-conditioning and ventilation management: 1,602 measures, including equipment upgrades and schedule reviews.
• Lighting and electrical equipment management: 1,436 measures, such as LED lighting and motion sensors.
• Heat source management: 897 measures, including freezers and pumps upgrades.
• Water supply and drainage management: 302 measures, such as hot water restrictions and energy-saving devices.
• General management: 275 measures, including energy-saving frameworks and education programs.

Trading Activities

• As of December 2012, 82,909 tons of CO₂ credits were issued, with 75,708 tons (91%) from renewable energy.
• Trading volume was relatively low: 29,341 tons in FY2011 and 36,190 tons in FY2012.
• Market prices were limited, with the first trade at JPY12,000 per ton (~USD142) and recent trades at JPY10,000 per ton.
• TMG estimated reference prices between JPY8,000 and JPY26,000 per ton for Green Energy Certificates.

Non-Compliance and Penalties

• Facilities that failed to meet their reduction targets faced a surcharge of 1.3 times the shortfall and fines up to JPY500,000.
• 73% of surveyed facilities did not expect to need to purchase offset credits, preferring to bank excess reductions for future compliance.

Oversupply Concerns

• Estimated annual demand for credits was less than 300,000 tons, while annual supply could range from 400,000 to 900,000 tons.
• This suggests a potential oversupply in the first compliance period, making the market less liquid and reducing the incentive for trading.

Expansion to Saitama Prefecture

• Saitama prefecture introduced its ETS in 2009, inspired by Tokyo's program.
• Saitama's ETS had no penalties for non-compliance, unlike Tokyo's.
• Both ETSs shared similar design elements, including the same target facilities and reduction targets.
• A cooperation agreement between Tokyo and Saitama allowed for cross-jurisdictional trading of credits from 2015 onwards.

Results from Saitama's ETS

• In FY2011, Saitama's ETS achieved a 21.5% reduction in emissions, similar to Tokyo's performance.
• Saitama had a higher proportion of industrial facilities (70%) compared to Tokyo (85% commercial), which may explain its strong performance.

Lessons Learned

• Data and reporting are crucial for the design and effective operation of an ETS.
• Flexibility in rules and provisions helps in addressing unexpected events like natural disasters.
• Predictability in the rules-based framework is essential for long-term planning and investment in emissions reductions.

Conclusion

Tokyo's ETS has proven to be an effective tool in reducing GHG emissions from large energy-consuming facilities. It has also demonstrated the importance of flexibility and preparedness in the face of unforeseen challenges. The success of the system has inspired similar initiatives in other regions, such as Saitama prefecture, and highlights the potential of city-level ETSs in climate change mitigation efforts.