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Carbon Trading
The European Union Greenhouse Gas Emissions Trading Scheme (EUETS) rests on a simple concept: The right to emit greenhouse gases (GHGs) can be allocated and traded. The scheme’s purpose is relatively straightforward, as well: to help the 25 member states of the European Union achieve an 8-percent collective reduction below 1990 levels of six greenhouse gases by 2008-12. More than 12,000 installations, totaling nearly half of all emissions in the European Union, must retire these rights (EU emissions allowances, or EUAs) corresponding to their actual emissions over the compliance period. Failure to do so will result in a fine of €40 (around $48) per ton of CO2 in excess during Phase I (2005-07), rising to €100 ($120) per ton (equivalent) in Phase II (2008-12). And paying the fine does not remove the obligation to retire the missing certificates.
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