Ets sistema de comércio de emissões

Visualizador de dados do Sistema de Comércio de Emissões da UE (ETS).
Mais Informações.
Para baixar dados:
O manual do usuário fornece instruções detalhadas sobre como usar o visualizador de dados.
Fonte de dados:
Subsídios alocados gratuitamente (1.1, 1.1.1, 1.1.2 e 1.1.3) Emissões verificadas (2) Unidades rendidas (4, 4.1, 4.2 e 4.3)
Dados extraídos no nível da entidade e agregados a nível nacional e por tipo de atividade.
Subsídios leiloados ou vendidos (EUAs e EUAAs) (1.3)
Dados baseados em calendários de leilões e resultados de leilões publicados pelas plataformas de leilão para licenças de emissão no ETS da UE.
Agência Europeia do Ambiente:
Dados baseados em informações dos Estados Membros e da Comissão Européia.
O EEE produz estimativas de emissões e subsídios para 2005-2012, a fim de refletir o escopo atual do ETS da UE (terceiro período comercial de 2013 a 2020). Isto porque o alcance do RCLE da UE evoluiu desde a sua criação em 2005 (inclusão de novos países, actividades e gases), pelo que as tendências das emissões e as licenças atribuídas directamente com base na EUTL não são totalmente consistentes ao longo do tempo. Levar em consideração essas estimativas é relevante para análises de tendências ao longo de vários anos, em particular em todos os períodos de negociação.
Informação adicional.
As informações do RCLE 1. Total das licenças de emissão alocadas, 1.2 Correcção das licenças livremente atribuídas (não reflectidas na EUTL), 1.3 Os subsídios leiloados ou vendidos só estão disponíveis a nível nacional. Os dados podem ser divididos entre aviação (tipo de atividade 10) e instalações estacionárias (tipos de atividade 20-99). Não é possível dividir ainda mais o tipo de atividade. Esses dados são, portanto, apresentados somente quando os seguintes parâmetros são selecionados:
Informações do ETS da UE: "10 Aviação" ou "20-99 Todas as instalações estacionárias" (seleção padrão) Tamanho: "Todos os tamanhos" (seleção padrão) Entidade ativa: "Todas as entidades" (seleção padrão)
A lista de países inclui leilões NER 300. Isto é para refletir o leilão, a nível da UE, de um certo número de subsídios, como parte do programa de financiamento "NER 300" para projetos inovadores de demonstração de energia com baixa emissão de carbono. Essas subsídios são visíveis ao selecionar "Leilões NER 300" na categoria "País".
As informações do ETS sobre unidades entregues estão disponíveis por tipo de unidades (4.1 (EUAs e EUAAs), 4.2 (RCEs) e 4.3 (UREs)) até 2012. A partir de 2013, apenas o total de unidades rendidas (4) está disponível.
As informações sobre o tipo de actividade das entidades abrangidas pelo RCLE da UE baseiam-se na classificação EUTL (que difere da nomenclatura da UNFCCC para categorias de fontes de emissão de gases com efeito de estufa ou códigos da NACE). Foi ainda mais harmonizado pelo EEE, a fim de fundir códigos de tipo de atividade usados ​​nos primeiros e segundos períodos de negociação (e ainda utilizados por um número significativo de instalações) com novos códigos de tipo de atividade formalmente em uso no período comercial atual. Esta harmonização foi realizada com base em informações adicionais disponíveis sobre a atividade real das instalações.
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O Sistema de Comércio de Emissões da UE (EU ETS)
O Sistema de Comércio de Emissões da UE explicou.
O sistema de comércio de emissões da UE (EU ETS) é uma pedra angular da política da UE para combater as alterações climáticas e a sua ferramenta chave para reduzir as emissões de gases com efeito de estufa de forma rentável. É o primeiro mercado de carbono do mundo e continua sendo o maior.
opera em 31 países (todos os 28 países da UE, mais a Islândia, o Liechtenstein e a Noruega) limita as emissões de mais de 11 mil instalações de energia pesada (centrais eléctricas e instalações industriais) e as companhias aéreas que operam entre esses países cobre cerca de 45% dos gases de efeito estufa da UE emissões.
Para uma visão geral detalhada, veja:
Um sistema "cap and trade".
O EU ETS trabalha no princípio do "capital e do comércio".
Um limite é fixado na quantidade total de certos gases de efeito estufa que podem ser emitidos por instalações cobertas pelo sistema. A tampa é reduzida ao longo do tempo para que as emissões totais caírem.
Dentro do limite, as empresas recebem ou compram licenças de emissão que podem trocar entre si, conforme necessário. Eles também podem comprar quantidades limitadas de créditos internacionais de projetos de poupança de emissões em todo o mundo. O limite do número total de permissões disponíveis garante que eles tenham um valor.
Depois de cada ano, uma empresa deve entregar subsídios suficientes para cobrir todas as suas emissões, caso contrário multas pesadas são impostas. Se uma empresa reduz suas emissões, ela pode manter os subsídios de reposição para cobrir suas necessidades futuras, ou então vendê-las para outra empresa que não possui subsídios.
O comércio traz flexibilidade que garante que as emissões sejam reduzidas, quando menos custa. Um preço robusto do carbono também promove o investimento em tecnologias limpas e com baixas emissões de carbono.
Principais características da fase 3 (2013-2020)
O EU ETS está agora em sua terceira fase - significativamente diferente das fases 1 e 2.
As principais mudanças são:
Um único limite de emissões a nível da UE aplica-se ao sistema anterior de capitais nacionais. O leilão é o método padrão para a alocação de licenças (em vez da alocação gratuita), e as regras de alocação harmonizadas se aplicam às licenças ainda concedidas gratuitamente. Mais setores e Os gases incluíram 300 milhões de licenças reservadas na Reserva dos Novos Participantes para financiar a implantação de tecnologias inovadoras de energia renovável e captura e armazenamento de carbono através do programa NER 300.
Sectores e gases abrangidos.
O sistema abrange os seguintes setores e gases com foco em emissões que podem ser medidas, reportadas e verificadas com um alto nível de precisão:
dióxido de carbono (CO 2) da geração de energia e geração de energia setores industriais intensivos em energia, incluindo refinarias de petróleo, siderúrgicas e produção de ferro, alumínio, metais, cimento, lima, vidro, cerâmica, celulose, papel, papelão, ácidos e produtos químicos orgânicos a granel Óxido de nitrogênio da aviação comercial (N 2 O) a partir da produção de ácidos nítrico, adípico e glioxílico e perfluorocarbonos de glioxal (PFCs) da produção de alumínio.
A participação no ETS da UE é obrigatória para as empresas desses sectores, mas.
