Emissions trading challenges the management of companies in an entirely new manner: Not only does it, like other market-based environmental policy instruments, allow for a bigger flexibility in management decisions concerning emission issues. More importantly, it shifts the mode of governance of environmental policy from hierarchy to market. But how is this change reflected in management processes, decisions and organizational structures? The contributions in this book discuss the theoretical implications of different institutional designs of emissions trading schemes, review schemes that have been implemented in the US and Europe, and evaluate the range of investment decisions and corporate strategies which have resulted from the new policy framework.

Inhalt
Institutional design.- Companies and regulators in emissions trading programs.- Business and emissions trading from a public choice perspective waiting for a new paradigm to emerge.- Product-based benchmarks as a basis for the rational use of energy and corporate sustainability.- Double Auction experiments and their relevance for emissions trading.- The influence of the allocation method on market liquidity, volatility and firms' investment decisions.- Investment and corporate decisions.- Studying the effects of CO2 emissions trading on the electricity market: A multi-agent-based approach.- Real options analysis for renewable energy technologies in a GHG emissions trading environment.- The European electricity market impact of emissions trading.- A case study on risk and return implications of emissions trading in power generation investments.- Investment decisions and emissions trading.- Corporate strategies.- Emissions trading and Corporate Sustainability Management.- Links of corporate energy management strategies in Europe with the European Union emissions trading system and environmental management systems.- The implementation of emissions trading in companies.- Corporate strategy and the Kyoto mechanisms institutional and transaction cost perspectives.- Understanding business participation in UK emissions trading: dimensions of choice and influences on market development.- Corporate response to emissions trading in Lithuania.