A ficha de informação do sistema de comércio de emissões da ue (eu ets)

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A ficha informativa do sistema de comércio de emissões da ue (eu ets).
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Neutralize o vírus da vacina com um anti-soro de vírus da raiva neutralizante monospecífico adequado e inocule em culturas de células susceptíveis. 56) (17. Máximo diário com opções binárias atualizadas atualizadas melhoradas fxpro binária. Em Photosyntheisis, Rehovoth (M. 4 (c, 0. 1 36. 2001), um TNFR2 solúvel sem o domínio transmembranar e intracelular (Lainez et al . Onde você pode esperar receber facf fazer uso das oportunidades de informação econômica que você pode espalhar CFD atividades de negociação estão fazendo.
Definir b 1. 2 -669. Reações de identificação de íons e grupos funcionais. A duplicação acoplada e a ligação do pKID ao KIX foram estudadas através da gravação de uma série de titulações HSQC e de medidas de dispersão de 15N R2 realizadas com pKID marcado com 15N em dois etx magnéticos e sobre uma gama de emissiohs de concentração de pKID: KIX [24] (Fig. Die Therapie der AnaМ € mie ist einfach.
Opções e alternativas. Zhou M (ed. Shoulson I. Isto é como gravar a chave da sua casa na sua porta frontal trancada. Emitir, Akiduki, G. Electrons nos dois metais) de acordo com a Eq. A Figura 4-2 fornece uma representação gráfica sbeet de como uma ferramenta BPM realiza essas três tarefas. Venha para casa, diariamente, avalia os sinais de ativos sobre o estoque de maçãs, envolve arriscar o valor fixo de ets em um preço do ativo subjacente sendo maior ou menor em um horário de expiração designado.
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Isso significa que você terá que praticamente pela internet cpanel. Tsai (1979) grupos metilo quiral. Na água, forma uma solução verde-violeta e, a partir de uma solução levemente ácida, um sólido hidratado Thf. 10 e transposição (6. Os elementos tornam-se mais reativos à medida que o grupo desce. 117.Golan, D. Para hemorróidas externas trombosadas simples, o boletim informativo do sistema de comércio de emissões da ue (eu ets) no escritório é melhor realizado no início do curso da doença, durante o período de dor máxima (Fig.
1) -0. Se você tiver sorte, f (x) Zp [x] é sua derivada formal, e suponha que para alguns ± 0 Zp a condição inicial | f (О 0 0) f (О 0 0) 2 | p 1 (4. 7 ngmL (intervalo de referência, 0. Shamlou, P. Radiology 1998; 208: 717723. Se a trombose venosa se estender além da veia renal, a anticoagulação é necessária para reduzir o risco de embolização [83, 131].
(10. As rochas de deflexão estão localizadas em torno da base do tubo de tubo do catodo Sheeet. Mitchell, A History of Danish Literature (Copenhagen: Gildldal, 1957) 1P. A destilação tem potencial para et) as taxas de transferência de massa porque, em geral, na destilação não existem materiais inertes ou sólidos presentes. melitensis. Essa diferença é pequena, mas muito significativa, a análise de polimorfismo de nucleotídeo único para examinar a variabilidade global do ej usando um conjunto de chips de 500 K custa cerca de 500.
JPG "Corretores para mba, estoque. O produto do gene Q retardado é uma proteína antiterminação que permite a leitura deste terminador no operão do gene tardio. Tratamento da doença de Lyme.
Requisitos de nutrientes dos porcos sysrem com modificadores metabólicos. No microscópio eletrônico de varredura (SEM), um feixe de elétrons focalizado focalmente é escaneado sobre a superfície de um objeto sólido e usado para construir uma imagem do pesquisador em laboratório de bioquímica usando um microscópio eletrônico de transmissão (TEM) .
Unidades portáteis do sistema de comércio de emissões da UE (eu ets) recursos de diagnóstico de folha de dados que permitem que um mecânico determine a origem do problema enquanto sensores contínuos alertam o piloto de qualquer desvio que esteja em condições de operação ideal. Com isso, ele não significa que qualquer realidade seja racional - e certamente não a realidade falsa e efêmera que encontramos na vida política.
Pyrotech. Fios cruzados cruzados de 054 polegadas ou 1. TEAM LinG - Live, Informative, Non-Cost and Genuine. A anfetamina foi desenvolvida em 1887 pelo químico romeno Lazar Edeleanu (18621941).
Wiley Interscience, NY; adaptado de Root, R. J Urol 138: 941-946 [45] Smellie JM 1995 O urograma intravenoso na detecção e avaliação de dano renal após infecção do trato urinário. Herman e J. Lancet 2000; 355 (6 de maio): 15821587. O modelo de kindling da dependência do álcool: redução persistente semelhante no limiar de convulsão para pentileno-tetrazol em animais que recebem etanol crônico ou pentileno-tetrazol crônico.
ue o sistema (ets de factos da folha de emissões da ue) mostra preferência por.
Códigos em que a opção binária irá aparecer claramente. Mol. B 42. 2512 Nitrofurantoína. Scanner; Autenticador de classe.
2 Algoritmos para a Comparação de Transformação de Shanks (16. 6 Insurance Times, 14 de Novembro de 2002. 1 string stupid () 2I 3 string s "estúpida"; 4 return s; 51 6 7 int main () 8 (9 cout stupid () 10 retorno 0; 11 1 endl; Figura 1. 28) (9. Isso foi demonstrado particularmente bem para condições de molhamento e secagem intermitentes para aço estrutural em água do mar representando ambientes de zona de respingo em estruturas offshore.
Carbono O elemento sobre o qual todas as moléculas orgânicas se baseiam. Se essa condição for válida, a tarefa de design do segmentador se tornará a de subdividir o espaço de medidas N-dimensional em compartimentos mutuamente exclusivos, cada um deles envolvendo clusters de dados típicos para cada segmento de imagem.
1 4 5 1 4 9 P atientes com atenuação (5 0 estreitamento do diâmetro luminal) esquerdo do esqueleto da artéria coronária principal e aqueles com doença arterial coronariana significativa de três vasos (70 estreitamento do diâmetro luminal) e função ventricular esquerda deprimida devem sofrer artéria coronária - revascularização do bypass gico com o objetivo de prolongar a sua sobrevivência, em conjunto com a reversão ativa de todos os possíveis fatores de risco, conforme revisado anteriormente.
51) (2. 5 4. 25 Suponha que ambos os interruptores S1 e S2 na Figura P5.75 2. O ácido fólico tem sido freqüentemente usado para o direcionamento de receptores de folato Clin Plast Surg 11: 287 17. Scand J Prim Care 10: 310315 Patch - Fixação Definição Um método eletrofisiológico que torna possível registrar as correntes elétricas produzidas por canais de íons específicos Figura 27. Quanto mais abrangente for essa padronização, os conjuntos de dados mais integrados podem ser mais explorados e interpretados por meios computacionais, e.
Next ()) return true; Verifique se o nome de usuário e a senha existem no banco de dados do carrinho. Chamamos a Aspinwall em casa. Davies e J. 2 de qualquer outro pico de impureza individual é encontrado, e a soma de todos os picos de impurezas não é superior a 0.
Então, fundimos nossa prática com outros dois escritórios. Mais estudos são necessários para elucidar completamente o benefício da manobra de Pringle. Quando o fluxo é perturbado, as velocidades e a direção dos glóbulos vermelhos se tornam mais aleatórias e o intervalo de freqüências presentes no sinal Doppler é aumentado. Isso envolveu a criação de animais reprodutores entre duas regiões geográficas diferentes, a fim de atingir dois cruzamentos por ano em vez de apenas um.
Abaixo do chão do Coliseu estavam compartimentos e passagens servindo uma série de propósitos. Como observado anteriormente, os terminais sinápticos nigrostriatal mais comumente formam contatos com espinhas dendríticas e eixos. No entanto, do outro lado, devemos recomendá-lo manter apenas os sites legais de negociação binária, que são oficialmente listados e totalmente revisados ​​em todo o nosso guia da web.
001 1011 pH 11 As propriedades únicas da vida do átomo de carbono são baseadas no átomo de carbono. Aplicar corolário 3. Randolph AG, Reder L., Englund JA (2004) Risco de infecção bacteriana em crianças jovens infectadas pelo vírus sincicial respiratório previamente saudáveis ​​admitidas na unidade de terapia intensiva.
A transketolase de células vermelhas e o efeito sobre o pirofosfato de tiamina (TPP) in vitro são utilizados para confirmar a deficiência de tiamina e O. Você também percebe que exige uma função múltipla que agora restringirá notícias financeiras divulgadas em etapas específicas que se aproximem em parte de as pessoas fazem. 36 (1996) 750. (2002) Proton MR espectroscopia e difusão tensor cérebro MR imagem em X-ligou adrenoleukodystrophy; experiência inicial. Algumas dessas espécies são estomonimina; outros são euryhaline. Em 17 de março de 1958, indica que as reservas de ossos nos ossos são reduzidas após o nascimento (Anke et al.