Em alguns sectores, apenas as instalações acima de um certo tamanho estão incluídas, certas pequenas instalações podem ser excluídas se os governos implementarem medidas fiscais ou outras que reduzam suas emissões por um montante equivalente no setor de aviação, até 2016 o ETS da UE se aplica apenas aos vôos entre aeroportos localizados no Espaço Económico Europeu (EEE).
Fornecer reduções de emissões.
O ETS da UE provou que colocar um preço sobre o carbono e negociá-lo pode funcionar. As emissões das instalações no esquema estão caindo conforme previsto - em cerca de 5% em relação ao início da fase 3 (2013) (ver figuras de 2015).
Em 2020, as emissões dos setores abrangidos pelo sistema serão 21% menores do que em 2005.
Desenvolvendo o mercado do carbono.
Criado em 2005, o EU ETS é o primeiro e maior sistema internacional de comércio de emissões do mundo, representando mais de três quartos do comércio internacional de carbono.
O ETS da UE também está inspirando o desenvolvimento do comércio de emissões em outros países e regiões. A UE pretende ligar o EU ETS a outros sistemas compatíveis.
A legislação principal do EU ETS.
30/04/2014 - Versão consolidada da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 23/04/2009 - Directiva 2009/29 / CE do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE de modo a melhorar e alargar o regime de comércio de licenças de emissão de gases com efeito de estufa da Comunidade 19/11/2008 - Directiva 2008/101 / CE do Conselho o Parlamento Europeu e o Conselho que altera a Directiva 2003/87 / CE, de modo a incluir actividades de aviação no âmbito do regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade 27/10/2004 - Directiva 2004/101 / CE do Parlamento Europeu e do O Conselho que altera a Directiva 2003/87 / CE que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade, no que diz respeito aos mecanismos de projecto do Protocolo de Quioto 13/10/2003 - Directiva 2003/87 / CE do Parlamento Europeu e do Conselho ncil que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho.
Relatórios do mercado de carbono.
23/11/2017 - COM (2017) 693 - Relatório sobre o funcionamento do mercado europeu do carbono 01/02/2017 - COM (2017) 48 - Relatório sobre o funcionamento do mercado europeu do carbono 18/11/2015 - COM (201) 2015) 576 - Relatório sobre o funcionamento do mercado europeu do carbono 14/11/2012 - COM (2012) 652 - O estado do mercado europeu do carbono em 2012.
Revisão do RCLE da UE para a fase 3.
04/02/2011 - Conclusões do Conselho Europeu de 4 de Fevereiro de 2011 (ver conclusões 23 e 24) 18/03/2010 - Orientações sobre a interpretação do Anexo I da Directiva EET da UE (excluindo actividades de aviação) 18/03/2010 - Orientação documento para identificar geradores de eletricidade 06/04/2009 - Comunicado de imprensa do Conselho sobre a adoção do pacote de clima e energia 12/12/2008 - Conclusões da Presidência do Conselho Europeu (11 e 12 de dezembro de 2008) 12/12/2008 - Conselho Europeu Declaração sobre a utilização das receitas de leilões 23/01/2008 - Proposta de directiva do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE, a fim de melhorar e alargar o sistema de comércio de licenças de emissão de gases com efeito de estufa da Comunidade 23 / 01/2008 - Documento de trabalho dos serviços da Comissão - Documento de acompanhamento da Proposta de directiva do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE, a fim de melhorar e alargar o sistema de comércio de licenças de emissão de gases com efeito de estufa da UE - Avaliação de impacto.
Implementação.
04/07/2013 - Alterado Projecto de regulamento relativo à determinação dos direitos creditórios internacionais 05/06/2013 - Projecto de regulamento relativo à determinação dos direitos creditórios internacionais 05/05/2013 Regulamento (UE) n. º 389/2013 da Comissão, de 2 de Maio de 2013, que estabelece um cadastro da União nos termos do da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho, decisões n. ° 280/2004 / CE e 406/2009 / CE do Parlamento Europeu e do Conselho e que revoga os Regulamentos (UE) n. o 920/2010 da Comissão e N. º 1193/2011 Texto relevante para efeitos do EEE 18/11/2011 - Regulamento da Comissão que estabelece um Registo da União para o período de negociação com início em 1 de Janeiro de 2013 e períodos de negociação subsequentes do regime de comércio de emissões da União nos termos da Directiva 2003/87 / CE do o Parlamento Europeu e do Conselho e a Decisão 280/2004 / CE do Parlamento Europeu e do Conselho e que altera os Regulamentos (CE) n. º 2216/2004 e (UE) n. º 920/2010 - ainda não publicado no Jornal Oficial 07 / 10/2010 - Regulamento da Comissão (UE) n. º 920/2010 para um sistema de registos normalizado e seguro de acordo com a Directiva 2003/87 / CE do Parlamento Europeu e do Conselho e a Decisão no 280/2004 / CE do Parlamento Europeu e do Conselho - versão não incluindo as alterações introduzidas pelo Regulamento de 18 de Novembro de 2011 08/10/2008 - Regulamento (CE) n. º 994/2008 da Comissão para um sistema de registos normalizado e seguro, nos termos da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho e Decisão no 280/2004 / CE do Parlamento Europeu e do Conselho - versão aplicável até 31 de Dezembro de 2011 26/10/2007 - Decisão do Comité Misto do EEE n. ° 146/2007 que liga o RCLE UE à Noruega, à Islândia e ao Liechtenstein 13/11 / 2006 - Decisão 2006/780 / CE da Comissão relativa à prevenção da contenção dupla de reduções das emissões de gases com efeito de estufa no âmbito do regime comunitário de comércio de licenças de emissão para as actividades de projectos no âmbito do Protocolo de Quioto nos termos da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho (n documentado no documento C (2006) 5362) 21/12/2004 - Versão consolidada do Regulamento (CE) n. º 2216/2004 da Comissão relativa a um sistema de registos normalizado e seguro, alterado pelo Regulamento (CE) n. º 916/2007 da Comissão, de 31 de Julho 2007, Regulamento (CE) n. º 994/2008 da Comissão, de 8 de Outubro de 2008, e Regulamento (UE) n. º 920/2010 da Comissão, de 7 de Outubro de 2010 - versão não incluída alterações introduzidas pelo Regulamento de 18 de Novembro de 2011.
Aplicação do IVA.
História legislativa da Directiva 2003/87 / CE.
Trabalho anterior à proposta da Comissão.
