The number of carbon dioxide emissions allowances that will be available in the European Union's market of permits to emit CO2 in 2013 will be capped at 2.039 billion, the European Commission said Friday.
The number of carbon dioxide emissions allowances that will be available
in the European Union's market of permits to emit CO2 in 2013 will be capped at
2.039 billion, the European Commission said Friday.
The market, called Emissions Trading System, or ETS, has been working since
2005 and will undergo an overhaul in 2013, with more industrial sectors joining
the program, and fewer allowances given out for free to companies.
The ETS applies a 1.74% reduction in emission allowances each year to enable
the bloc to reach an overall target of a 20% cut in greenhouse gas emissions by
2020 compared with 1990 levels.
The system puts a price on CO2 emissions--each allowance corresponds to the
right of emitting one metric ton of CO2--in an effort to motivate companies to
invest in greener production methods.
Friday's decision updates a previously set cap by including the economic
sectors that will join the ETS in 2013. These include some chemical products,
hydrogen, ammonia and aluminum, as well as new gases such as nitrous oxide.
The commission also said Friday the 2013 cap for aviation, which will enter the
ETS in 2012, will be determined later.
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