Διαχείριση περιβαλλοντικού και ενεργειακού κινδύνου
Environmental and energy risk management
Ρουμελιώτης, Δημήτριος Ε.
SubjectΔιαχείριση κινδύνου -- Στατιστικές μέθοδοι ; Ενέργεια και ενεργειακοί πόροι ; Περιβάλλον και ενέργεια ; Περιβαλλοντική πολιτική
With the aim of reducing CO2 emissions, in order to avoid climatic changes and global warming, the Kyoto Protocol was signed in 1997. This protocol contains legislative obligations for 37 developed economies to reduce greenhouse gas emissions. Similar policies were adopted by European countries and several developed economies. Under these conditions the carbon credits exchange has been allowed and this has led to the creation of emission units trading. While, the environmental market was growing bigger and so did the energy market, on September 11, 2001 the whole world changed. The aggressive attitude of the United States towards the oil-producing countries in the Middle East created a greater interest in the field of energy's derivatives. Furthermore, the financial scandal of the Enron Energy Company combined with the deeper economic crisis of the last few years deteriorated the whole situation. This thesis consists of a survey on these markets, with a special focus on the methods of managing environmental and energy risks, due to the nature of the environmental market and the volatility of fuel prices.