08/02/2000 - COM (2000) 87 - Livro Verde sobre o comércio de emissões de gases com efeito de estufa na União Europeia Mandato e resultados do Grupo de Trabalho 1 do ECCP: Mecanismos flexíveis 04/09/2001 - Resumo do Presidente da reunião da consulta das partes interessadas (com Indústria e ONGs ambientais) 19/05/1999 - COM (1999) 230 - Preparação para a implementação do Protocolo de Quioto 03/06/1998 - COM (1998) 353 - Alterações climáticas - Rumo a uma estratégia pós-Quioto da UE Âmbito do ETS da UE : 07/2007 - Instalações pequenas no sistema de comércio de licenças de emissão da UE 10/2006 - Inclusão de atividades e gases adicionais no sistema de comércio de licenças da UE Mais harmonização e maior previsibilidade: 12/2006 - A abordagem para novos operadores e fechamentos 10/2006 - Leilão das licenças de emissão de CO2 no RCLE-UE 10/2006 - Harmonização das metodologias de atribuição 12/2006 - Relatório sobre a competitividade internacional Grupo de trabalho do ECCP sobre o comércio de emissões sobre a revisão do RCLE da UE 15/06/2007 - Relatório final do 4º mee sobre a ligação com os sistemas de comércio de emissões em países terceiros 22/05/2007 - Relatório final da 3ª reunião sobre mais harmonização e previsibilidade aumentada 26/04/2007 - Relatório final da 2ª reunião sobre conformidade robusta e execução 09/03/2007 - Relatório final da 1ª reunião sobre o alcance da directiva.
Proposta da Comissão de outubro de 2001.
22/01/2002 - Documento não oficial sobre sinergias entre a proposta de comércio de emissões da CE (COM (2001) 581) e a Directiva IPPC 23/10/2001 - COM (2001) 581 - Proposta de directiva-quadro relativa ao comércio de emissões de gases com efeito de estufa dentro da Comunidade Europeia.
Reação da Comissão à leitura da proposta no Conselho e no Parlamento (incluindo a posição comum do Conselho)
18/07/2003 - COM (2003) 463 - Parecer da Comissão sobre as alterações do Parlamento Europeu à posição comum do Conselho respeitante à proposta de directiva do Parlamento Europeu e do Conselho 20/06/2003 - COM (2003) 364 - Comunicação da Comissão ao Parlamento Europeu relativa à posição comum do Conselho sobre a adopção de uma directiva que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 18/03/2003 - Posição comum (CE ) N. º 28/2003 - Posição comum do Conselho sobre a adopção de uma directiva que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 27/11/2002 - COM (2002) 680 - Proposta alterada para uma directiva do Parlamento Europeu e do Conselho que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho Faq.
Abra todas as perguntas.
Perguntas e Respostas sobre o Sistema de Comércio de Emissões revisado (dezembro de 2008)
Qual é o objetivo do comércio de emissões?
O objectivo do Sistema de Comércio de Emissões da UE (EU ETS) é ajudar os Estados-Membros da UE a cumprir os seus compromissos de limitar ou reduzir as emissões de gases com efeito de estufa de forma rentável. Permitir que as empresas participantes compram ou vendam permissões de emissão significa que os cortes de emissão podem ser alcançados ao menos custo.
O RCLE da UE é a pedra angular da estratégia da UE para lutar contra as alterações climáticas. É o primeiro sistema de comércio internacional de emissões de CO 2 no mundo e está em operação desde 2005. A partir de janeiro de 2008, aplica-se não apenas aos 27 Estados-Membros da UE, mas também aos outros três membros da Área Econômica Européia - Noruega, Islândia e Liechtenstein. Atualmente, abrange mais de 10.000 instalações nos setores de energia e industrial, que são coletivamente responsáveis ​​por cerca de metade das emissões de CO 2 da UE e 40% de suas emissões totais de gases de efeito estufa. Uma alteração à Directiva EU ETS acordada em Julho de 2008 trará o sector da aviação para o sistema a partir de 2012.
Como funciona o comércio de emissões?
O ETS da UE é um sistema de "capitalização e comércio", ou seja, indica que ele limita o nível geral de emissões permitido, mas, dentro desse limite, permite que os participantes no sistema compram e vendam as licenças conforme exigirem. Essas provisões são a "moeda" comercial comum no coração do sistema. Um subsídio dá ao titular o direito de emitir uma tonelada de CO 2 ou a quantidade equivalente de outro gás com efeito de estufa. O limite do número total de licenças cria escassez no mercado.
No primeiro e segundo período de negociação ao abrigo do regime, os Estados-Membros tiveram de elaborar planos nacionais de atribuição (NAPs) que determinassem o seu nível total de emissões de ETS e quantos subsídios de emissão cada instalação em seu país recebe. No final de cada ano, as instalações devem render subsídios equivalentes às suas emissões. As empresas que mantêm suas emissões abaixo do nível de suas licenças podem vender seus excedentes de licenças. Aqueles que enfrentam dificuldade em manter suas emissões de acordo com suas licenças têm a opção de tomar medidas para reduzir suas próprias emissões - como investir em tecnologia mais eficiente ou usar fontes de energia menos intensivas em carbono - ou comprar os subsídios extras que precisam no mercado , Ou uma combinação de ambos. Essas escolhas provavelmente serão determinadas por custos relativos. Desta forma, as emissões são reduzidas sempre que é mais rentável fazê-lo.
Há quanto tempo o EU ETS está operando?
O ETS da UE foi lançado em 1 de Janeiro de 2005. O primeiro período de negociação foi de três anos até o final de 2007 e foi uma fase de "aprendizagem por fazer" para se preparar para o segundo período de negociação crucial. O segundo período de negociação começou em 1 de Janeiro de 2008 e é executado por cinco anos até o final de 2012. A importância do segundo período de negociação decorre do facto de coincidir com o primeiro período de compromisso do Protocolo de Quioto, durante o qual a UE e outros os países industrializados devem atingir seus objetivos para limitar ou reduzir as emissões de gases de efeito estufa. Para o segundo período comercial, as emissões do ETS da UE limitaram-se a cerca de 6,5% abaixo dos níveis de 2005, a fim de garantir que a UE como um todo e os Estados-Membros individualmente cumprem os compromissos de Quioto.
Quais são as principais lições aprendidas com a experiência até agora?
O EU ETS colocou um preço sobre o carbono e provou que o comércio de emissões de gases de efeito estufa funciona. O primeiro período comercial estabeleceu com sucesso a livre negociação de licenças de emissão em toda a UE, implementou a infra-estrutura necessária e desenvolveu um mercado de carbono dinâmico. O benefício ambiental da primeira fase pode ser limitado devido à alocação excessiva de subsídios em alguns Estados-Membros e em alguns setores, devido principalmente à dependência das projeções de emissões antes que os dados de emissão verificados estejam disponíveis no âmbito do RCLE da UE. Quando a publicação de dados de emissões verificadas para 2005 destacou essa "sobreavaliação", o mercado reagiu como seria esperado pela redução do preço de mercado das licenças. A disponibilidade de dados de emissões verificadas permitiu à Comissão garantir que o limite das dotações nacionais na segunda fase se estabeleça em um nível que resulte em reduções reais de emissões.