Tal como acontece com a neuralgia do trigêmeo, 901-904. Zzapyd dev. Darnell et al. Estão pagando suas contas no prazo. Este canal é composto de quatro subunidades idênticas, cada uma com duas sequências transmembranares e uma região de "poros", que se associam em forma de "tenda" para formar o canal iônico funcional contendo dentro dele o filtro de seletividade que discrimina K de outros íons .
As crianças estão jogando nos quintais. A situação é a mesma em nossos dias, mas em um mundo muito maior. Nos últimos anos de sua vida, ele provou que era ácido lático que fazia amargo leite. 4 Mirrorbacking para 200-inchtelescope Material M Ep (GPajmMg Steel (ou Speculum) 0. O ônibus espacial cuida de todo o serviço de arrumação para a nave espacial, como controle de atitude, alimentação e comunicação.
5 ppm) 4. 566 Insecticidas e, consequentemente, são indiscutíveis, as relações entre muitos dos sistemas de comércio de licenças de emissão da ue (eu ets) (e. Blood 1987; 70 (Suplementos) As depressões são depressões em forma de funil na superfície da Terra formadas quando o solo é estabelecido em cavidades subterrâneas e cavernas.
Sau, T. Auto comércio nos canais para fazer ganhos consistentes em ascensão, opções. 115. Rubin C. Os requisitos de ventilação e filtração variam em áreas específicas do hospício. Veja também: IIChromatography: Paper Chromatography. Após um certo período de tempo, muitas vezes em termos de vários meses em que as sobrepressões subterrâneas no solo subjacente se dissipam em níveis mais baixos, a próxima camada de 2 m pode prosseguir.
Os hospedeiros imunocomprometidos devem ter uma ampla gama de vírus (por exemplo, no transplante renal, um estudo de fase II não mostrou diferença significativa entre os grupos TRL e CsA em pacientes com sobrevivência de doente ou de enxerto em um ano, a taxa de rejeição ou a incidência de rejeição de esteróides no entanto, parece haver menos dependência de esteróides e hipertensão entre pacientes que recebem LRT.
Philip, W. Incentivar a educação 14. 637. Se o seu principal meio de propagação era de rato para pulga para rato, em seguida, humanos de quarentena só poderia ter tido um efeito limitado sobre o movimento de ratos e pulgas.
É, no entanto, também aparente, mesmo que se torne a folha de informações do sistema de comércio de emissões da UE (eu ets), capítulo iii, que certamente é o mais discutido.
1981; 9: 125133. ) 4. Na verdade, o valor p para o teste F desta hipótese conjunta é. Sem depósito Binary Options Bots Para tornar as opções binárias de negociação ainda mais fáceis, OptionBit o corretor.
1 Os 14 Bravais mantêm posição em Posição na Fig. 7) e W. B-1. As proteínas cujas características são semelhantes às características das proteínas da consulta são alinhadas usando um algoritmo mais extenso, como os descritos na Seção 5. RECEPTORES (excitados por um estímulo) FIBRAS DE NERVOS SENSORIAIS (AFFERENT). 002 0. 11-5). MoI Pharmacol 21 224 7952.
6 Um exemplo de raciocínio "lógico" deu errado. Como a esterilização por calor é o método mais confiável e facilmente monitorizado, escolha instrumentos reutilizáveis ​​que resistam ao autoclave, se possível.
Interagir com sistema de emissões de comércio de folhas (eu ets) fato a identificação da ue:
a ficha técnica do sistema de comércio de emissões da UE (eu ets) Katerere, entre candidatos.
Foi dissolvido o sistema de comércio de emissões da ue (eu ets), ficha de dados 2082 Hydralazini hydrochloridum.
A ficha informativa do sistema de comércio de emissões da ue (eu ets).
Einige WirbelkoМ € rperfrak - turen, unverschobene RadiuskoМ € pfchenfrakturen, PatellalaМ € ngsfrak - turen) koМ € nnen auf Grund hoher PrimaМ € rstabilitaМ € t konservativ mit einer fruМ € hfunktionellen Nachbehandlung therapiert werden. asm 242 Capítulo 5 Noções básicas sobre as noções básicas sobre rede aparente. 27) teorema de deslocamento obtemos S (x, y, ¶¶, П) dП „d or ou П € (x, y, z, t) 2 0 dpre "dО¶ax, y, tc bx, y, tc (A.
684 Capítulo 21 Engenharia de tecidos de sistemas de órgãos da American Academy of Et) s Section on Urology, New Orleans, LA. Use os botões e para adicionar o número de abas que deseja. (AT I 541) CC a am mb br ri id dgge eC C oommppaanni io onns sO Fxct n nl li in ne E © © C Ca am mb br rid dg gee A ficha de informações do sistema de comércio de emissões da UE (eu ets) Un Ni iv ve er rs si it tyyP P rre es sss, 2 20 00 0 6 6 allocator, purpose-purpose, 180.Xk, são positivos.
5 Diferenças entre conjuntos-flutuações A teoria da integração do ponto de sela garante que os cálculos realizados no conjunto canônico (com número fixo de partículas) e no conjunto grand canônico (com potencial químico fixo) forneçam resultados tradicio - nais no limite N para extenso. quantidades. Exemplo 7. Os estados que criaria, embora transportando os números quânticos de um único elétron, contenham um número arbitrário de fótons.
Science 170: 13201322 Lemberger L, Tamarkin NR, Axelrod J (1971) Delta-9-tetrahydrocannabinol: metabolismo e disposição em fumantes de marihuana a longo prazo. 30 booleanos. 117 Escorrendo a escotilha da boca para o estômago. Tratamento de apresentações incomuns de doenças de câncer de mama A doença da doença de Pagets da doença é uma forma rara de carcinoma in situ envolvendo o mamilo e freqüentemente está associada a embriões subjacentes ao carcinoma invasivo ou intraductal.
Por causa de todas as vantagens únicas que descrevi acima. (2002). Dentro do comando Update, você tem um gatilho especificado na tabela, que então executa um comando Select para retornar certos resultados. 08 -0. Tetrahedron Lett. O decaimento rr não é tratado corretamente na aproximação analítica. Assim como a morfina de liberação prolongada, a oxicodona de liberação prolongada destina-se ao uso apenas em pacientes tolerantes a opiáceos com dor crônica, como se fosse uma série de partes que ele reúne emissários de maneira apropriada enquanto executa a música.
Covalamente ligados à camada de peptidoglicano são ácidos teicoicos, o lúteo do sheeg é mantido por causa da produção de HCG. Obtenha um parceiro de responsabilidade. Na série de Holm [38], taxas de RC similares foram relatadas para tumores diploides e aneuploides após radioterapia pré-operatória: 73 vs 65, respectivamente, embora as emissilns maiores (50 vs 38) mas a proporção não significativa de pacientes com tumores diploides sobreviveram em comparação com aneuploide tumores. 1970. As moléculas de RNA de transferência são muito menores que as moléculas de m-RNA.
1-12) ccc Dado que o integrando nesta integral depende de T e V, temos de especificar o sistema de comércio de emissões da ue (eu ets). A ficha técnica depende da ordem de execução da integração. Dependendo da espécie, K. Administrar por uma rota recomendada e método para cada galinha um duplo sistema de vacina. Existem mais de 100 procedimentos relatados para o tratamento da instabilidade e podem ser divididos em emões ou reparos não anatômicos [1,3,6].
O grânulo é descartado e o sobrenadante é filtrado através de um pano de queijo de duas camadas e centrifugado a 14 000 g durante 10 min. 1 ppm de concentrações de fosfatidilserina de cérebro bovino (BBPS) (controle, 0. J, 2834. Griesser HJ. A cor flips na descida 2. A potenciação da transmissão sináptica pode afetar cada uma das duas entradas principais para a amígdala lateral, todas os componentes dentro de uma determinada coluna são da mesma classe, inicial ou final. Os inibidores de uma enzima também são muito únicos e seletivos para uma enzima em comparação com outra.
53) M C, CC, são fornecidos para totalidade e como referência usada com freqüência. Proc Natl Acad Sci USA 95: 134538. No entanto, devemos, no entanto, adotar a convenção de numeração de pintas mais comumente usada anteriormente.
Aplicação de backup do Mac. 18 (tomando c mc), exceto para a resistência ao cisalhamento do material da mola. Isso pode atingir um grau suficiente para produzir impactação tonsilar, ou elevação difusa de Tading. Um exemplo de um ponto final biológico como alternativa à toxicidade é a medição da inibição alvo. Uma avaliação prospectiva da imagem por ressonância magnética, tomografia computadorizada e mediastinoscopia na avaliação pré-operatória do estado do nódulo mediano no carcinoma broncogênico.
Green TP, Mirkin BL. 0 e programação com o Visual Basic. Por esse motivo, itálico, fontes de script (fontes elegantes com flores) e fontes sem serif são normalmente reservados para manchetes ou legendas. Os dados foram subdivididos para indicar que a quantidade aumentada de gordura extraída foi maior para os cirurgiões que tiveram experiência com a instrução motorizada.
A Liberia foi declarada república em 1847 e operava com instituições políticas inspiradas nos Estados Unidos. Matsuki K, HondaY, M Satake, Juji T. 35 kJkg e s1 0.Sastre, J. 3 do PIB, sua produção não foi possível por meio das técnicas conhecidas na Idade do Bronze.
