Abstract
This chapter presents a chronological overview of main ETS developments from 2009 to 2015, providing a factual foundation for the more in-depth and focused analysis in Chap. 5. Important events include the onset of the financial crisis, the related build-up of an allowance surplus and a falling carbon price, a reform process launched in 2012 including temporary (backloading) and structural reform options, a nadir reached in spring 2013 when Parliament rejected backloading, the Commission then launching the Market Stability Reserve option with momentum increasing and the MSR adopted in spring 2015, followed by a complete ETS reform proposal.
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Wettestad, J., Jevnaker, T. (2016). The ETS Post-2008 Years: From Crisis and Turmoil to ‘Market Thermostat’. In: Rescuing EU Emissions Trading. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-56674-4_4
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