Além de sublinhar a necessidade de dados verificados, a experiência até agora demonstrou que uma maior harmonização dentro do RCLE da UE é imperativa para garantir que a UE alcance os seus objetivos de redução de emissões pelo menos com custos e com distorções competitivas mínimas. A necessidade de mais harmonização é mais clara em relação à forma como o limite das licenças de emissão globais é definido.
Os dois primeiros períodos de negociação também mostram que métodos nacionais amplamente diferentes para alocação de licenças para instalações ameaçam uma concorrência leal no mercado interno. Além disso, é necessária uma maior harmonização, esclarecimento e aperfeiçoamento no que se refere ao alcance do sistema, ao acesso a créditos de projetos de redução de emissões fora da UE, as condições para vincular o ETS da UE aos sistemas de comércio de emissões em outros lugares e o monitoramento, verificação e requisitos de relatórios.
Quais são as principais alterações ao ETS da UE e a partir de quando serão aplicadas?
As mudanças de design acordadas serão aplicadas a partir do terceiro período de negociação, ou seja, janeiro de 2013. Enquanto os trabalhos preparatórios serão iniciados imediatamente, as regras aplicáveis ​​não serão alteradas até janeiro de 2013 para garantir a manutenção da estabilidade regulatória.
O EU ETS no terceiro período será um sistema mais eficiente, mais harmonizado e mais justo.
O aumento da eficiência é alcançado por meio de um período de negociação mais longo (8 anos em vez de 5 anos), um limite de emissões robusto e anualmente decrescente (redução de 21% em 2020 em relação a 2005) e um aumento substancial da quantidade de leilão (de menos de 4% na fase 2 para mais da metade na fase 3).
Mais uma harmonização foi acordada em muitas áreas, inclusive no que se refere à definição de limite (um limite da UE em vez dos limites nacionais nas fases 1 e 2) e as regras para a alocação livre de transição.
A equidade do sistema foi substancialmente aumentada pela mudança para as regras de atribuição gratuita da UE para as instalações industriais e pela introdução de um mecanismo de redistribuição que permite aos novos Estados-Membros licitar mais subsídios.
Como o texto final se compara à proposta inicial da Comissão?
Os objectivos de clima e energia acordados pelo Conselho Europeu da Primavera de 2007 foram mantidos e a arquitectura geral da proposta da Comissão sobre o RCLE da UE permanece intacta. Ou seja, haverá um limite máximo da UE sobre o número de licenças de emissão e este limite diminuirá anualmente ao longo de uma linha de tendência linear, que continuará para além do final do terceiro período comercial (2013-2020). A principal diferença, em comparação com a proposta, é que o leilão de licenças será gradualmente mais lento.
Quais são as principais mudanças em relação à proposta da Comissão?
Em resumo, as principais mudanças que foram feitas na proposta são as seguintes:
Alguns Estados-Membros podem beneficiar de uma derrogação facultativa e temporária da regra segundo a qual as licenças de emissão devem ser atribuídas gratuitamente a geradores de eletricidade a partir de 2013. Esta opção de derrogação está disponível para os Estados-Membros que cumpram certas condições relacionadas à interconectividade de sua eletricidade grade, participação de um único combustível fóssil na produção de eletricidade e PIB / habitação em relação à média da UE-27. Além disso, a quantidade de licenças gratuitas que um Estado-Membro pode atribuir a usinas de energia é limitada a 70% das emissões de dióxido de carbono das plantas relevantes na fase 1 e diminui nos anos subseqüentes. Além disso, a alocação gratuita na fase 3 só pode ser dada às usinas que estejam operacionais ou em construção até o final de 2008. Veja a resposta à pergunta 15 abaixo. Haverá mais detalhes na directiva sobre os critérios a serem utilizados para determinar os setores ou subsectores considerados expostos a um risco significativo de vazamento de carbono e uma data anterior à publicação da lista da Comissão desses setores (31 de dezembro 2009). Além disso, sujeito a revisão quando um acordo internacional satisfatório for alcançado, as instalações em todas as indústrias expostas receberão 100% de licenças gratuitas na medida em que usem a tecnologia mais eficiente. A alocação gratuita para a indústria é limitada à participação das emissões dessas emissões nas emissões totais em 2005 a 2007. O número total de licenças atribuídas gratuitamente às instalações nos setores da indústria diminuirá anualmente de acordo com o declínio do limite de emissões. Os Estados-Membros podem também compensar certas instalações para os custos de CO 2 repercutidos nos preços da electricidade se os custos de CO 2 puderem, de outro modo, expô-los ao risco de vazamento de carbono. A Comissão comprometeu-se a modificar as orientações comunitárias relativas aos auxílios estatais a favor do ambiente a este respeito. Veja a resposta à pergunta 15 abaixo. O nível de leilão de licenças para a indústria não exposta aumentará de forma linear, conforme proposto pela Comissão, mas, em vez de atingir 100% até 2020, atingirá 70%, com vista a atingir 100% até 2027. Conforme previsto em Na proposta da Comissão, 10% das licenças para leilão serão redistribuídas de Estados-Membros com elevado rendimento per capita para pessoas com baixo rendimento per capita, a fim de reforçar a capacidade financeira destes últimos para investir em tecnologias amigáveis ​​com o clima. Foi adicionada uma provisão para outro mecanismo redistributivo de 2% das licenças de leilão para levar em consideração os Estados-Membros que em 2005 alcançaram uma redução de pelo menos 20% nas emissões de gases de efeito estufa em relação ao ano de referência estabelecido pelo Protocolo de Quioto. A participação das receitas de leilão que os Estados-Membros recomendam utilizar para combater e adaptar-se às alterações climáticas, principalmente na UE, mas também nos países em desenvolvimento, é aumentada de 20% para 50%. O texto fornece um complemento para o nível de uso permitido proposto de créditos JI / CDM no cenário de 20% para os operadores existentes que receberam os orçamentos mais baixos para importar e usar esses créditos em relação às alocações e acesso aos créditos no período 2008-2012. Novos setores, novos participantes nos períodos 2013-2020 e 2008-2012 também poderão usar créditos. O montante total de créditos que podem ser utilizados não excederá, no entanto, 50% da redução entre 2008 e 2020. Com base em uma redução mais rigorosa das emissões no contexto de um acordo internacional satisfatório, a Comissão poderia permitir o acesso adicional às RCE e UREs para os operadores do regime comunitário. Veja a resposta à pergunta 20 abaixo. O produto do leilão de 300 milhões de licenças da reserva dos novos participantes será utilizado para apoiar até 12 projetos e projetos de demonstração de captura e armazenamento de carbono que demonstram tecnologias inovadoras de energia renovável. Uma série de condições são anexadas a este mecanismo de financiamento. Veja a resposta à pergunta 30 abaixo. A possibilidade de excluir as pequenas instalações de combustão, desde que estejam sujeitas a medidas equivalentes, tenha sido ampliada para cobrir todas as pequenas instalações, independentemente da atividade, o limite de emissão foi aumentado de 10.000 para 25.000 toneladas de CO 2 por ano e o limite de capacidade que As instalações de combustão devem ser cumpridas, além disso, foram aumentadas de 25MW para 35MW. Com esses limiares aumentados, a participação das emissões cobertas que poderiam ser excluídas do sistema de comércio de emissões torna-se significativa e, consequentemente, uma provisão foi adicionada para permitir uma redução correspondente do limite máximo da UE em subsídios.
