{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-04-22","version":"1"},"project_desc":{"authoring_entity":[{"name":"Govinda Timilsina","affiliation":"World Bank","email":"gtimilsina@worldbank.org"},{"name":"Ze Song","affiliation":"Independent Researcher","email":"zesong219@gmail.com"},{"name":"Gal Hochman","affiliation":"University of Illinois, Urbana-Champaign","email":"gh141@illinois.edu"}],"title_statement":{"title":"Reproducibility package for How Effective Are Emission Trading Systems In Reducing Emissions? Empirical Evidence From EU, New Zealand And Republic Of Korea","idno":"RR_WLD_2026_616"},"data_statement":"Some data is limited-access and has not been included in the reproducibility package. For more details, please refer to the README file.","software":[{"name":"Stata","version":"19.0 MP"}],"scripts":[{"title":"Reproducibility package for How Effective Are Emission Trading Systems In Reducing Emissions? Empirical Evidence From EU, New Zealand And Republic Of Korea","date":"2026-04","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_WLD_2026_616","zip_package":"RR_WLD_2026_616.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-04-22","abstract":"Emission trading schemes (ETS) are among the primary pricing instruments to reduce greenhouse gas emissions (GHGs). Currently, more than 35 ETS are in operation around the world at multi-national, national and sub-national levels. How effective these systems are in reducing emissions is a key empirical question. This study examines the effectiveness of three large-scale ETS implemented by the European Union (EU-ETS), New Zealand (NZ-ETS), and Republic of Korea (SK-ETS) in reducing CO2 emissions employing a generalized synthetic control method on data for the 2005-2020 period. The findings show that the EU-ETS led to a cumulative reduction of 21.3% in electricity-sector CO\u2082 emissions and 15.6% in total CO\u2082 emissions during the 2005\u20132020 period, relative to a no-ETS scenario. In New Zealand, ETS had no statistically significant effect on total national CO2 emissions\u2014largely because nearly half of New Zealand\u2019s emissions come from agriculture, a sector not covered by the NZ-ETS.  The effectiveness of the SK\u2011ETS varied substantially across phases. While it did not initially halt the rise in emissions, it became a progressively strong driver of decarbonization over time.","geographic_units":[{"name":"World","code":"WLD"}],"keywords":[{"name":"Climate Change Mitigation"},{"name":"Carbon Pricing"},{"name":"Emission Trading System"},{"name":"Empirical Evidence"},{"name":"Synthetic Control Technique"},{"name":"European Union"},{"name":"New Zealand"},{"name":"Republic Of Korea"}],"topics":[{"id":"Q4","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Energy","parent_id":"Q"},{"id":" Q5","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Environmental Economics","parent_id":"Q"},{"id":" Q48","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Government Policy","parent_id":"Q4"},{"id":" Q54","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Climate \u2022 Natural Disasters and Their Management \u2022 Global Warming","parent_id":"Q5"}],"output":[{"type":"Working Paper","description":"Policy Research Working Papers (PRWP)","title":"How Effective Are Emission Trading Systems In Reducing Emissions? Empirical Evidence From EU, New Zealand And Republic Of Korea"}],"language":[{"name":"English","code":"EN"}],"disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"Modified BSD3","uri":"https:\/\/opensource.org\/license\/bsd-3-clause\/"}],"contacts":[{"name":"Govinda Timilsina","affiliation":"World Bank","email":"gtimilsina@worldbank.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"datasets":[{"name":"Greenhouse Gas Emissions from Energy","note":"Source: International Energy Agency\nAccess date: March 2023\nFile location: Replication Package\/data\/CO2_electricity_emission.xlsx\n","access_type":"Data access requires purchase or human approval and is not included in the reproducibility package.\n","license":"Terms of Use for Non-CC Material","uri":"https:\/\/www.iea.org\/data-and-statistics\/data-product\/greenhouse-gas-emissions-from-energy","citation":"IEA, Greenhouse Gas Emissions from Energy, IEA, Paris https:\/\/www.iea.org\/data-and-statistics\/data-product\/greenhouse-gas-emissions-from-energy. [dataset]. Accessed March 2023.