{"id":22054,"date":"2025-04-16T16:01:30","date_gmt":"2025-04-16T14:01:30","guid":{"rendered":"https:\/\/cubeconcepts.de\/?p=22054"},"modified":"2025-09-04T07:16:56","modified_gmt":"2025-09-04T05:16:56","slug":"reserve-de-stabilite-du-marche-dans-le-systeme-dechange-de-quotas-demission","status":"publish","type":"post","link":"https:\/\/cubeconcepts.de\/fr\/marktstabilitatsreserve-im-emissionshandel\/","title":{"rendered":"La r\u00e9serve de stabilit\u00e9 du march\u00e9 dans l'\u00e9change de quotas d'\u00e9mission"},"content":{"rendered":"<p>Le site <strong>R\u00e9serve de stabilit\u00e9 du march\u00e9<\/strong> (MSR) est un instrument central dans le syst\u00e8me europ\u00e9en de sant\u00e9 publique. <strong>\u00c9change de quotas d'\u00e9mission<\/strong> (EU ETS I). Sie wurde 2019 eingef\u00fchrt, um \u00dcbersch\u00fcsse an Emissionszertifikaten im Markt zu reduzieren, die Preisstabilit\u00e4t zu erh\u00f6hen und reagiert flexibel auf Ver\u00e4nderungen von Angebot und Nachfrage. Als wichtige Komponente der <a href=\"https:\/\/cubeconcepts.de\/fr\/droit-de-lenergie\/co%e2%82%82-tarification\/\">Tarification du CO\u2082<\/a> entfaltet die MSR ihre regulierende Wirkung nur im Gesamtsystem des EU ETS I und stellt ein dynamisches Korrekturinstrument dar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Place de la DRS dans le syst\u00e8me global d'\u00e9change de quotas d'\u00e9mission de l'UE<\/h2>\n\n\n\n<p>Die Marktstabilit\u00e4tsreserve wirkt innerhalb des regulatorisch festgelegten Emissionsbudgets (\u201eCap\u201c) und erg\u00e4nzt damit das Mengensteuerungssystem des EU ETS I. Sie beeinflusst nicht die Gesamtmenge der zul\u00e4ssigen Emissionen, sondern wirkt auf die zeitliche Verf\u00fcgbarkeit der Zertifikate im Markt. In Kombination mit weiteren Reformelementen wie der linearen Reduktionsfaktor (LRF), der Innovation Fund oder dem geplanten sozialen Klimafonds entsteht ein zunehmend integriertes Instrumentensystem. Es f\u00f6rdert sowohl die Marktstabilit\u00e4t als auch die Transformation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La r\u00e9serve de stabilit\u00e9 du march\u00e9 comme instrument de la politique climatique<\/h2>\n\n\n\n<p>La DRS est ainsi un pilier central de l'\u00e9change de quotas d'\u00e9mission et de la politique climatique europ\u00e9enne. Elle contribue \u00e0 r\u00e9duire les exc\u00e9dents d'offre de certificats d'\u00e9mission qui peuvent s'accumuler notamment en raison de ralentissements \u00e9conomiques ou de d\u00e9cisions politiques. En stabilisant le march\u00e9 des quotas, la RSM soutient la formation des prix des \u00e9missions de CO\u2082. Dans le m\u00eame temps, elle cr\u00e9e <strong>un cadre plus pr\u00e9visible<\/strong> pour les investissements dans les technologies \u00e0 faibles \u00e9missions. Cela renforce l'efficacit\u00e9 de l'\u00e9change de quotas d'\u00e9mission en tant que <strong>instrument de protection climatique bas\u00e9 sur le march\u00e9<\/strong> et renforce son effet de pilotage en vue de la r\u00e9duction \u00e0 long terme des \u00e9missions de gaz \u00e0 effet de serre.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Objectifs de la r\u00e9serve de stabilit\u00e9 du march\u00e9 dans l'\u00e9change de quotas d'\u00e9mission<\/h2>\n\n\n\n<p>L'objectif principal de la r\u00e9serve de stabilit\u00e9 du march\u00e9 est de rendre le syst\u00e8me europ\u00e9en d'\u00e9change de quotas d'\u00e9mission plus r\u00e9sistant et plus efficace. Pour ce faire, elle <strong>d\u00e9s\u00e9quilibres structurels<\/strong> entre l'offre et la demande de certificats d'\u00e9mission <strong>compense<\/strong>. Au cours des premi\u00e8res ann\u00e9es suivant l'introduction du syst\u00e8me d'\u00e9change de quotas d'\u00e9mission, il y a eu un important exc\u00e9dent de quotas d'\u00e9mission. Cet exc\u00e9dent \u00e9tait d\u00fb au fait que l'industrie \u00e9mettait moins de CO\u2082 que pr\u00e9vu et que, dans le m\u00eame temps, de nombreux quotas des ann\u00e9es pr\u00e9c\u00e9dentes avaient \u00e9t\u00e9 mis en r\u00e9serve. Dans l'ensemble, les prix des certificats CO\u2082 ont tellement baiss\u00e9 que l'incitation des entreprises \u00e0 investir dans des technologies respectueuses du climat a fortement diminu\u00e9. Le site <strong>Effet de pilotage <\/strong>du syst\u00e8me d'\u00e9change de quotas d'\u00e9mission a ainsi \u00e9t\u00e9 compl\u00e8tement annul\u00e9.