Ainda haverá planos nacionais de alocação (NAPs)?
Não. Nos seus NAPs para os primeiros períodos de negociação (2005-2007) e segundo (2008-2012), os Estados-Membros determinaram a quantidade total de licenças a emitir - o limite - e a forma como estes seriam atribuídos às instalações em causa. Esta abordagem gerou diferenças significativas nas regras de alocação, criando um incentivo para cada Estado-Membro favorecer sua própria indústria e gerou uma grande complexidade.
A partir do terceiro período de negociação, haverá um único limite para a UE e as licenças serão alocadas com base em regras harmonizadas. Os planos de alocação nacionais não serão mais necessários.
Como o limite de emissão na fase 3 será determinado?
As regras para o cálculo do limite da UE são as seguintes:
A partir de 2013, o número total de licenças diminuirá anualmente de forma linear. O ponto de partida desta linha é a quantidade total média de licenças (limite de fase 2) a ser emitido pelos Estados Membros para o período 2008-12, ajustado para refletir o alcance ampliado do sistema a partir de 2013, bem como quaisquer pequenas instalações que o Membro Os Estados escolheram excluir. O fator linear pelo qual o montante anual deve diminuir é de 1,74% em relação ao limite da fase 2.
O ponto de partida para determinar o fator linear de 1,74% é a redução global de 20% dos gases com efeito de estufa em relação a 1990, o que equivale a uma redução de 14% em relação a 2005. No entanto, é necessária uma redução maior do ETS da UE porque é mais barato para reduzir as emissões nos setores ETS. A divisão que minimiza o custo total de redução equivale a:
uma redução de 21% nas emissões do sector ETS da UE em comparação com 2005 até 2020; uma redução de cerca de 10% em relação a 2005 para os sectores que não são abrangidos pelo RCLE da UE.
A redução de 21% em 2020 resulta em um limite de ETS em 2020 de um máximo de 1720 milhões de subsídios e implica um limite médio de fase 3 (2013 a 2020) de cerca de 1846 milhões de subsídios e uma redução de 11% em relação ao limite de fase 2.
Todos os valores absolutos indicados correspondem à cobertura no início do segundo período de negociação e, portanto, não levam em conta a aviação, que será adicionada em 2012 e outros setores que serão adicionados na fase 3.
Os valores finais dos limites de emissões anuais na fase 3 serão determinados e publicados pela Comissão até 30 de Setembro de 2010.
Como o limite de emissão para além da fase 3 será determinado?
O fator linear de 1,74% usado para determinar o limite da fase 3 continuará a ser aplicado além do final do período de negociação em 2020 e determinará o limite para o quarto período de negociação (2021 a 2028) e além. Pode ser revisto até 2025, o mais tardar. De fato, as reduções significativas de emissões de 60% a 80% em relação a 1990 serão necessárias até 2050 para atingir o objetivo estratégico de limitar o aumento da temperatura média global para não mais de 2 ° C acima dos níveis pré-industriais.
Será estabelecido um limite máximo de licenças de emissão a nível da UE para cada ano. Isso reduziria a flexibilidade para as instalações em questão?
Não, a flexibilidade para as instalações não será reduzida. Em qualquer ano, os subsídios a serem leilados e distribuídos devem ser emitidos pelas autoridades competentes até 28 de fevereiro. A última data para os operadores renderem subsídios é 30 de abril do ano seguinte ao ano em que as emissões ocorreram. Assim, os operadores recebem subsídios para o ano em curso antes de terem que entregar subsídios para cobrir suas emissões para o ano anterior. Os subsídios permanecem válidos durante todo o período de negociação e quaisquer subsídios excedentes agora podem ser "depositados" para uso em períodos de negociação subsequentes. A este respeito, nada mudará.
O sistema permanecerá com base nos períodos de negociação, mas o terceiro período de negociação durará oito anos, de 2013 a 2020, em oposição a cinco anos para a segunda fase de 2008 a 2012.
Para o segundo período de negociação, os Estados-Membros geralmente decidiram atribuir quantidades iguais iguais de subsídios para cada ano. A diminuição linear anual de 2013 corresponderá melhor às tendências de emissões esperadas ao longo do período.
Quais são os valores iniciais preliminares do ETS para o período de 2013 a 2020?
Os valores iniciais preliminares são os seguintes:
Estes valores baseiam-se no âmbito do RCLE aplicável na fase 2 (2008 a 2012) e as decisões da Comissão sobre os planos nacionais de atribuição para a fase 2, no montante de 2083 milhões de toneladas. Estes números serão ajustados por vários motivos. Em primeiro lugar, será feito o ajuste para levar em consideração as extensões do escopo na fase 2, desde que os Estados Membros comprovem e verifiquem suas emissões resultantes dessas extensões. Secondly, adjustment will be made with respect to further extensions of the scope of the ETS in the third trading period. Thirdly, any opt-out of small installations will lead to a corresponding reduction of the cap. Fourthly, the figures do not take account of the inclusion of aviation, nor of emissions from Norway, Iceland and Liechtenstein.
Will allowances still be allocated for free?
Sim. Industrial installations will receive transitional free allocation. And in those Member States that are eligible for the optional derogation, power plants may, if the Member State so decides, also receive free allowances. It is estimated that at least half of the available allowances as of 2013 will be auctioned.
While the great majority of allowances has been allocated free of charge to installations in the first and second trading periods, the Commission proposed that auctioning of allowances should become the basic principle for allocation. This is because auctioning best ensures the efficiency, transparency and simplicity of the system and creates the greatest incentive for investments in a low-carbon economy. It best complies with the “polluter pays principle” and avoids giving windfall profits to certain sectors that have passed on the notional cost of allowances to their customers despite receiving them for free.
How will allowances be handed out for free?
