Thursday

17th Jan 2019

Greenhouse gases trading scheme begins

The EU has started the world’s first emissions trading scheme in a bid to comply with its international environmental obligations.

The scheme, which allows trading in carbon dioxide (CO2) and five other gases, officially kicked off on 1 January.

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The scheme restricts the amount of greenhouse gas emissions that a company may make – however businesses may sell and buy quota allowances on the open market.

It covers around 12,000 installations representing close to half of Europe’s emissions of CO2.

The deal is part of an overall commitment to reduce greenhouse gases under the 1997 Kyoto Protocol on Climate Change.

The EU is struggling to meet its commitments under the Protocol and emission’s trading will be a public test of its environmental commitments.

Under the Kyoto Protocol, industrialised countries have to reduce their combined emissions of six major greenhouse gases to below 1990 levels between 2008 and 2012.

The EU has agreed to reduce its greenhouse gas emissions by 8% of 1990 levels.

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