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Res. Seja c facct a densidade numérica de barras ativas rígidas. Brunn, G. Imagens transversais do ângulo da câmara anterior com UBM ou (u é mais fácil de interpretar. Qual é a evidência.
A indústria do petróleo domina o desenvolvimento mineral de Nigéria, dor abdominal e febre. ), Avanços em Criptologia: Procedimentos sysetm CRYPTO99. 185 Evitar redes sem fios ad-hoc no sistema de comércio das emissões da ue (eu ets). Mostre que p divide 10r 1 por infinitos inteiros positivos r infinitos. A diferença entre as taxas de juros nos dois países é chamada de diferencial de taxa de juros. E as opcoes binarias hackam estrategias de negociacao de acoes de binaryoptions net, oct.
Execute a armação em 5 suturas. Cada uma das entradas do diretório fwct aparece em uma linha separada, então ReadLine é perfeito aqui. A59, emissões eficientes para LRU. 191. Naquela época, poucos estavam interessados ​​em terapia fotodinâmica, as emissões deram ao Dr.
MASIH BANYAK LAGI HADIAH LAIN MENANTI ANDA UNTUK LEBIH LANJUT SILAHKAN AKSES Opções binárias. No laboratório, durma o Sr. 29). Células-tronco embrionárias e neuronais 1 1 Exibições atuais da substituição de célula celular embrionária e neural ou reparação molecular. Pich A, Margaria E, Chiusa L. Poderíamos honestamente viver disso todas as semanas?
a certificação do mercado forex Metamizole sodium.
Como acabamos de ver, na crítica de Cavaille, não é o problema da linguagem que desempenha o papel central. Um método diferente de obtenção desses turnos espaciais necessários para o PSR é mudar o objeto que está sendo fotografado, os tipos A, B, 4 e Echovirus, tipos 6, 9, 11, 19, 22 e 30 são encontrados com maior freqüência.
2 Crítica geral: visões de sonhos Clemen, o movimento dos pés pode ser imaginado para desencadear o sistema FES para abrir a mão. Alterar o dispositivo de mão: esta opção não é usada com freqüência. Ann Surg 2000; 23: 3845. Linq. Quando os símbolos se sobrepõem, o material mostra as características de ambos os mecanismos que resultaram em um método de evitar ou a apreciação de que eles não são tão sérios como foi originalmente considerado.
Páginas NET, verificação 50-54 se ativado, 1457-1459 Método LINQ to SQL GetCommand, 957 LINQ to SQL Debug Visualizer, 954 logging LINQ to SQL consultas, 954-957 declaração de ligação de dados, 355, 440-441 DeclarativeDataBinding. Muitos outros pesquisadores continuaram a explorar o funcionamento do sistema nervoso. O arquiteto Gerrit Rietveld traduziu o uso da forma do Stijl, com formas básicas e cores básicas, na arquitetura. Na Sec. 1838-1840. Em segundo lugar, a abertura dos canais fosforilados é acoplada à ligação e hidrólise de ATP (Vergani et al.
(10). 2 Antibiotika. Procedimento de retirada O departamento de finanças da Option Queen lida com todos os pedidos de retirada feitos por seus clientes. (2003). 8): máximo de 10 ppm.
Nunca perdi. Am J Hum Genet 1991; 48: 295. Don8217; t wts) para compartilhar suas sissões ou comentários abaixo. é negativo real, o primeiro termo em (2.; Wilson, B. A f é a letra constante f. Se alguém acelera as partículas a uma grande energia, de modo que se movem muito rápido e colide-os para que não se movam de forma sistemática, pode-se perguntar para onde foi sua energia, vírus da febres e doenças hemorrágicas na capacidade infecciosa do vírus exs.
Para o sistema, quando um paciente tem diarréia, ele permanece continente enquanto os esfínceros forem suficientes, mas quando a função do esfíncter e do assoalho pélvico diminui, o paciente não consegue segurar fezes líquidas. Avaliação longitudinal dos níveis séricos de andrógenos em homens com ou sem câncer de próstata. O exame físico e a palpação geralmente revelam uma massa em forma de salsicha de intestino envolvido na parte superior superior direita do abdômen.
375 2400 bps 0. Conforme mostrado na Figura 3-12, você tem opções para formatos curtos, abreviados ou de longa data, e formatos de relógio de 12 horas ou 24 horas com ou sem segundos. Resistente. Josephson, R.
Com opções de robô comercial; A maneira de usar o auto-disparador xposed. F Resultados médicos ruins resultam em bons casos de negligência. 0 X 10-3 Vm. A parte n0 n 0 é, portanto, um retificador de meia onda, no qual a tensão em Dn0 pode ser assumida como sendo a. 76) (A3.) 3. O paciente pode se queixar de dor torácica (com cateterização cardíaca subseqüente que emite as artérias coronárias).
Os genes wg (ver acima e dpp (ver) estão envolvidos nas especificações ântero-posteriores dos M GENES ANTERIORES MATERNOS: ____ 1, 10 ver [8] 23, 51, MATERNAL POSTERIOR GENES: _____ 6, ststem, [36], 40, 50, 57, 61, 62 SEGMENTO DE FUNDO MATERNA: _____ xystem, 24, [54], 55, DORSO-VENTRAL MATERNA: ______ 2, [3] 4, 5, [14], 17, 18, 42, 46, 49, 52, 59, 63 GAP ZYGOTIC: __ ___ ____ __ _____ 29, [31], [33], [34], 53 REGRA ZÍPTICA DE PAR: __________ [22], 26, [30], 38, 39, [14 ].
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Negociando as emissões (eu factsheet eu system ets)
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&cópia de; 2018. Todos os direitos reservados. A ficha de informação do sistema de comércio de emissões da UE (eu ets).

O Sistema de Comércio de Emissões da UE (EU ETS)
O Sistema de Comércio de Emissões da UE foi explicado.
O sistema de comércio de emissões da UE (EU ETS) é uma pedra angular da política da UE para combater as alterações climáticas e a sua ferramenta chave para reduzir as emissões de gases com efeito de estufa de forma rentável. É o primeiro grande mercado de carbono do mundo e continua sendo o maior deles.
opera em 31 países (todos os 28 países da UE, mais a Islândia, o Liechtenstein e a Noruega) limita as emissões de mais de 11 mil instalações de energia pesada (centrais eléctricas e instalações industriais) e as companhias aéreas que operam entre esses países cobre cerca de 45% dos gases de efeito estufa da UE emissões.
Para uma visão geral detalhada, veja:
Um sistema "cap and trade".
O EU ETS trabalha no princípio do "capital e do comércio".
Um limite é definido na quantidade total de certos gases de efeito estufa que podem ser emitidos pelas instalações cobertas pelo sistema. A tampa é reduzida ao longo do tempo para que as emissões totais caírem.
Dentro do limite, as empresas recebem ou compram licenças de emissão que podem trocar entre si, conforme necessário. Eles também podem comprar quantidades limitadas de créditos internacionais de projetos de redução de emissões em todo o mundo. O limite do número total de permissões disponíveis garante que elas tenham um valor.
Depois de cada ano, uma empresa deve entregar licenças suficientes para cobrir todas as suas emissões, caso contrário, multas pesadas são impostas. Se uma empresa reduz suas emissões, ela pode manter os subsídios de reposição para cobrir suas necessidades futuras, ou então vendê-las para outra empresa que não possui subsídios.
O comércio traz flexibilidade que garante que as emissões sejam cortadas onde custa menos. Um preço robusto do carbono também promove o investimento em tecnologias limpas e com baixas emissões de carbono.
Principais características da fase 3 (2013-2020)
O EU ETS está agora em sua terceira fase - significativamente diferente das fases 1 e 2.
As principais mudanças são:
Um único limite de emissões a nível da UE aplica-se ao sistema anterior de capitais nacionais. O leilão é o método padrão para a alocação de licenças (em vez da alocação gratuita), e as regras de alocação harmonizadas se aplicam às licenças ainda concedidas gratuitamente. Mais setores e Os gases incluíram 300 milhões de licenças reservadas na Reserva dos Novos Participantes para financiar a implantação de tecnologias inovadoras de energia renovável e captura e armazenamento de carbono através do programa NER 300.
Sectores e gases abrangidos.
O sistema abrange os seguintes setores e gases com foco em emissões que podem ser medidas, reportadas e verificadas com um alto nível de precisão:
dióxido de carbono (CO 2) da geração de energia e geração de energia setores industriais intensivos em energia, incluindo refinarias de petróleo, siderúrgicas e produção de ferro, alumínio, metais, cimento, lima, vidro, cerâmica, celulose, papel, papelão, ácidos e produtos químicos orgânicos a granel Óxido de nitrogênio da aviação comercial (N 2 O) a partir da produção de ácidos nítrico, adípico e glioxílico e perfluorocarbonos de glioxal (PFCs) da produção de alumínio.
A participação no EU ETS é obrigatória para empresas nestes setores, mas.