\n","license_uri":"https:\/\/www.iea.org\/terms"},{"name":"World Development Indicators","note":"Source: World Bank. \nIndicators used: GDP per capita (current US$), GDP (current US$), Population, Total. File location: \"Replication Package\/data\". \nFile name: API_NY.GDP.PCAP.CD_DS2_en_csv_v2_4901665.csv, API_NY.GDP.MKTP.CD_DS2_en_csv_v2_4901850.csv, API_SP.POP.TOTL_DS2_en_csv_v2_4902028.csv\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license":"Creative Commons Attribution 4.0 (CC-BY 4.0)","license_uri":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/","uri":"https:\/\/databank.worldbank.org\/source\/world-development-indicators","citation":"World Bank. 2023. \"World Development Indicators\" [dataset]. Multiple indicators accessed. Accessed in March 2023.\n"},{"name":"Our World in Data \u2013 Energy and Electricity Datasets","note":"Data sourced from Our World in Data. Includes seven datasets: (1) Total electricity generation (accessed March 2023): https:\/\/ourworldindata.org\/grapher\/electricity-generation?tab=table, file location: data\/electricity-generation; (2) Electricity generation from coal (accessed March 2023): https:\/\/ourworldindata.org\/grapher\/electricity-coal?tab=table, file location: data\/electricity-coal; (3) Electricity generation from gas (accessed March 2023): https:\/\/ourworldindata.org\/grapher\/electricity-gas, file location: data\/electricity-gas; (4) Fossil fuel price index (accessed March 2023): https:\/\/ourworldindata.org\/grapher\/fossil-fuel-price-index?tab=table, file location: data\/fossil-fuel-price-index; (5) Coal prices (accessed April 2026): https:\/\/ourworldindata.org\/grapher\/coal-prices, file location: data\/coal-price; (6) CO\u2082 and Greenhouse Gas Emissions\n(accessed March 2023): https:\/\/ourworldindata.org\/co2-and-greenhouse-gas-emissions#explore-data-on-co2-and-greenhouse-gas-emissions, File location: data\/annual-co2-emissions-per-country; (7) Carbon Emissions Trading System (accessed March 2023): https:\/\/ourworldindata.org\/grapher\/carbon-emissions-trading-system, File location: Replication Package\/data\/carbon-emissions-trading-system.csv\n","access_type":"Data is publicly available and included in the reproducibility package.\n","license":"Creative Commons Attribution 4.0 International (CC BY 4.0)","license_uri":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/","citation":"Our World in Data. 2023\u20132026. \"CO\u2082 and Greenhouse Gas Emissions\" [dataset]. Based on Ember (2026), Energy Institute - Statistical Review of World Energy (2023, 2025), Ritchie, H., Rosado, P., and Roser, M. (2023), and Dolphin, G. and Merkle, M. (2024), with major processing by Our World in Data. Accessed March 2023 and April 2026.\n"},{"name":"Carbon Pricing Data","note":"Data sourced from Pantheon. Accessed April 2024. File location: data\/Carbon pricing data (Apr 2024).\n","access_type":"Data access requires purchase or human approval and is not included in the reproducibility package.\n","citation":"Pantheon. \"carbon pricing\" [dataset]. https:\/\/dev-rad-carbon-pricing.pantheonsite.io\/about#download-data. Accessed April 2024.\n\n","uri":" https:\/\/dev-rad-carbon-pricing.pantheonsite.io\/about#download-data"}],"technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise\n\u2022 Processor: Intel(R) Xeon(R) Gold 6226R CPU @ 2.90GHz (2.90 GHz) (2 processors)\n\u2022 Memory available: 16 GB","technology_requirements":"Runtime: 1 hour","reproduction_instructions":"To reproduce the findings in this paper, a replicator must:\n1. Secure Access to Data: Access the datasets not included in the package. See the Datasets section for more details. \n2. Run the Package:\n     - Update the working directory in line 11 of the do-file `master`, and run it.\n\nSince all the original data cannot be redistributed, the package includes the outputs produced by the authors, which can be used to review the results presented in the paper."},"datacite":{"creators":[{"givenName":"Govinda","familyName":"Timilsina","nameType":"Personal","affiliation":[{"name":"World Bank"}]},{"givenName":"Ze","familyName":"Song","nameType":"Personal","affiliation":[{"name":"Independent Researcher"}]},{"givenName":"Gal","familyName":"Hochman","nameType":"Personal","affiliation":[{"name":"University of Illinois, Urbana-Champaign"}]}],"titles":[{"lang":"en","title":"Reproducibility package for How Effective Are Emission Trading Systems In Reducing Emissions? Empirical Evidence From Eu, New Zealand And Republic Of Korea"},{"title":"RR_WLD_2026_616","titleType":"Other"}],"publisher":"World Bank","publicationYear":"2026","types":{"resourceType":"Reproducibility package","resourceTypeGeneral":"Other"},"url":"https:\/\/reproducibility.worldbank.org\/index.php\/catalog\/study\/RR_WLD_2026_616","language":"en"},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Open Data"}],"schematype":"script"}