By 31 December 2010, the Commission will adopt EU-wide rules, which will be developed under a committee procedure (“Comitology”). These rules will fully harmonise allocations and thus all firms across the EU with the same or similar activities will be subject to the same rules. The rules will ensure as far as possible that the allocation promotes carbon-efficient technologies. The adopted rules provide that to the extent feasible, allocations are to be based on so-called benchmarks, e. g. a number of allowances per quantity of historical output. Such rules reward operators that have taken early action to reduce greenhouse gases, better reflect the polluter pays principle and give stronger incentives to reduce emissions, as allocations would no longer depend on historical emissions. All allocations are to be determined before the start of the third trading period and no ex-post adjustments will be allowed.
Which installations will receive free allocations and which will not? How will negative impacts on competitiveness be avoided?
Taking into account their ability to pass on the increased cost of emission allowances, full auctioning is the rule from 2013 onwards for electricity generators. However, Member States who fulfil certain conditions relating to their interconnectivity or their share of fossil fuels in electricity production and GDP per capita in relation to the EU-27 average, have the option to temporarily deviate from this rule with respect to existing power plants. The auctioning rate in 2013 is to be at least 30% in relation to emissions in the first period and has to increase progressively to 100% no later than 2020. If the option is applied, the Member State has to undertake to invest in improving and upgrading of the infrastructure, in clean technologies and in diversification of their energy mix and sources of supply for an amount to the extent possible equal to the market value of the free allocation.
In other sectors, allocations for free will be phased out progressively from 2013, with Member States agreeing to start at 20% auctioning in 2013, increasing to 70% auctioning in 2020 with a view to reaching 100% in 2027. However, an exception will be made for installations in sectors that are found to be exposed to a significant risk of 'carbon leakage'. This risk could occur if the EU ETS increased production costs so much that companies decided to relocate production to areas outside the EU that are not subject to comparable emission constraints. The Commission will determine the sectors concerned by 31 December 2009. To do this, the Commission will assess inter alia whether the direct and indirect additional production costs induced by the implementation of the ETS Directive as a proportion of gross value added exceed 5% and whether the total value of its exports and imports divided by the total value of its turnover and imports exceeds 10%. If the result for either of these criteria exceeds 30%, the sector would also be considered to be exposed to a significant risk of carbon leakage. Installations in these sectors would receive 100% of their share in the annually declining total quantity of allowances for free. The share of these industries' emissions is determined in relation to total ETS emissions in 2005 to 2007.
CO 2 costs passed on in electricity prices could also expose certain installations to the risk of carbon leakage. In order to avoid such risk, Member States may grant a compensation with respect to such costs. In the absence of an international agreement on climate change, the Commission has undertaken to modify the Community guidelines on state aid for environmental protection in this respect.
Under an international agreement which ensures that competitors in other parts of the world bear a comparable cost, the risk of carbon leakage may well be negligible. Therefore, by 30 June 2010, the Commission will carry out an in-depth assessment of the situation of energy-intensive industry and the risk of carbon leakage, in the light of the outcome of the international negotiations and also taking into account any binding sectoral agreements that may have been concluded. The report will be accompanied by any proposals considered appropriate. These could potentially include maintaining or adjusting the proportion of allowances received free of charge to industrial installations that are particularly exposed to global competition or including importers of the products concerned in the ETS.
Who will organise the auctions and how will they be carried out?
Member States will be responsible for ensuring that the allowances given to them are auctioned. Each Member State has to decide whether it wants to develop its own auctioning infrastructure and platform or whether it wants to cooperate with other Member States to develop regional or EU-wide solutions. The distribution of the auctioning rights to Member States is largely based on emissions in phase 1 of the EU ETS, but a part of the rights will be redistributed from richer Member States to poorer ones to take account of the lower GDP per head and higher prospects for growth and emissions among the latter. It is still the case that 10% of the rights to auction allowances will be redistributed from Member States with high per capita income to those with low per capita income in order to strengthen the financial capacity of the latter to invest in climate friendly technologies. However, a provision has been added for another redistributive mechanism of 2% to take into account Member States which in 2005 had achieved a reduction of at least 20% in greenhouse gas emissions compared with the reference year set by the Kyoto Protocol. Nine Member States benefit from this provision.
Any auctioning must respect the rules of the internal market and must therefore be open to any potential buyer under non-discriminatory conditions. By 30 June 2010, the Commission will adopt a Regulation (through the comitology procedure) that will provide the appropriate rules and conditions for ensuring efficient, coordinated auctions without disturbing the allowance market.
How many allowances will each Member State auction and how is this amount determined?
All allowances which are not allocated free of charge will be auctioned. A total of 88% of allowances to be auctioned by each Member State is distributed on the basis of the Member State's share of historic emissions under the EU ETS. For purposes of solidarity and growth, 12% of the total quantity is distributed in a way that takes into account GDP per capita and the achievements under the Kyoto-Protocol.
Which sectors and gases are covered as of 2013?
The ETS covers installations performing specified activities. Since the start it has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and factories making cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently only covers carbon dioxide emissions, with the exception of the Netherlands, which has opted in emissions from nitrous oxide.
As from 2013, the scope of the ETS will be extended to also include other sectors and greenhouse gases. CO 2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered. These sectors will receive allowances free of charge according to EU-wide rules, in the same way as other industrial sectors already covered.
As of 2012, aviation will also be included in the EU ETS.
Will small installations be excluded from the scope?
A large number of installations emitting relatively low amounts of CO 2 are currently covered by the ETS and concerns have been raised over the cost-effectiveness of their inclusion. As from 2013, Member States will be allowed to remove these installations from the ETS under certain conditions. The installations concerned are those whose reported emissions were lower than 25 000 tonnes of CO 2 equivalent in each of the 3 years preceding the year of application. For combustion installations, an additional capacity threshold of 35MW applies. In addition Member States are given the possibility to exclude installations operated by hospitals. The installations may be excluded from the ETS only if they will be covered by measures that will achieve an equivalent contribution to emission reductions.
How many emission credits from third countries will be allowed?
For the second trading period, Member States allowed their operators to use significant quantities of credits generated by emission-saving projects undertaken in third countries to cover part of their emissions in the same way as they use ETS allowances. The revised Directive extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50% of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11% of their allocation during the period 2008-2012, while a top-up is foreseen for operators with the lowest sum of free allocation and allowed use of credits in the 2008-2012 period. New sectors and new entrants in the third trading period will have a guaranteed minimum access of 4.5% of their verified emissions during the period 2013-2020. For the aviation sector, the minimum access will be 1.5%. The precise percentages will be determined through comitology.
These projects must be officially recognised under the Kyoto Protocol’s Joint Implementation (JI) mechanism (covering projects carried out in countries with an emissions reduction target under the Protocol) or Clean Development Mechanism (CDM) (for projects undertaken in developing countries). Credits from JI projects are known as Emission Reduction Units (ERUs) while those from CDM projects are called Certified Emission Reductions (CERs).