<\/p>\n\n\n\n<p>C'est pr\u00e9cis\u00e9ment l\u00e0 qu'intervient la DRS, avec pour objectif de mieux adapter l'offre de quotas d'\u00e9mission \u00e0 la demande r\u00e9elle. Gr\u00e2ce \u00e0 la <strong>retrait automatique des certificats exc\u00e9dentaires<\/strong> du march\u00e9, le <strong>Rar\u00e9faction de l'offre<\/strong>ce qui devrait contribuer \u00e0 stabiliser le prix du CO\u2082. Cela permet de cr\u00e9er des incitations \u00e0 la pr\u00e9vention des \u00e9missions et aux investissements dans les technologies \u00e0 faible \u00e9mission de gaz \u00e0 effet de serre. En outre, la DRS doit renforcer le fonctionnement et la pr\u00e9visibilit\u00e9 du syst\u00e8me d'\u00e9change de quotas d'\u00e9mission \u00e0 long terme. L'ajustement automatique des quantit\u00e9s r\u00e9duit la vuln\u00e9rabilit\u00e9 aux <strong>les fluctuations \u00e0 court terme du march\u00e9<\/strong> et les interventions politiques. Cela renforce la fiabilit\u00e9 du syst\u00e8me d'\u00e9change de quotas d'\u00e9mission et favorise la r\u00e9alisation des objectifs de la politique climatique europ\u00e9enne.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">MSR-Mechanismus im EU ETS I<\/h2>\n\n\n\n<p>Le m\u00e9canisme de la r\u00e9serve de stabilit\u00e9 du march\u00e9 repose sur la d\u00e9termination annuelle du nombre total de quotas d'\u00e9mission en circulation (<strong>Total Number of Allowances in Circulation, TNAC<\/strong>). Si le TNAC d\u00e9passe un seuil de 833 millions de quotas, un pourcentage de l'exc\u00e9dent, fix\u00e9 chaque ann\u00e9e, est transf\u00e9r\u00e9 \u00e0 la RSM. Ce taux diminue chaque ann\u00e9e. Par exemple, si le TNAC tombe en dessous de 400 millions, 100 millions de quotas sont retir\u00e9s de la <strong>R\u00e9serve DRS<\/strong> sont r\u00e9introduits sur le march\u00e9. En outre, depuis 2023, les quotas qui d\u00e9passent le volume de la vente aux ench\u00e8res de l'ann\u00e9e pr\u00e9c\u00e9dente dans la DRS sont d\u00e9finitivement annul\u00e9s. Cette mesure vise \u00e0 r\u00e9duire encore davantage la p\u00e9nurie et \u00e0 stabiliser le march\u00e9 des certificats.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Critique et d\u00e9fis de la DRS dans l'\u00e9change de quotas d'\u00e9mission<\/h2>\n\n\n\n<p>La r\u00e9serve de stabilit\u00e9 du march\u00e9 fait \u00e9galement l'objet de critiques dans le d\u00e9bat professionnel. Un point essentiel concerne <strong>r\u00e9action retard\u00e9e<\/strong> de la DRS. Comme elle se base sur des donn\u00e9es historiques, l'adaptation de l'offre de quotas n'est pas imm\u00e9diate, mais d\u00e9cal\u00e9e dans le temps. Cela peut entra\u00eener la lib\u00e9ration involontaire de quotas suppl\u00e9mentaires lorsque des mesures de protection du climat sont annonc\u00e9es \u00e0 l'avance. En outre, la conception de la DRS <strong>faiblesses structurelles<\/strong> en particulier le calcul du nombre total de quotas en circulation (TNAC) est consid\u00e9r\u00e9 comme insuffisant, car il ne prend pas enti\u00e8rement en compte les principales dynamiques du march\u00e9, telles que le comportement des acteurs du march\u00e9 ou les incertitudes r\u00e9glementaires. Dans ce contexte, de plus en plus de <strong>Besoin de r\u00e9forme<\/strong> de l'ann\u00e9e derni\u00e8re. Les discussions portent notamment sur les adaptations de la loi sur l'\u00e9galit\u00e9 des chances.