<title>Abstract</title>
The Tokyo Emissions Trading Scheme (ETS) is the first cap -and-trade program of CO₂ emissions in Asia, and it is unique in regulating commercial and service sectors. We examine the impacts of the Tokyo ETS on CO₂ emissions and energy consumption by universities in the first phase. Focusing on universities allows us to estimate the effects of the Tokyo ETS separately from the economic stagnation Japan experienced after the Great East Japan Earthquake in 2011 because universities are less likely to be affected by economic fluctuations compared to other sectors. In addition to the ETS, other factors may have achieved CO₂ emissions reductions in Tokyo in this phase due to the influence of the earthquake. To deal with the shortage of electricity supply after the Fukushima disaster, several measures were undertaken, such as rolling blackouts and power-saving orders, particularly in the Tokyo Electricity Power Company’s jurisdiction. To capture the characteristics for each university at the campus level and their experience with being regulation targets of the policies mentioned above, we conducted a mail survey for universities in Japan and obtained panel data that contain information about both regulated and unregulated universities over 5 years (2009–2013). The difference-in-differences approach reveals that the Tokyo ETS caused regulated universities to reduce their CO₂ emissions and energy consumption by approximately 3–5% relative to unregulated universities in the first phase. In addition, we find that the quantitative regulations, such as rolling blackouts and power-saving orders, also had an impact on the universities’ behavior.

<title>Abstract</title>Tokyo ETS is the first emissions trading scheme to control GHG emissions from office buildings. Although the Tokyo government claimed that Tokyo ETS had been successful, some argued that the emission reduction under Tokyo ETS was actually the result of electricity price increases triggered by the Great East Japan Earthquake in 2011. Using a facility-level data set for Japanese office buildings, we conducted an econometric analysis to examine the impact of Tokyo ETS. We found that half of the emission reduction is a result of the ETS, while the rest of the reduction is due to the electricity price increase. Another unique feature of Tokyo ETS is that an accurate permit price is not publicly available due to its design. Using our estimated model, we found that the price is approximately $50 per ton of CO₂ in the early phase.

<p>近年，ハイブリッド自動車等のエコカーへの需要が高まり，政府も補助金や減税等でエコカーへの買い替えを後押ししている。これらの買い替え促進政策は主に自動車の性能に応じて設定され，その適用は全国一律となっている。一方で，燃費改善に伴い走行距離が増加してしまうというリバウンド効果の存在は国内でも確認されているものの，地域間でリバウンド効果に差があるかどうかは今のところ検証されていない。もし，地域間でリバウンド効果に差があるならば，全国一律のエコカー普及制度は非効率的なものとなる。そこで，本研究では地域間，特に大都市圏と地方部との間でリバウンド効果に差が見られるかどうかを，790世帯の家計調査の結果を用いて検証した。分析の結果，大都市圏ではリバウンド効果は確認されなかった一方で，地方部ではリバウンド効果が約34％もあることが明らかになった。このことは，大都市圏と地方部で一律のエコカー普及策を導入した場合，地方部での費用対効果が大都市圏よりも低くなってしまうことを意味する。より効率的に自動車からの温室効果ガスを削減させるためには，現状のような全国一律の普及施策ではなく，地域間で補助金等の価格差を設けると同時に，地方部では公共交通機関への代替を促すような制度設計も必要である。</p>