Three months before the EU emissions trading scheme is set to launch, the market has already traded 2.25 million tons of carbon dioxide (CO2) this year in anticipation of the scheme coming into force.
The European system for emissions trading will be launched in 2005, covering two periods (2005-2008 and 2008-2012) and will include some 12,000 European businesses in the energy sector (combustion, refineries, coke furnaces) and industry (ferrous metals, paper and minerals), which account for more than 46 percent of all European carbon dioxide emissions. The EU scheme will be the first multi-national emissions trading scheme in the world and will cover all 25 member states. Companies that exceed their CO2 quotas may buy emissions permits from companies not meeting their targets, or pay a fine of €40 ($49) per ton they emit above their targets. However, one of Germany's biggest utilities, EnBW, on Monday announced that it will take legal action against the European Commission over the greenhouse gas emissions scheme. "The German allocation law misses the common implementation of the European directives and favors national competitors of EnBW by breaching European regulations," the company said in a statement. ( EUobserver.com)