Costs
Emissions in the EU have been reduced at costs that are significantly lower than projected, though transaction costs are related to economies of scale and can be significant for smaller installations. Overall, the estimated cost was a fraction of 1% of GDP. It was suggested that if permits were auctioned, and the revenues used effectively, e.g., to reduce distortionary taxes and fund low-carbon technologies, costs could be eliminated, or even create a positive economic impact.
Read more about this topic: European Union Emission Trading Scheme
Famous quotes containing the word costs:
“When over Catholics the ocean rolls,
They must wait several weeks before a mass
Takes off one peck of purgatorial coals,
Because, till people know what’s come to pass,
They won’t lay out their money on the dead—
It costs three francs for every mass that’s said.”
—George Gordon Noel Byron (1788–1824)
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—Ralph Waldo Emerson (1803–1882)
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—Friedrich Nietzsche (1844–1900)