EU sets 2013 CO2 emission allowances cap at 2.04 bn

Oct 22, 2010 12:00 AM

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 bn, the European Commission said.
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 block 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 ton of CO2 -- in an effort to motivate companies to invest in greener production methods.

The 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 the 2013 cap for aviation, which will enter the ETS in 2012, will be determined later.

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