On the quality side only credits from project types eligible for use in the EU trading scheme during the period 2008-2012 will be accepted in the period 2013-2020. Furthermore, from 1 January 2013 measures may be applied to restrict the use of specific credits from project types. Such a quality control mechanism is needed to assure the environmental and economic integrity of future project types.
To create greater flexibility, and in the absence of an international agreement being concluded by 31 December 2009, credits could be used in accordance with agreements concluded with third countries. The use of these credits should however not increase the overall number beyond 50% of the required reductions. Such agreements would not be required for new projects that started from 2013 onwards in Least Developed Countries.
Based on a stricter emissions reduction in the context of a satisfactory international agreement , additional access to credits could be allowed, as well as the use of additional types of project credits or other mechanisms created under the international agreement. However, once an international agreement has been reached, from January 2013 onwards only credits from projects in third countries that have ratified the agreement or from additional types of project approved by the Commission will be eligible for use in the Community scheme.
Will it be possible to use credits from carbon ‘sinks’ like forests?
No. Before making its proposal, the Commission analysed the possibility of allowing credits from certain types of land use, land-use change and forestry (‘LULUCF’) projects which absorb carbon from the atmosphere. It concluded that doing so could undermine the environmental integrity of the EU ETS, for the following reasons:
LULUCF projects cannot physically deliver permanent emissions reductions. Insufficient solutions have been developed to deal with the uncertainties, non-permanence of carbon storage and potential emissions 'leakage' problems arising from such projects. The temporary and reversible nature of such activities would pose considerable risks in a company-based trading system and impose great liability risks on Member States. The inclusion of LULUCF projects in the ETS would require a quality of monitoring and reporting comparable to the monitoring and reporting of emissions from installations currently covered by the system. This is not available at present and is likely to incur costs which would substantially reduce the attractiveness of including such projects. The simplicity, transparency and predictability of the ETS would be considerably reduced. Moreover, the sheer quantity of potential credits entering the system could undermine the functioning of the carbon market unless their role were limited, in which case their potential benefits would become marginal.
The Commission, the Council and the European Parliament believe that global deforestation can be better addressed through other instruments. For example, using part of the proceeds from auctioning allowances in the EU ETS could generate additional means to invest in LULUCF activities both inside and outside the EU, and may provide a model for future expansion. In this respect the Commission has proposed to set up the Global Forest Carbon Mechanism that would be a performance-based system for financing reductions in deforestation levels in developing countries.
Besides those already mentioned, are there other credits that could be used in the revised ETS?
Sim. Projects in EU Member States which reduce greenhouse gas emissions not covered by the ETS could issue credits. These Community projects would need to be managed according to common EU provisions set up by the Commission in order to be tradable throughout the system. Such provisions would be adopted only for projects that cannot be realised through inclusion in the ETS. The provisions will seek to ensure that credits from Community projects do not result in double-counting of emission reductions nor impede other policy measures to reduce emissions not covered by the ETS, and that they are based on simple, easily administered rules.
Are there measures in place to ensure that the price of allowances won't fall sharply during the third trading period?
A stable and predictable regulatory framework is vital for market stability. The revised Directive makes the regulatory framework as predictable as possible in order to boost stability and rule out policy-induced volatility. Important elements in this respect are the determination of the cap on emissions in the Directive well in advance of the start of the trading period, a linear reduction factor for the cap on emissions which continues to apply also beyond 2020 and the extension of the trading period from 5 to 8 years. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be “banked” for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price.
A new provision will apply as of 2013 in case of excessive price fluctuations in the allowance market. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European market, the Commission will convene a meeting with Member States. If it is found that the price evolution does not correspond to market fundamentals, the Commission may either allow Member States to bring forward the auctioning of a part of the quantity to be auctioned, or allow them to auction up to 25% of the remaining allowances in the new entrant reserve.
The price of allowances is determined by supply and demand and reflects fundamental factors like economic growth, fuel prices, rainfall and wind (availability of renewable energy) and temperature (demand for heating and cooling) etc. A degree of uncertainty is inevitable for such factors. The markets, however, allow participants to hedge the risks that may result from changes in allowances prices.
Are there any provisions for linking the EU ETS to other emissions trading systems?
Sim. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments.
The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change.
While the original Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the new rules allow for linking with any country or administrative entity (such as a state or group of states under a federal system) which has established a compatible mandatory cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS.
What is a Community registry and how does it work?
Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2013 onwards will be held in the Community registry instead of in national registries.
Will there be any changes to monitoring, reporting and verification requirements?
The Commission will adopt a new Regulation (through the comitology procedure) by 31 December 2011 governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate.
What provision will be made for new entrants into the market?
Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2013 (“new entrants”). The allocations from this reserve should mirror the allocations to corresponding existing installations.
A part of the new entrant reserve, amounting to 300 million allowances, will be made available to support the investments in up to 12 demonstration projects using the carbon capture and storage technology and demonstration projects using innovative renewable energy technologies. There should be a fair geographical distribution of the projects.
In principle, any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key shall take into account the level to which installations in Member States have benefited from this reserve.
What has been agreed with respect to the financing of the 12 carbon capture and storage demonstration projects requested by a previous European Council?
The European Parliament's Environment Committee tabled an amendment to the EU ETS Directive requiring allowances in the new entrant reserve to be set aside in order to co-finance up to 12 demonstration projects as requested by the European Council in spring 2007. This amendment has later been extended to include also innovative renewable energy technologies that are not commercially viable yet. Projects shall be selected on the basis of objective and transparent criteria that include requirements for knowledge sharing. Support shall be given from the proceeds of these allowances via Member States and shall be complementary to substantial co-financing by the operator of the installation. No project shall receive support via this mechanism that exceeds 15% of the total number of allowances (i. e. 45 million allowances) available for this purpose. The Member State may choose to co-finance the project as well, but will in any case transfer the market value of the attributed allowances to the operator, who will not receive any allowances.
A total of 300 million allowances will therefore be set aside until 2015 for this purpose.
What is the role of an international agreement and its potential impact on EU ETS?
When an international agreement is reached, the Commission shall submit a report to the European Parliament and the Council assessing the nature of the measures agreed upon in the international agreement and their implications, in particular with respect to the risk of carbon leakage. On the basis of this report, the Commission shall then adopt a legislative proposal amending the present Directive as appropriate.
For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 20.
Quais são os próximos passos?
Member States have to bring into force the legal instruments necessary to comply with certain provisions of the revised Directive by 31 December 2009. This concerns the collection of duly substantiated and verified emissions data from installations that will only be covered by the EU ETS as from 2013, and the national lists of installations and the allocation to each one. For the remaining provisions, the national laws, regulations and administrative provisions only have to be ready by 31 December 2012.