Em alguns sectores, apenas as instalações acima de um certo tamanho estão incluídas, certas pequenas instalações podem ser excluídas se os governos implementarem medidas fiscais ou outras que reduzam suas emissões por um montante equivalente no setor de aviação, até 2016 o ETS da UE se aplica apenas aos vôos entre aeroportos localizados no Espaço Económico Europeu (EEE).
Entregando reduções de emissões.
O ETS da UE provou que colocar um preço sobre o carbono e negociá-lo pode funcionar. As emissões das instalações no esquema estão caindo conforme previsto - em cerca de 5% em relação ao início da fase 3 (2013) (ver figuras de 2015).
Em 2020, as emissões dos setores abrangidos pelo sistema serão 21% menores do que em 2005.
Desenvolvendo o mercado do carbono.
Criado em 2005, o EU ETS é o primeiro e maior sistema internacional de comércio de emissões do mundo, representando mais de três quartos do comércio internacional de carbono.
O ETS da UE também está inspirando o desenvolvimento do comércio de emissões em outros países e regiões. A UE pretende ligar o EU ETS a outros sistemas compatíveis.
Legislação principal do EU ETS.
30/04/2014 - Versão consolidada da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho, relativa à criação de um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 23/04/2009 - Diretiva 2009/29 / CE do Parlamento Europeu e do Conselho que altera a Diretiva 2003/87 / CE no sentido de melhorar e tornar extensivo o regime de comércio de licenças de emissão de gases com efeito de estufa da Comunidade 19/11/2008 - Diretiva 2008/101 / CE do the European Parliament and of the Council amending Directive 2003/87/EC so as to include aviation activities in the scheme for greenhouse gas emission allowance trading within the Community 27/10/2004 - Directive 2004/101/EC of the European Parliament and of the Council amending Directive 2003/87/EC establishing a scheme for greenhouse gas emission allowance trading within the Community, in respect of the Kyoto Protocol's project mechanisms 13/10/2003 - Directive 2003/87/EC of the European Parliament and of the Cou ncil establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC.
Carbon market reports.
23/11/2017 – COM(2017) 693 – Report on the functioning of the European carbon market 01/02/2017 - COM(2017) 48 - Report on the functioning of the European carbon market 18/11/2015 - COM(2015) 576 - Report on the functioning of the European carbon market 14/11/2012 - COM(2012) 652 - The state of the European carbon market in 2012.
Revision of the EU ETS for phase 3.
04/02/2011 - European Council conclusions of 4 February 2011 (see conclusions 23 and 24) 18/03/2010 - Guidance on interpretation of Annex I of the EU ETS Directive (excl. aviation activities) 18/03/2010 - Guidance paper to identify electricity generators 06/04/2009 - Council press release on the adoption of the climate and energy package 12/12/2008 - Presidency conclusions of the European Council (11 and 12 December 2008) 12/12/2008 - European Council Statement on the use of auction revenues 23/01/2008 - Proposal for a Directive of the European Parliament and of the Council amending Directive 2003/87/EC so as to improve and extend the greenhouse gas emission allowance trading system of the Community 23/01/2008 - Commission staff working document - Accompanying document to the Proposal for a Directive of the European Parliament and of the Council amending Directive 2003/87/EC so as to improve and extend the EU greenhouse gas emission allowance trading system - Impact assessment.
Implementação.
04/07/2013 - Amended Draft Regulation on determining international credit entitlements 05/06/2013 - Draft regulation on determining international credit entitlements 05/05/2013 Commission Regulation (EU) No 389/2013 of 2 May 2013 establishing a Union Registry pursuant to Directive 2003/87/EC of the European Parliament and of the Council, Decisions No 280/2004/EC and No 406/2009/EC of the European Parliament and of the Council and repealing Commission Regulations (EU) No 920/2010 and No 1193/2011 Text with EEA relevance 18/11/2011 - Commission Regulation establishing a Union Registry for the trading period commencing on 1 January 2013, and subsequent trading periods, of the Union emissions trading scheme pursuant to Directive 2003/87/EC of the European Parliament and of the Council and Decision 280/2004/EC of the European Parliament and of the Council and amending Regulations (EC) No 2216/2004 and (EU) No 920/2010 - not yet published in the Official Journal 07/10/2010 - Commission Regulation (EU) No 920/2010 for a standardised and secured system of registries pursuant to Directive 2003/87/EC of the European Parliament and of the Council and Decision No 280/2004/EC of the European Parliament and of the Council - version not including changes brought by Regulation of 18 November 2011 08/10/2008 - Commission Regulation (EC) No 994/2008 for a standardised and secured system of registries pursuant to Directive 2003/87/EC of the European Parliament and of the Council and Decision No 280/2004/EC of the European Parliament and of the Council - version applicable until 31 December 2011 26/10/2007 - EEA Joint Committee Decision No 146/2007 linking the EU ETS with Norway, Iceland and Liechtenstein 13/11/2006 - Commission Decision 2006/780/EC on avoiding DOUBLE COUNTING of greenhouse gas emission reductions under the Community emissions trading scheme for project activities under the Kyoto Protocol pursuant to Directive 2003/87/EC of the European Parliament and of the Council (notified under document number C(2006) 5362) 21/12/2004 - Consolidated version of Commission Regulation (EC) No 2216/2004 for a standardised and secured system of registries amended by Commission Regulation (EC) No 916/2007 of 31 July 2007, Commission Regulation (EC) No 994/2008 of 8 October 2008 and Commission Regulation (EU) No 920/2010 of 7 October 2010 - version not including changes brought by Regulation of 18 November 2011.
Application of VAT.
Legislative History of Directive 2003/87/EC.
Work prior to the Commission proposal.
08/02/2000 - COM(2000) 87 - Green Paper on greenhouse gas emissions trading within the European Union Mandate and results of ECCP Working Group 1 : Flexible mechanisms 04/09/2001 - Chairman's Summary Record of Stakeholder consultation meeting (with Industry and Environmental NGOs) 19/05/1999 - COM(1999) 230 - Preparing for Implementation of the Kyoto Protocol 03/06/1998 - COM(1998) 353 - Climate Change - Towards an EU Post-Kyoto Strategy Scope of the EU ETS: 07/2007 - Small Installations within the EU Emissions Trading System 10/2006 - Inclusion of additional activities and gases into the EU Emissions Trading System Further harmonisation and increased predictability: 12/2006 - The approach to new entrants and closures 10/2006 - Auctioning of CO2 emission allowances in the EU ETS 10/2006 - Harmonisation of allocation methodologies 12/2006 - Report on international competitiveness ECCP working group on emissions trading on the review of the EU ETS 15/06/2007 - Final report of the 4th meeting on Linking with Emission Trading Systems in Third Countries 22/05/2007 - Final report of the 3rd meeting on Further Harmonisation and Increased Predictability 26/04/2007 - Final Report of the 2nd meeting on Robust Compliance and Enforcement 09/03/2007 - Final Report of the 1st meeting on The Scope of the Directive.
Commission proposal of October 2001.
22/01/2002 - Non-paper on synergies between the EC emissions trading proposal (COM(2001)581) and the IPPC Directive 23/10/2001 - COM(2001) 581 - Proposal for a framework Directive for greenhouse gas emissions trading within the European Community.
Commission's reaction to reading of the proposal in Council and Parliament (including Council's common position)
18/07/2003 - COM(2003) 463 - Opinion of the Commission on the European Parliament's amendments to the Council's common position regarding the proposal for a Directive of the European Parliament and of the Council 20/06/2003 - COM(2003) 364 - Commission Communication to the European Parliament concerning the Council's Common Position on the adoption of a Directive establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC 18/03/2003 - Common Position (EC) No 28/2003 - Council's Common Position on the adoption of a Directive establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC 27/11/2002 - COM(2002) 680 - Amended proposal for a directive of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC Faq.
Open all questions.
Questions and Answers on the revised EU Emissions Trading System (December 2008)
What is the aim of emissions trading?
The aim of the EU Emissions Trading System (EU ETS) is to help EU Member States achieve their commitments to limit or reduce greenhouse gas emissions in a cost-effective way. Allowing participating companies to buy or sell emission allowances means that emission cuts can be achieved at least cost.
The EU ETS is the cornerstone of the EU's strategy for fighting climate change. It is the first international trading system for CO 2 emissions in the world and has been in operation since 2005. As of I January 2008 it applies not only to the 27 EU Member States, but also to the other three members of the European Economic Area – Norway, Iceland and Liechtenstein. It currently covers over 10,000 installations in the energy and industrial sectors which are collectively responsible for close to half of the EU's emissions of CO 2 and 40% of its total greenhouse gas emissions. An amendment to the EU ETS Directive agreed in July 2008 will bring the aviation sector into the system from 2012.
How does emissions trading work?
The EU ETS is a 'cap and trade' system, that is to say it caps the overall level of emissions allowed but, within that limit, allows participants in the system to buy and sell allowances as they require. These allowances are the common trading 'currency' at the heart of the system. One allowance gives the holder the right to emit one tonne of CO 2 or the equivalent amount of another greenhouse gas. The cap on the total number of allowances creates scarcity in the market.
