By Michael Stanat, Research Executive, SIS International Market Research, May 2, 2009
The largest international emissions trading scheme in the world began in Europe in January 2005. Known as the European Union Emission Trading Scheme (EU ETS), the EU ETS unified many countries and sectors into a vast carbon emissions trading mechanism. Its goal was by 2012 to reduce greenhouse gas emissions by 8% back to 1990 emissions levels. In 2006, there were 10,078 installations, plus Poland’s more than 1000 installations. This portfolio of installations, including chemical, energy, mineral and industrial industries, constituted nearly half of all EU emissions. The second phase beginning in 2008 and extending to 2012 plans to go beyond by involving other industries, including commercial aviation and airports.