<strong> Taux de pr\u00e9l\u00e8vement<\/strong> (\"intake rate\") ainsi que le <strong>Valeurs seuils<\/strong>Le syst\u00e8me de gestion de l'\u00e9nergie de la DRS a \u00e9t\u00e9 con\u00e7u pour am\u00e9liorer la fonction de contr\u00f4le et de stabilisation de la DRS.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">D\u00e9veloppement actuel de la r\u00e9serve de stabilit\u00e9 du march\u00e9<\/h2>\n\n\n\n<p>L'annulation permanente des quotas d\u00e9passant le volume des ench\u00e8res de l'ann\u00e9e pr\u00e9c\u00e9dente dans la DRS a d\u00e9j\u00e0 \u00e9t\u00e9 introduite dans le paquet l\u00e9gislatif <strong>\"Fit for 55\"<\/strong> a \u00e9t\u00e9 introduite. Actuellement, les experts discutent de nouvelles adaptations qui seront n\u00e9cessaires si l'\u00e9change de quotas d'\u00e9mission europ\u00e9en passe \u00e0 <strong>autres secteurs<\/strong> sera \u00e9tendu. Il s'agira notamment de revoir les valeurs seuils pour le calcul des TNAC et de r\u00e9orienter le taux de pr\u00e9l\u00e8vement. La conception future de la RSM contribuera ainsi de mani\u00e8re d\u00e9cisive \u00e0 ce que le syst\u00e8me d'\u00e9change de quotas d'\u00e9mission puisse d\u00e9ployer de mani\u00e8re fiable son effet incitatif, m\u00eame dans des conditions g\u00e9n\u00e9rales modifi\u00e9es.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion et perspectives<\/h2>\n\n\n\n<p>La r\u00e9serve de stabilit\u00e9 du march\u00e9 s'est r\u00e9v\u00e9l\u00e9e \u00eatre un instrument efficace pour stabiliser le march\u00e9 des quotas. Elle contribue \u00e0 r\u00e9duire les exc\u00e9dents et \u00e0 maintenir les prix du CO\u2082 \u00e0 un niveau efficace. N\u00e9anmoins, des faiblesses subsistent dans sa conception, notamment en ce qui concerne le calcul de la raret\u00e9 et la vitesse de r\u00e9action. Dans la perspective de l'augmentation des objectifs climatiques et de l'extension du syst\u00e8me d'\u00e9change de quotas d'\u00e9mission \u00e0 d'autres secteurs, il sera n\u00e9cessaire de faire \u00e9voluer la DRS. Des adaptations des seuils et des taux de pr\u00e9l\u00e8vement sont d\u00e9j\u00e0 en cours de discussion. Au niveau europ\u00e9en \u00e9galement, d'autres r\u00e9visions sont pr\u00e9vues dans les ann\u00e9es \u00e0 venir. La conception de l'EMS d\u00e9terminera si l'\u00e9change de quotas d'\u00e9mission peut d\u00e9ployer son effet de r\u00e9gulation de mani\u00e8re fiable \u00e0 long terme.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/cubeconcepts.de\/fr\/categorie\/themes-photovoltaiques\/\">Retour \u00e0 l'aper\u00e7u<\/a><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Die Marktstabilit\u00e4tsreserve (MSR) ist ein zentrales Instrument im europ\u00e4ischen Emissionshandel (EU ETS I). Sie wurde 2019 eingef\u00fchrt, um \u00dcbersch\u00fcsse an Emissionszertifikaten im Markt zu reduzieren, die Preisstabilit\u00e4t zu erh\u00f6hen und reagiert flexibel auf Ver\u00e4nderungen von Angebot und Nachfrage. Als wichtige Komponente der CO\u2082-Bepreisung entfaltet die MSR ihre regulierende Wirkung nur im Gesamtsystem des EU ETS [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":22057,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[50,25],"tags":[],"class_list":["post-22054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-photovoltaik-themen-in-deutschland-wissenswertes-fuer-energieprojekte","category-photovoltaik-themen"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Marktstabilit\u00e4tsreserve im Emissionshandel | CUBE CONCEPTS<\/title>\n<meta name=\"description\" content=\"Die Marktstabilit\u00e4tsreserve im Emissionshandel ist ein wichtiges Steuerelement f\u00fcr die Verf\u00fcgbarkeit von CO\u2082-Zertifikaten.\" 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