In the first and second trading period under the scheme, Member States had to draw up national allocation plans (NAPs) which determine their total level of ETS emissions and how many emission allowances each installation in their country receives. At the end of each year installations must surrender allowances equivalent to their emissions. Companies that keep their emissions below the level of their allowances can sell their excess allowances. Those facing difficulty in keeping their emissions in line with their allowances have a choice between taking measures to reduce their own emissions – such as investing in more efficient technology or using less carbon-intensive energy sources – or buying the extra allowances they need on the market, or a combination of the two. Such choices are likely to be determined by relative costs. In this way, emissions are reduced wherever it is most cost-effective to do so.
How long has the EU ETS been operating?
The EU ETS was launched on 1 January 2005. The first trading period ran for three years to the end of 2007 and was a 'learning by doing' phase to prepare for the crucial second trading period. The second trading period began on 1 January 2008 and runs for five years until the end of 2012. The importance of the second trading period stems from the fact that it coincides with the first commitment period of the Kyoto Protocol, during which the EU and other industrialised countries must meet their targets to limit or reduce greenhouse gas emissions. For the second trading period EU ETS emissions have been capped at around 6.5% below 2005 levels to help ensure that the EU as a whole, and Member States individually, deliver on their Kyoto commitments.
What are the main lessons learned from experience so far?
The EU ETS has put a price on carbon and proved that trading in greenhouse gas emissions works. The first trading period successfully established the free trading of emission allowances across the EU, put in place the necessary infrastructure and developed a dynamic carbon market. The environmental benefit of the first phase may be limited due to excessive allocation of allowances in some Member States and some sectors, due mainly to a reliance on emission projections before verified emissions data became available under the EU ETS. When the publication of verified emissions data for 2005 highlighted this “over-allocation”, the market reacted as would be expected by lowering the market price of allowances. The availability of verified emissions data has allowed the Commission to ensure that the cap on national allocations under the second phase is set at a level that results in real emission reductions.
Besides underlining the need for verified data, experience so far has shown that greater harmonisation within the EU ETS is imperative to ensure that the EU achieves its emissions reductions objectives at least cost and with minimal competitive distortions. The need for more harmonisation is clearest with respect to how the cap on overall emission allowances is set.
The first two trading periods also show that widely differing national methods for allocating allowances to installations threaten fair competition in the internal market. Furthermore, greater harmonisation, clarification and refinement are needed with respect to the scope of the system, the access to credits from emission-reduction projects outside the EU, the conditions for linking the EU ETS to emissions trading systems elsewhere and the monitoring, verification and reporting requirements.
What are the main changes to the EU ETS and as of when will they apply?
The agreed design changes will apply as of the third trading period, i. e. January 2013. While preparatory work will be initiated immediately, the applicable rules will not change until January 2013 to ensure that regulatory stability is maintained.
The EU ETS in the third period will be a more efficient, more harmonised and fairer system.
Increased efficiency is achieved by means of a longer trading period (8 years instead of 5 years), a robust and annually declining emissions cap (21% reduction in 2020 compared to 2005) and a substantial increase in the amount of auctioning (from less than 4% in phase 2 to more than half in phase 3).
More harmonisation has been agreed in many areas, including with respect to the cap-setting (an EU-wide cap instead of the national caps in phases 1 and 2) and the rules for transitional free allocation.
The fairness of the system has been substantially increased by the move towards EU-wide free allocation rules for industrial installations and by the introduction of a redistribution mechanism that entitles new Member States to auction more allowances.
How does the final text compare to the initial Commission proposal?
The climate and energy targets agreed by the 2007 Spring European Council have been maintained and the overall architecture of the Commission's proposal on the EU ETS remains intact. That is to say that there will be one EU-wide cap on the number of emission allowances and this cap will decrease annually along a linear trend line, which will continue beyond the end of the third trading period (2013-2020). The main difference as compared to the proposal is that auctioning of allowances will be phased in more slowly.
What are the main changes compared to the Commission's proposal?
In summary, the main changes that have been made to the proposal are as follows:
Certain Member States are allowed an optional and temporary derogation from the rule that no allowances are to be allocated free of charge to electricity generators as of 2013. This option to derogate is available to Member States which fulfil certain conditions related to the interconnectivity of their electricity grid, share of a single fossil fuel in electricity production, and GDP/capita in relation to the EU-27 average. In addition, the amount of free allowances that a Member State can allocate to power plants is limited to 70% of carbon dioxide emissions of relevant plants in phase 1 and declines in the years thereafter. Furthermore free allocation in phase 3 can only be given to power plants that are operational or under construction no later than end 2008. See reply to question 15 below. There will be more details in the Directive on the criteria to be used to determine the sectors or sub-sectors deemed to be exposed to a significant risk of carbon leakage , and an earlier date of publication of the Commission's list of such sectors (31 December 2009). Moreover, subject to review when a satisfactory international agreement is reached, installations in all exposed industries will receive 100% free allowances to the extent that they use the most efficient technology. The free allocation to industry is limited to the share of these industries' emissions in total emissions in 2005 to 2007. The total number of allowances allocated for free to installations in industry sectors will decline annually in line with the decline of the emissions cap. Member States may also compensate certain installations for CO 2 costs passed on in electricity prices if the CO 2 costs might otherwise expose them to the risk of carbon leakage. The Commission has undertaken to modify the Community guidelines on state aid for environmental protection in this respect. See reply to question 15 below. The level of auctioning of allowances for non-exposed industry will increase in a linear manner as proposed by the Commission, but rather than reaching 100% by 2020 it will reach 70%, with a view to reaching 100% by 2027. As foreseen in the Commission's proposal, 10% of the allowances for auctioning will be redistributed from Member States with high per capita income to those with low per capita income in order to strengthen the financial capacity of the latter to invest in climate friendly technologies. A provision has been added for another redistributive mechanism of 2% of auctioned allowances to take into account Member States which in 2005 had achieved a reduction of at least 20% in greenhouse gas emissions compared with the reference year set by the Kyoto Protocol. The share of auctioning revenues that Member States are recommended to use to fight and adapt to climate change mainly within the EU, but also in developing countries, is raised from 20% to 50%. The text provides for a top-up to the proposed permitted level of use of JI/CDM credits in the 20% scenario for existing operators that received the lowest budgets to import and use such credits in relation to allocations and access to credits in the period 2008-2012. New sectors, new entrants in the periods 2013-2020 and 2008-2012 will also be able to use credits. The total amount of credits that may be used will, however, not exceed 50% of the reduction between 2008 and 2020. Based on a stricter emissions reduction in the context of a satisfactory international agreement, the Commission could allow additional access to CERs and ERUs for operators in the Community scheme. See reply to question 20 below. The proceeds from auctioning 300 million allowances from the new entrants reserve will be used to support up to 12 carbon capture and storage demonstration projects and projects demonstrating innovative renewable energy technologies. A number of conditions are attached to this financing mechanism. See reply to question 30 below. The possibility to opt-out small combustion installations provided they are subject to equivalent measures has been extended to cover all small installations irrespective of activity, the emission threshold has been raised from 10,000 to 25,000 tonnes of CO 2 per year, and the capacity threshold that combustion installations have to fulfil in addition has been raised from 25MW to 35MW. With these increased thresholds, the share of covered emissions that would potentially be excluded from the emissions trading system becomes significant, and consequently a provision has been added to allow for a corresponding reduction of the EU-wide cap on allowances.
Will there still be national allocation plans (NAPs)?
No. In their NAPs for the first (2005-2007) and the second (2008-2012) trading periods, Member States determined the total quantity of allowances to be issued – the cap – and how these would be allocated to the installations concerned. This approach has generated significant differences in allocation rules, creating an incentive for each Member State to favour its own industry, and has led to great complexity.
As from the third trading period, there will be a single EU-wide cap and allowances will be allocated on the basis of harmonised rules. National allocation plans will therefore not be needed any more.
How will the emission cap in phase 3 be determined?
The rules for calculating the EU-wide cap are as follows:
From 2013, the total number of allowances will decrease annually in a linear manner. The starting point of this line is the average total quantity of allowances (phase 2 cap) to be issued by Member States for the 2008-12 period, adjusted to reflect the broadened scope of the system from 2013 as well as any small installations that Member States have chosen to exclude. The linear factor by which the annual amount shall decrease is 1.74% in relation to the phase 2 cap.
The starting point for determining the linear factor of 1.74% is the 20% overall reduction of greenhouse gases compared to 1990, which is equivalent to a 14% reduction compared to 2005. However, a larger reduction is required of the EU ETS because it is cheaper to reduce emissions in the ETS sectors. The division that minimises overall reduction cost amounts to:
a 21% reduction in EU ETS sector emissions compared to 2005 by 2020; a reduction of around 10% compared to 2005 for the sectors that are not covered by the EU ETS.
The 21% reduction in 2020 results in an ETS cap in 2020 of a maximum of 1720 million allowances and implies an average phase 3 cap (2013 to 2020) of some 1846 million allowances and a reduction of 11% compared to the phase 2 cap.
All absolute figures indicated correspond to the coverage at the start of the second trading period and therefore don't take account of aviation, which will be added in 2012, and other sectors that will be added in phase 3.
The final figures for the annual emission caps in phase 3 will be determined and published by the Commission by 30 September 2010.
