![]() The EU Emissions Trading System (EU ETS)A 'cap and trade' system. The EU ETS works on the 'cap and trade' principle. A cap is set on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. The cap is reduced over time so that total emissions fall. Within the cap, companies receive or buy emission allowances which they can trade with one another as needed. They can also buy limited amounts of international credits from emission- saving projects around the world. The limit on the total number of allowances available ensures that they have a value. After each year a company must surrender enough allowances to cover all its emissions, otherwise heavy fines are imposed. If a company reduces its emissions, it can keep the spare allowances to cover its future needs or else sell them to another company that is short of allowances. Trading brings flexibility that ensures emissions are cut where it costs least to do so. A robust carbon price also promotes investment in clean, low- carbon technologies. Key features of phase 3 (2. The EU ETS is now in its third phase – significantly different from phases 1 and 2. The main changes are: A single, EU- wide cap on emissions applies in place of the previous system of national caps. Auctioning is the default method for allocating allowances (instead of free allocation), and harmonised allocation rules apply to the allowances still given away for free. More sectors and gases included. New Entrants Reserve to fund the deployment of innovative renewable energy technologies and carbon capture and storage through the NER 3. ![]() California’s program is the latest incarnation of an increasingly popular — and much debated — mechanism that has emerged as one of the primary weapons against global warming. From China to Norway, Kazakhstan. California in 2012 became the first U.S. The woes include a glut. A 'cap and trade' system. The EU ETS works on the 'cap and trade' principle. A cap is set on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. The cap is reduced over time. Kerry’s partner in promoting global warming legislation, Senator Lindsey Graham, Republican of South Carolina, pronounced economywide cap and trade dead last month and has since been working with Mr. Digital Economy & Society. A new study on eGovernment services in the EU reveals that online public services are becoming increasingly accessible across Europe. Sectors and gases covered. The system covers the following sectors and gases with the focus on emissions that can be measured, reported and verified with a high level of accuracy: carbon dioxide (CO2) from. N2. O) from production of nitric, adipic, glyoxal and glyoxlic acidsperfluorocarbons (PFCs) from aluminium production. Participation in the EU ETS is mandatory for companies in these sectors, butin some sectors only plants above a certain size are includedcertain small installations can be excluded if governments put in place fiscal or other measures that will cut their emissions by an equivalent amountin the aviation sector, until 2. EU ETS applies only to flights between airports located in the European Economic Area (EEA). Henry was hiking in Maine's Acadia National Park one August in the 1980s when he first heard his friend C. Boyden Gray talk about cleaning up the environment by letting people buy and sell the right to pollute. ![]() Delivering emissions reductions. The EU ETS has proved that putting a price on carbon and trading in it can work. Emissions from installations in the scheme are falling as intended – by around 5% compared to the beginning of phase 3 (2. In 2. 02. 0, emissions from sectors covered by the system will be 2. ![]() In 2. 03. 0, under the Commission's proposal, they would be 4. Reports on EU's progress in cutting emissions. Developing the carbon market. Set up in 2. 00. 5, the EU ETS is the world's first and biggest international emissions trading system, accounting for over three- quarters of international carbon trading. ![]() The EU ETS is also inspiring the development of emissions trading in other countries and regions. The EU aims to link the EU ETS with other compatible systems.
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