EMISSIONS TRADING SCHEMES
The European Union Emissions Trading Scheme
Bragging rights for the largest carbon market in the world (€76bn in 2011, source: Point Carbon) belong to the Europeans. Launched in 2005, the European Union Emissions Trading Scheme (EU ETS) covers more than 10,000 installations in the electricity generation and industrial sectors. The currency of the EU ETS is the European Union Allowance, commonly referenced as the EUA. The programme is divided into three multi-year trading periods, although the programme has no sunset clause and will in principle continue beyond these three periods.
The first phase (2005–2007), which covered nearly 40 per cent of EU GHG emissions, was essentially a trial period. This period was oversupplied ...
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