From the Emissions Trading System to the Role of Private Law in Environmental Protection. Notes for Research

The essay moves from a description of the emission trading system, as regulated by international agreements and European directives, focusing on the measures contemplated therein. Starting from these premises, two aspects come to attention: first, the interaction between private and public law instruments in the construction and functioning of the market mechanisms; second, the effective suitability of such mechanisms to pursue the environmental purposes which, ultimately, represent (or should represent) the end purpose of the regulatory provisions. There is, however, a problem of value consistency between the environmental purposes underlying the regulations of this market. Actually, the importance of the environmental issue seems to require more incisive forms of regulation than those that can be ensured by market dynamics.