Abstract
Initial allocation and revenue use design features in greenhouse gas emissions trading schemes (ETS) such as auctions are often used as a leverage to ease policy implementation. In Northeast Asia, ETS implemented (South Korea, China) or considered (Japan) do not deem full auctioning a worthwhile option. Anxiety to lose competitiveness and fears of harsh political opposition from industrial and corporate sectors covered by the scheme have prevented GHG ETS from generating significant revenue. Against this background, this paper examines whether the COVID-19 global shock represents an opportunity to overcome national resistance to implement revenue-raising ETS in the region. We analyze how urgent post-COVID policy concerns such as Green Deal relaunch plans, and the need to find additional public revenue sources, influence existing political barriers. As a major result, we provide policy recommendations on how to exploit post-COVID-19 opportunities for enhancing Northeast Asian GHG ETS and for making them more sustainable.
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