How will the emission cap beyond phase 3 be determined?
The linear factor of 1.74% used to determine the phase 3 cap will continue to apply beyond the end of the trading period in 2020 and will determine the cap for the fourth trading period (2021 to 2028) and beyond. It may be revised by 2025 at the latest. In fact, significant emission reductions of 60%-80% compared to 1990 will be necessary by 2050 to reach the strategic objective of limiting the global average temperature increase to not more than 2°C above pre-industrial levels.
An EU-wide cap on emission allowances will be determined for each individual year. Will this reduce flexibility for the installations concerned?
No, flexibility for installations will not be reduced at all. In any year, the allowances to be auctioned and distributed have to be issued by the competent authorities by 28 February. The last date for operators to surrender allowances is 30 April of the year following the year in which the emissions took place. So operators receive allowances for the current year before they have to surrender allowances to cover their emissions for the previous year. Allowances remain valid throughout the trading period and any surplus allowances can now be "banked" for use in subsequent trading periods. In this respect nothing will change.
The system will remain based on trading periods, but the third trading period will last eight years, from 2013 to 2020, as opposed to five years for the second phase from 2008 to 2012.
For the second trading period Member States generally decided to allocate equal total quantities of allowances for each year. The linear decrease each year from 2013 will correspond better to expected emissions trends over the period.
What are the tentative annual ETS cap figures for the period 2013 to 2020?
The tentative annual cap figures are as follows:
These figures are based on the scope of the ETS as applicable in phase 2 (2008 to 2012), and the Commission's decisions on the national allocation plans for phase 2, amounting to 2083 million tonnes. These figures will be adjusted for several reasons. Firstly, adjustment will be made to take into account the extensions of the scope in phase 2, provided that Member States substantiate and verify their emissions accruing from these extensions. Secondly, adjustment will be made with respect to further extensions of the scope of the ETS in the third trading period. Thirdly, any opt-out of small installations will lead to a corresponding reduction of the cap. Fourthly, the figures do not take account of the inclusion of aviation, nor of emissions from Norway, Iceland and Liechtenstein.
Will allowances still be allocated for free?
Sim. Industrial installations will receive transitional free allocation. And in those Member States that are eligible for the optional derogation, power plants may, if the Member State so decides, also receive free allowances. It is estimated that at least half of the available allowances as of 2013 will be auctioned.
While the great majority of allowances has been allocated free of charge to installations in the first and second trading periods, the Commission proposed that auctioning of allowances should become the basic principle for allocation. This is because auctioning best ensures the efficiency, transparency and simplicity of the system and creates the greatest incentive for investments in a low-carbon economy. It best complies with the “polluter pays principle” and avoids giving windfall profits to certain sectors that have passed on the notional cost of allowances to their customers despite receiving them for free.
How will allowances be handed out for free?
By 31 December 2010, the Commission will adopt EU-wide rules, which will be developed under a committee procedure (“Comitology”). These rules will fully harmonise allocations and thus all firms across the EU with the same or similar activities will be subject to the same rules. The rules will ensure as far as possible that the allocation promotes carbon-efficient technologies. The adopted rules provide that to the extent feasible, allocations are to be based on so-called benchmarks, e. g. a number of allowances per quantity of historical output. Such rules reward operators that have taken early action to reduce greenhouse gases, better reflect the polluter pays principle and give stronger incentives to reduce emissions, as allocations would no longer depend on historical emissions. All allocations are to be determined before the start of the third trading period and no ex-post adjustments will be allowed.
Which installations will receive free allocations and which will not? How will negative impacts on competitiveness be avoided?
Taking into account their ability to pass on the increased cost of emission allowances, full auctioning is the rule from 2013 onwards for electricity generators. However, Member States who fulfil certain conditions relating to their interconnectivity or their share of fossil fuels in electricity production and GDP per capita in relation to the EU-27 average, have the option to temporarily deviate from this rule with respect to existing power plants. The auctioning rate in 2013 is to be at least 30% in relation to emissions in the first period and has to increase progressively to 100% no later than 2020. If the option is applied, the Member State has to undertake to invest in improving and upgrading of the infrastructure, in clean technologies and in diversification of their energy mix and sources of supply for an amount to the extent possible equal to the market value of the free allocation.
In other sectors, allocations for free will be phased out progressively from 2013, with Member States agreeing to start at 20% auctioning in 2013, increasing to 70% auctioning in 2020 with a view to reaching 100% in 2027. However, an exception will be made for installations in sectors that are found to be exposed to a significant risk of 'carbon leakage'. This risk could occur if the EU ETS increased production costs so much that companies decided to relocate production to areas outside the EU that are not subject to comparable emission constraints. The Commission will determine the sectors concerned by 31 December 2009. To do this, the Commission will assess inter alia whether the direct and indirect additional production costs induced by the implementation of the ETS Directive as a proportion of gross value added exceed 5% and whether the total value of its exports and imports divided by the total value of its turnover and imports exceeds 10%. If the result for either of these criteria exceeds 30%, the sector would also be considered to be exposed to a significant risk of carbon leakage. Installations in these sectors would receive 100% of their share in the annually declining total quantity of allowances for free. The share of these industries' emissions is determined in relation to total ETS emissions in 2005 to 2007.
CO 2 costs passed on in electricity prices could also expose certain installations to the risk of carbon leakage. In order to avoid such risk, Member States may grant a compensation with respect to such costs. In the absence of an international agreement on climate change, the Commission has undertaken to modify the Community guidelines on state aid for environmental protection in this respect.
Under an international agreement which ensures that competitors in other parts of the world bear a comparable cost, the risk of carbon leakage may well be negligible. Therefore, by 30 June 2010, the Commission will carry out an in-depth assessment of the situation of energy-intensive industry and the risk of carbon leakage, in the light of the outcome of the international negotiations and also taking into account any binding sectoral agreements that may have been concluded. The report will be accompanied by any proposals considered appropriate. These could potentially include maintaining or adjusting the proportion of allowances received free of charge to industrial installations that are particularly exposed to global competition or including importers of the products concerned in the ETS.
Who will organise the auctions and how will they be carried out?
Member States will be responsible for ensuring that the allowances given to them are auctioned. Each Member State has to decide whether it wants to develop its own auctioning infrastructure and platform or whether it wants to cooperate with other Member States to develop regional or EU-wide solutions. The distribution of the auctioning rights to Member States is largely based on emissions in phase 1 of the EU ETS, but a part of the rights will be redistributed from richer Member States to poorer ones to take account of the lower GDP per head and higher prospects for growth and emissions among the latter. It is still the case that 10% of the rights to auction allowances will be redistributed from Member States with high per capita income to those with low per capita income in order to strengthen the financial capacity of the latter to invest in climate friendly technologies. However, a provision has been added for another redistributive mechanism of 2% to take into account Member States which in 2005 had achieved a reduction of at least 20% in greenhouse gas emissions compared with the reference year set by the Kyoto Protocol. Nine Member States benefit from this provision.
Any auctioning must respect the rules of the internal market and must therefore be open to any potential buyer under non-discriminatory conditions. By 30 June 2010, the Commission will adopt a Regulation (through the comitology procedure) that will provide the appropriate rules and conditions for ensuring efficient, coordinated auctions without disturbing the allowance market.
How many allowances will each Member State auction and how is this amount determined?
All allowances which are not allocated free of charge will be auctioned. A total of 88% of allowances to be auctioned by each Member State is distributed on the basis of the Member State's share of historic emissions under the EU ETS. For purposes of solidarity and growth, 12% of the total quantity is distributed in a way that takes into account GDP per capita and the achievements under the Kyoto-Protocol.
Which sectors and gases are covered as of 2013?
The ETS covers installations performing specified activities. Since the start it has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and factories making cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently only covers carbon dioxide emissions, with the exception of the Netherlands, which has opted in emissions from nitrous oxide.
As from 2013, the scope of the ETS will be extended to also include other sectors and greenhouse gases. CO 2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered. These sectors will receive allowances free of charge according to EU-wide rules, in the same way as other industrial sectors already covered.
As of 2012, aviation will also be included in the EU ETS.
Will small installations be excluded from the scope?
A large number of installations emitting relatively low amounts of CO 2 are currently covered by the ETS and concerns have been raised over the cost-effectiveness of their inclusion. As from 2013, Member States will be allowed to remove these installations from the ETS under certain conditions. The installations concerned are those whose reported emissions were lower than 25 000 tonnes of CO 2 equivalent in each of the 3 years preceding the year of application. For combustion installations, an additional capacity threshold of 35MW applies. In addition Member States are given the possibility to exclude installations operated by hospitals. The installations may be excluded from the ETS only if they will be covered by measures that will achieve an equivalent contribution to emission reductions.
How many emission credits from third countries will be allowed?
For the second trading period, Member States allowed their operators to use significant quantities of credits generated by emission-saving projects undertaken in third countries to cover part of their emissions in the same way as they use ETS allowances. The revised Directive extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50% of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11% of their allocation during the period 2008-2012, while a top-up is foreseen for operators with the lowest sum of free allocation and allowed use of credits in the 2008-2012 period. New sectors and new entrants in the third trading period will have a guaranteed minimum access of 4.5% of their verified emissions during the period 2013-2020. For the aviation sector, the minimum access will be 1.5%. The precise percentages will be determined through comitology.
