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European Union Emissions Trading System

Price of CO2 in the EU Emissions Trading System
Price of CO2 in the EU Emissions Trading System

The European Union Emissions Trading System (EU ETS) is a carbon emission trading scheme (or cap and trade scheme) which began in 2005 and is intended to lower greenhouse gas emissions in the EU. Cap and trade schemes limit emissions of specified pollutants over an area and allow companies to trade emissions rights within that area. The ETS covers around 45% of the EU's greenhouse gas emissions.[1]

The scheme has been divided into four "trading periods". The first ETS trading period lasted three years, from January 2005 to December 2007. The second trading period ran from January 2008 until December 2012, coinciding with the first commitment period of the Kyoto Protocol. The third trading period lasted from January 2013 to December 2020. Compared to 2005, when the EU ETS was first implemented, the proposed caps for 2020 represents a 21% reduction of greenhouse gases. This target has been reached six years early as emissions in the ETS fell to 1.812 billion (109) tonnes in 2014.[2]

The fourth phase started in January 2021 and will continue until December 2030. The emission reductions to be achieved over this period are unclear as of November 2021, as the European Green Deal necessitates tightening of the current EU ETS reduction target for 2030 of -43% with respect to 2005. The EU commission proposes in its "Fit for 55" package to increase the EU ETS reduction target for 2030 to −61% compared to 2005.[3][4]

EU countries view the emissions trading scheme as necessary to meeting climate goals. A strong carbon market guides investors and industry in their transition from fossil fuels.[5] A 2020 study found that the EU ETS successfully reduced CO2 emissions even though the prices for carbon were set at low prices.[6] A 2023 study on the effects of the EU ETS identified a reduction in carbon emissions in the order of -10% between 2005 and 2012 with no impacts on profits or employment for regulated firms.[7] The price of EU allowances exceeded 100€/tCO2 ($118) in February 2023.[5]

  1. ^ "EU Emissions Trading System".
  2. ^ "Transform -". www.environmentalistonline.com. Archived from the original on 14 November 2017. Retrieved 19 April 2018.
  3. ^ European Commission (14 July 2021). "Delivering the European Green Deal". Archived from the original on 1 November 2021. Retrieved 1 November 2021.
  4. ^ "EU Emissions Trading System reaches provisional agreement - SAFETY4SEA". 7 March 2023. Retrieved 15 March 2023.
  5. ^ a b Twidale, Susanna; Abnett, Kate; Chestney, Nina; Chestney, Nina (21 February 2023). "EU carbon hits 100 euros taking cost of polluting to record high". Reuters. Retrieved 19 March 2023.
  6. ^ Bayer, Patrick; Aklin, Michaël (2 April 2020). "The European Union Emissions Trading System reduced CO2 emissions despite low prices". Proceedings of the National Academy of Sciences. 117 (16): 8804–8812. doi:10.1073/pnas.1918128117. ISSN 0027-8424. PMC 7183178. PMID 32253304.
  7. ^ Dechezleprêtre, Antoine; Nachtigall, Daniel; Venmans, Frank (1 March 2023). "The joint impact of the European Union emissions trading system on carbon emissions and economic performance". Journal of Environmental Economics and Management. 118: 102758. doi:10.1016/j.jeem.2022.102758. ISSN 0095-0696.

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