Some more on CO2 emissions
The EU Emission Trading System being the most developed today, I feel it is interesting for those in business -sited elsewhere- to learn some more about this link between industry and Climate Change (the controversial question of aviation emissions is not covered here, nor are shipping emissions discussed).
Mauricio López Dardaine
The EU ETS, a system based on the "cap and trade" principle[1]
English text found bellow
La importancia del Sistema de “asignación” de emisiones de la Unión Europea merece ser conocido por todos aquellos que tienen relaciones comerciales con Europa. Ello debido en especial a lo que señala el último párrafo de este comentario de la propia Comisión Europea
El Sistema opera en 30 países, 27 de la UE más Islandia, Liechtenstein y Noruega. Cubre las emisiones de CO2 de instalaciones de generación de electricidad, de combustión, refinerías de petróleo, plantas de hierro, aluminio, acero, cemento, vidrio, cal, ladrillos, cerámicos, pulpa, papel y cartón. Cubre además las emisiones de óxido nitroso de ciertos procesos. Cubre casi el 50 % de las emisiones de CO2 y el 40% de las emisiones totales de gases de efecto invernadero de la UE.
*Aclaramos que no se ha incluido en este comentario descriptivo, la conflictiva cuestión de las emisiones de la aviación. Tampoco la referida a las emisiones del transporte marítimo.
Launched in 2005, the EU ETS works on the "cap and trade" principle. This means there is a "cap", or limit, on the total amount of certain greenhouse gases that can be emitted by the factories, power plants and other installations in the system. Within this cap, companies receive emission allowances which they can sell to or buy from one another as needed. The limit on the total number of allowances available ensures that they have a value.
At the end of each year each company must surrender enough allowances to cover all its emissions, otherwise heavy fines are imposed. If a company reduces its emissions, it can keep the spare allowances to cover its future needs or else sell them to another company that is short of allowances. The flexibility that trading brings ensures that emissions are cut where it costs least to do so.
The number of allowances is reduced over time so that total emissions fall. In 2020 emissions will be 21% lower than in 2005.
Growing bigger and stronger
The ETS now operates in 30 countries (the 27 EU Member States plus Iceland , Liechtenstein and Norway
Nitrous oxide emissions from certain processes are also covered. Between them, the installations currently in the scheme account for almost half of the EU's CO2 emissions and 40% of its total greenhouse gas emissions.
Airlines will join the scheme in 2012. The EU ETS will be further expanded to the petrochemicals, ammonia and aluminium industries and to additional gases in 2013, when the third trading period will start. At the same time a series of important changes to the way the EU ETS works will take effect in order to strengthen the system.
Installations must monitor and report their CO2 emissions, because every year they must return leftover emission allowances to the government. In order to neutralize irregularities in CO2-emission levels due to extreme weather events (harsh winters or very hot summers), emission credits are doled out for a period of several years, called a "trading period". The first ETS trading period lasted three years, from January 2005 to December 2007. The second trading period began in January 2008 and spans a period of five years, until December 2012. The third trading period will run from January 2013 to December 2020[2].
The latest
“The Commission will oversee major changes to the EU ETS before phase 3 begins from 1st January 2013. So far these have included the appointment of auction platforms and establishing a single registry[3].”
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