These projects must be officially recognised under the Kyoto Protocol’s Joint Implementation (JI) mechanism (covering projects carried out in countries with an emissions reduction target under the Protocol) or Clean Development Mechanism (CDM) (for projects undertaken in developing countries). Credits from JI projects are known as Emission Reduction Units (ERUs) while those from CDM projects are called Certified Emission Reductions (CERs).
On the quality side only credits from project types eligible for use in the EU trading scheme during the period 2008-2012 will be accepted in the period 2013-2020. Furthermore, from 1 January 2013 measures may be applied to restrict the use of specific credits from project types. Such a quality control mechanism is needed to assure the environmental and economic integrity of future project types.
To create greater flexibility, and in the absence of an international agreement being concluded by 31 December 2009, credits could be used in accordance with agreements concluded with third countries. The use of these credits should however not increase the overall number beyond 50% of the required reductions. Such agreements would not be required for new projects that started from 2013 onwards in Least Developed Countries.
Based on a stricter emissions reduction in the context of a satisfactory international agreement , additional access to credits could be allowed, as well as the use of additional types of project credits or other mechanisms created under the international agreement. However, once an international agreement has been reached, from January 2013 onwards only credits from projects in third countries that have ratified the agreement or from additional types of project approved by the Commission will be eligible for use in the Community scheme.
Will it be possible to use credits from carbon ‘sinks’ like forests?
No. Before making its proposal, the Commission analysed the possibility of allowing credits from certain types of land use, land-use change and forestry (‘LULUCF’) projects which absorb carbon from the atmosphere. It concluded that doing so could undermine the environmental integrity of the EU ETS, for the following reasons:
LULUCF projects cannot physically deliver permanent emissions reductions. Insufficient solutions have been developed to deal with the uncertainties, non-permanence of carbon storage and potential emissions 'leakage' problems arising from such projects. The temporary and reversible nature of such activities would pose considerable risks in a company-based trading system and impose great liability risks on Member States. The inclusion of LULUCF projects in the ETS would require a quality of monitoring and reporting comparable to the monitoring and reporting of emissions from installations currently covered by the system. This is not available at present and is likely to incur costs which would substantially reduce the attractiveness of including such projects. The simplicity, transparency and predictability of the ETS would be considerably reduced. Moreover, the sheer quantity of potential credits entering the system could undermine the functioning of the carbon market unless their role were limited, in which case their potential benefits would become marginal.
The Commission, the Council and the European Parliament believe that global deforestation can be better addressed through other instruments. For example, using part of the proceeds from auctioning allowances in the EU ETS could generate additional means to invest in LULUCF activities both inside and outside the EU, and may provide a model for future expansion. In this respect the Commission has proposed to set up the Global Forest Carbon Mechanism that would be a performance-based system for financing reductions in deforestation levels in developing countries.
Besides those already mentioned, are there other credits that could be used in the revised ETS?
Sim. Projects in EU Member States which reduce greenhouse gas emissions not covered by the ETS could issue credits. These Community projects would need to be managed according to common EU provisions set up by the Commission in order to be tradable throughout the system. Such provisions would be adopted only for projects that cannot be realised through inclusion in the ETS. The provisions will seek to ensure that credits from Community projects do not result in double-counting of emission reductions nor impede other policy measures to reduce emissions not covered by the ETS, and that they are based on simple, easily administered rules.
Are there measures in place to ensure that the price of allowances won't fall sharply during the third trading period?
A stable and predictable regulatory framework is vital for market stability. The revised Directive makes the regulatory framework as predictable as possible in order to boost stability and rule out policy-induced volatility. Important elements in this respect are the determination of the cap on emissions in the Directive well in advance of the start of the trading period, a linear reduction factor for the cap on emissions which continues to apply also beyond 2020 and the extension of the trading period from 5 to 8 years. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be “banked” for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price.
A new provision will apply as of 2013 in case of excessive price fluctuations in the allowance market. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European market, the Commission will convene a meeting with Member States. If it is found that the price evolution does not correspond to market fundamentals, the Commission may either allow Member States to bring forward the auctioning of a part of the quantity to be auctioned, or allow them to auction up to 25% of the remaining allowances in the new entrant reserve.
The price of allowances is determined by supply and demand and reflects fundamental factors like economic growth, fuel prices, rainfall and wind (availability of renewable energy) and temperature (demand for heating and cooling) etc. A degree of uncertainty is inevitable for such factors. The markets, however, allow participants to hedge the risks that may result from changes in allowances prices.
Are there any provisions for linking the EU ETS to other emissions trading systems?
Sim. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments.
The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change.
While the original Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the new rules allow for linking with any country or administrative entity (such as a state or group of states under a federal system) which has established a compatible mandatory cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS.
What is a Community registry and how does it work?
Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2013 onwards will be held in the Community registry instead of in national registries.
Will there be any changes to monitoring, reporting and verification requirements?
The Commission will adopt a new Regulation (through the comitology procedure) by 31 December 2011 governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate.
What provision will be made for new entrants into the market?
Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2013 (“new entrants”). The allocations from this reserve should mirror the allocations to corresponding existing installations.
A part of the new entrant reserve, amounting to 300 million allowances, will be made available to support the investments in up to 12 demonstration projects using the carbon capture and storage technology and demonstration projects using innovative renewable energy technologies. There should be a fair geographical distribution of the projects.
In principle, any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key shall take into account the level to which installations in Member States have benefited from this reserve.
What has been agreed with respect to the financing of the 12 carbon capture and storage demonstration projects requested by a previous European Council?
The European Parliament's Environment Committee tabled an amendment to the EU ETS Directive requiring allowances in the new entrant reserve to be set aside in order to co-finance up to 12 demonstration projects as requested by the European Council in spring 2007. This amendment has later been extended to include also innovative renewable energy technologies that are not commercially viable yet. Projects shall be selected on the basis of objective and transparent criteria that include requirements for knowledge sharing. Support shall be given from the proceeds of these allowances via Member States and shall be complementary to substantial co-financing by the operator of the installation. No project shall receive support via this mechanism that exceeds 15% of the total number of allowances (i. e. 45 million allowances) available for this purpose. The Member State may choose to co-finance the project as well, but will in any case transfer the market value of the attributed allowances to the operator, who will not receive any allowances.
A total of 300 million allowances will therefore be set aside until 2015 for this purpose.
What is the role of an international agreement and its potential impact on EU ETS?
When an international agreement is reached, the Commission shall submit a report to the European Parliament and the Council assessing the nature of the measures agreed upon in the international agreement and their implications, in particular with respect to the risk of carbon leakage. On the basis of this report, the Commission shall then adopt a legislative proposal amending the present Directive as appropriate.
For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 20.
What are the next steps?
Member States have to bring into force the legal instruments necessary to comply with certain provisions of the revised Directive by 31 December 2009. This concerns the collection of duly substantiated and verified emissions data from installations that will only be covered by the EU ETS as from 2013, and the national lists of installations and the allocation to each one. For the remaining provisions, the national laws, regulations and administrative provisions only have to be ready by 31 December 2012.
The Commission has already started the work on implementation. For example, the collection and analysis of data for use in relation to carbon leakage is ongoing (list of sectors due end 2009). Work is also ongoing to prepare the Regulation on timing, administration and other aspects of auctioning (due by June 2010), the harmonised allocation rules (due end 2010) and the two Regulations on monitoring and reporting of emissions and verification of emissions and accreditation of verifiers (due end 2011).

The eu emissions trading system (eu ets) fact sheet

The Emission Trading System is part of the European Union (EU)’s efforts to control greenhouse gases (GHGs). As a result of the Kyoto Protocol, the EU was obliged to reduce its collective GHG emissions. To do so, the EU adopted two paths: the ETS, and the Effort Sharing Decision (ESD – see entry in iePEDIA). The ETS was designed to control emissions from large carbon-polluting power and industrial plants, as well as the airline industry. For airlines, only emissions from flights within Europe are covered at the moment. The ESD was designed to control the emissions from other sectors of the economy.
The carbon-pricing mechanism chosen for the ETS was a cap-and-trade system where a cap is set on the total amount emission from certain GHGs from the applicable entities for each year. The emissions are monitored. Each entity is allotted emission allowances that establish what levels of emissions each can emit, the total of which would not exceed the cap. If the company exceeds its allowances, it is liable to the EU for a substantial fine. If a company is energy efficient and emits less than what it has been allotted, then it can trade its excess allowances to other companies that are exceeding their allowances, and the latter pays the former for this trade. To promote further reduction in GHGS, the allowances are reduced over time forcing companies to eliminate carbon and other GHGs from their operations, or pay fines.
Similar systems are being tried in other places but the EU ETS is the largest of the cap-and-trade mechanisms. It covers 11,000 power stations and industrial plants in 31 countries, as well as airlines, and reaches 45% of the EU GHGs.
A critical problem for the ETS is that most allowances were given away free of charge at the beginning in 2005, largely to ease the burden on businesses in adapting to the new obligation. Then the recession hit everywhere and companies produced less energy and products, and emitted less so that they were able to horde large quantities of allowances. As a result the price of trading allowances fell sharply, undermining the ETS as an effective carbon pricing mechanism. If allowances were cheap, a company did not have to worry about reducing its GHGs as much as when prices were high. Lately companies have to purchase their allowances at auctions.
Some further ideas to explore on the EU ETS.
While the companies subject to the ETS are regulated for certain GHGs, what about the other GHGs they emit, like methane. Are these other GHGs regulated from these companies through other means?
Are fracking operations subject to the ETS? How about other mining and drilling operations? If not, how are they regulated for GHGs?
Compare cap-and-trade systems with carbon taxes as carbon pricing mechanisms. Which is better, and how do you decide that?
European Commission, The EU Emissions Trading System (EU ETS): Fact Sheet (October 2013). ec. europa. eu/clima/publications/docs/factsheet_ets_en. pdf.
European Commission, Climate Action: The EU Emission Trading System (EU ETS) . ec. europa. eu/clima/policies/ets/index_en. htm.
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Understanding the European Union’s Emissions Trading System.
This Factsheet is part of the following Dossiers ›
Germany’s increasing CO2 emissions from coal-fired power plants are partially blamed on the low prices for emission allowances in the EU’s Emissions Trading System (EU ETS). The biggest carbon market in the world is faced with an oversupply of permits. The German government, and many EU member states and the European Commission are therefore pushing for a reform of the tool that will make greenhouse gas emissions more costly. This factsheet explains what the EU wants to achieve with the ETS, what went wrong and what is being done to fix it.
What it does.
With the EU ETS, the European Union wanted to create a market mechanism that determines a price for CO 2 emissions and creates incentives to reduce emissions in the most effective way. Companies would have to pay for CO 2 emissions, making power production from burning coal or other fuels more expensive and clean power sources more attractive. At the same time, firms would get an incentive to improve energy efficiency because they could sell their rights to emit CO 2 on the market.
The EU Emissions Trading System (EU ETS) sets an overall limit on all CO 2 emissions from power stations, energy-intensive industries (e. g. oil refineries, steelworks, and producers of iron, aluminium, cement, paper, and glass) and civil aviation. The system includes more than 11,000 power plants and factories in the 28 EU member states plus Iceland, Liechtenstein and Norway, and covers around 45 per cent of the EU’s greenhouse gas emissions. The target of the EU ETS is to reduce greenhouse gas emissions from power stations and other energy intensive industries (such as the production of iron, aluminium, cement, glass, cardboard, acids, etc.) by 1.74 per cent every year starting in 2013, and to achieve an overall reduction in these sectors of 21 per cent by 2020, compared to 2005 levels. These objectives were set with the EU targets of cutting all greenhouse gas emissions by 20 per cent in 2020 compared to 1990 in mind.
How it is supposed to work.
The EU ETS follows a “cap-and-trade” approach: the EU sets a cap on how much greenhouse gas can be emitted each year, and companies need an emission allowance for every tonne of CO 2 they emit within one calendar year. They receive or buy these permits – and they can trade them. Companies face a fine if they emit more CO 2 than they have covered by emission allowances. The fine is 100 euros per excess tonne – for context: the world’s largest chemical company, BASF, produced 23 million tonnes of CO 2 equivalents in 2013 . Companies have an incentive to reduce emissions by investing in energy efficiency because then they can sell excess allowances. Instead of EU ETS allowances, companies can buy credits from emission-saving projects under the Kyoto Protocol’s Clean Development Mechanism (CDM) in developing countries. The idea was to create a mechanism to cut emissions in the most effective way.
Funciona?
The EU ETS has existed since 2005. In the first two trading periods (2005-2007 and 2008-2012) the majority of allowances were given out for free and in generous numbers, so the price for first-period allowances fell to zero in 2007. Now, in the third period (2013-2020) 40 per cent of allowances are being auctioned and power generators have to buy all of their allowances (with exceptions in some member states like Poland, Bulgaria, Hungary, Lithuania, etc.). Still, free allocation prevails in the manufacturing industry (80 per cent) and the aviation sector (85 per cent), and sectors seen exposed to “carbon leakage” also receive an extra amount of free allowances.
As a consequence, prices for permits were never as high as envisaged. The surplus of permits grew even greater after the 2008 economic crisis caused emissions to fall faster than anticipated (production in the steel industry alone declined by 28 per cent between 2008 and 2009) . Critics also said that companies’ frequent use of cheap CDM credits pushed the carbon price down.
While the system has had some effect – it does after all put a cap on carbon emissions – the EU ETS has not produced the anticipated result of making electricity generation from fossil sources like coal more expensive compared to energy from clean power sources such as renewables. In fact, low prices have contributed to a revival of lignite as a cheap and competitive power source. Scientists at the German Institute for Economic Research (Deutsches Institut für Wirtschaftsforschung, DIW) have calculated that only a price of more than 40 euros per emitted tonne of CO 2 could affect the price of power from coal in a way that would make other energy sources more competitive. But CO 2 allowances were as cheap as 2.81 euros in early 2014 and the average price is around 5 euros.
Can it be fixed?
Purists among economists consider an effective emissions trading scheme like the EU ETS the panacea to cut greenhouse gas emissions – in all sectors, across all countries and without the need of national legislation and subsidies for renewables.
Many member states are now pushing for a reform of the defunct system and the EU has taken some preliminary steps. In a first attempt to reduce the surplus of around 2 billion allowances (July 2014) the EU temporarily removed 900 million permits from auction in 2014-2016 – this instrument is called backloading . The EU intends to return these allowances in 2019-20.
The Commission suggested the implementation of a market stability reserve (MSR) as of 2020. This instrument should allow authorities to increase or decrease the number of CO 2 - permits in the market, following clear rules, in order to regulate the price.
Member state governments will debate the idea again in autumn 2014. Germany has called for the MSR to come into force in 2017 and has suggested transferring the backloaded allowances directly into the reserve. Critics have pointed out that this instrument would have only limited effects because it reacts to sudden events with a two-year time lag, and that even with the MSR the number of total allowances will probably not be reduced quickly enough to reduce the current surplus.
Such doubts have led a number of countries to take individual steps. The UK introduced a price floor for carbon ; Denmark, Sweden, Finland, France, Ireland, the Netherlands have introduced a carbon tax . In Germany, the environmental lobby is also putting pressure on the government to rely less on the ETS and to step up efforts to reduce CO 2 .
This Factsheet is part of the following Dossiers:
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The eu emissions trading system (eu ets) fact sheet

The Emission Trading System is part of the European Union (EU)’s efforts to control greenhouse gases (GHGs). As a result of the Kyoto Protocol, the EU was obliged to reduce its collective GHG emissions. To do so, the EU adopted two paths: the ETS, and the Effort Sharing Decision (ESD – see entry in iePEDIA). The ETS was designed to control emissions from large carbon-polluting power and industrial plants, as well as the airline industry. For airlines, only emissions from flights within Europe are covered at the moment. The ESD was designed to control the emissions from other sectors of the economy.
The carbon-pricing mechanism chosen for the ETS was a cap-and-trade system where a cap is set on the total amount emission from certain GHGs from the applicable entities for each year. The emissions are monitored. Each entity is allotted emission allowances that establish what levels of emissions each can emit, the total of which would not exceed the cap. If the company exceeds its allowances, it is liable to the EU for a substantial fine. If a company is energy efficient and emits less than what it has been allotted, then it can trade its excess allowances to other companies that are exceeding their allowances, and the latter pays the former for this trade. To promote further reduction in GHGS, the allowances are reduced over time forcing companies to eliminate carbon and other GHGs from their operations, or pay fines.
Similar systems are being tried in other places but the EU ETS is the largest of the cap-and-trade mechanisms. It covers 11,000 power stations and industrial plants in 31 countries, as well as airlines, and reaches 45% of the EU GHGs.
A critical problem for the ETS is that most allowances were given away free of charge at the beginning in 2005, largely to ease the burden on businesses in adapting to the new obligation. Then the recession hit everywhere and companies produced less energy and products, and emitted less so that they were able to horde large quantities of allowances. As a result the price of trading allowances fell sharply, undermining the ETS as an effective carbon pricing mechanism. If allowances were cheap, a company did not have to worry about reducing its GHGs as much as when prices were high. Lately companies have to purchase their allowances at auctions.
Some further ideas to explore on the EU ETS.
While the companies subject to the ETS are regulated for certain GHGs, what about the other GHGs they emit, like methane. Are these other GHGs regulated from these companies through other means?
Are fracking operations subject to the ETS? How about other mining and drilling operations? If not, how are they regulated for GHGs?
Compare cap-and-trade systems with carbon taxes as carbon pricing mechanisms. Which is better, and how do you decide that?
European Commission, The EU Emissions Trading System (EU ETS): Fact Sheet (October 2013). ec. europa. eu/clima/publications/docs/factsheet_ets_en. pdf.
European Commission, Climate Action: The EU Emission Trading System (EU ETS) . ec. europa. eu/clima/policies/ets/index_en. htm.
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