The Commission has already started the work on implementation. For example, the collection and analysis of data for use in relation to carbon leakage is ongoing (list of sectors due end 2009). Work is also ongoing to prepare the Regulation on timing, administration and other aspects of auctioning (due by June 2010), the harmonised allocation rules (due end 2010) and the two Regulations on monitoring and reporting of emissions and verification of emissions and accreditation of verifiers (due end 2011).

Participating in the EU Emissions Trading System (EU ETS)
Introduction to the EU Emissions Trading System including how the cap-and-trade System works, how free allowances are allocated, details on complying, the inclusion of aviation in the System and the UK’s opt-out scheme for small emitters and hospitals.
Visão geral.
The EU ETS is the largest multi-country, multi-sector greenhouse gas emissions trading system in the world.
It includes more than 11,000 power stations and industrial plants across the EU with around 1,000 of these in the UK. These include power stations, oil refineries, offshore platforms and industries that produce iron and steel, cement and lime, paper, glass, ceramics and chemicals.
Other organisations, including universities and hospitals, may also be covered by the EU ETS depending upon the combustion capacity of equipment at their sites. Aviation operators flying into or from a European airport are also covered by the EU ETS .
This guidance explains the EU ’s cap and trade system, including details of the phases of delivery of the System. It provides information on the UK’s application for Phase III free allowances via its National Implementation Measures (NIMs ), as well as details of compliance and verification. There are also sections on emissions regulation for the aviation industry and the UK’s Small Emitters and Hospitals Opt-out Scheme.
Cap e comércio.
The EU ETS works on a ‘cap and trade’ basis, so there is a ‘cap’ or limit set on the total greenhouse gas emissions allowed by all participants covered by the System and this cap is converted into tradable emission allowances.
Tradable emission allowances are allocated to participants in the market; in the EU ETS this is done via a mixture of free allocation and auctions. One allowance gives the holder the right to emit 1 tonne of CO2 (or its equivalent). Participants covered by the EU ETS must monitor and report their emissions each year and surrender enough emission allowances to cover their annual emissions.
Participants who are likely to emit more than their allocation have a choice between taking measures to reduce their emissions or buying additional allowances; either from the secondary market – eg companies who hold allowances they do not need – or from Member State held auctions. More information is available on the EU ETS : carbon markets webpage.
It does not matter where (in terms of physical location) emission reductions are made because emissions savings have the same environmental effect wherever they are made.
The rationale behind emissions trading is that it enables emission reductions to take place where the cost of the reduction is lowest, lessening the overall cost of tackling climate change.
How trading works: a simplified hypothetical example.
Historically installation A and installation B both emit 210 tonnes of CO2 per year. Under the EU ’s allocation process they are given 200 allowances each. At the end of the first year, emissions of 180Mt were recorded for installation A as it installed an energy efficient boiler at the beginning of the year which reduced its CO2 emissions. It is now free to sell its surplus allowances on the carbon market.
Installation B however emitted 220Mt CO2 because it needed to increase its production capacity and it was too expensive for it to invest in energy efficiency technology.
Therefore, installation B bought allowances from the market, which had been made available because installation A has been able to sell its additional allowances.
The net effect is that the investment in carbon reduction occurs in the cheapest place, and CO2 emissions are limited to the 400 allowances issued to both installations.
Delivery phases of the Emissions Trading System.
To date, 3 operational phases of the EU ETS have been delivered or agreed although it is envisaged the scheme will continue beyond 2020:
Phase I (1 January 2005 to 31 December 2007)
This phase is complete. Further details around this phase can be viewed on the National Archives version of the DECC: EU ETS Phase I web page.
Phase II (1 January 2008 to 31 December 2012)
Phase II of the EU ETS coincided with the first Kyoto Commitment Period. Phase II built on the lessons from the first phase, and was broadened to cover CO2 emissions from glass, mineral wool, gypsum, flaring from offshore oil and gas production, petrochemicals, carbon black and integrated steelworks.
In Phase II, each Member State developed a National Allocation Plan (NAP ), which set out the total quantity of allowances that the Member State intended to issue during that phase and how it proposed to distribute those allowances to each of its operators covered by the System. Each NAP had to be approved by the European Commission. The approved UK Phase II NAP was published on 16 March 2007.
Further details around this phase can be viewed on the National Archives version of the National Archives version of the DECC: EU ETS Phase 2 web page.
Phase III (1 January 2013 to 31 December 2020)
The current phase of the EU ETS builds upon the previous two phases and is significantly revised to make a greater contribution to tackling climate change including: an EU - wide cap on the number of available allowances and an increase in auctioning of those allowances, as well as the UK’s scheme to lower compliance costs for small emitters and hospitals.
The EU cap will reduce the number of available allowances by 1.74% each year, delivering an overall reduction of 21% below 2005 verified emissions by 2020. The trajectory will be calculated from a departure point of the mid-point of Phase II and will describe a declining cap from 2013 onwards.
Free allocation of allowances.
All sectors covered by the EU ETS , with the exception of most of the EU power sector, are provided with a free allocation of allowances in order to assist with their transition towards a low carbon economy.
In addition, industrial sectors at significant risk of competition from countries without similar carbon costs (see section on carbon leakage in the EU ETS for more information) are eligible to receive a higher proportion of allowances for free.
In 2011, Member States were required to submit to the European Commission a list of the preliminary number of free allowances to be issued to each industrial installation in Phase III, referred to as ‘National Implementation Measures’ or ‘NIMs ’. The UK submitted its NIMs to the European Commission on 12 December 2011, and subsequently submitted modified NIMs in April 2012.
On 5 September 2013 the European Commission announced completion of the process to check and confirm the free allocation of EU ETS allowances in each Member States’ NIMs . It also announced that a cross sectoral correction factor was required to ensure that free allocation across the EU remains within the cap set in the ETS Directive. The factor reduced the preliminary allocation for each EU ETS installation by 5.73% in 2013, rising to 17.56% in 2020. The average reduction of allocation is therefore 11.58% over the period 2013-2020.
The first list below shows free allocation figures in Phase III for each industrial installation in the UK, as approved by the European Commission on 18 December 2013. The second list shows updated free allocation figures for Phase III, taking into account any changes to the allocation agreed in the UK’s NIMs for individual installations as of 30 April 2014, for instance due to partial cessations, significant capacity reductions or where installations have entered the EU ETS (new entrants). This list will be updated on an annual basis to take into account further changes to allocation over the course of the phase.
Phase III free allocation as approved in the UK National Implementation Measures.
PDF , 635KB , 14 pages.
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UK National Allocation Table: Phase III free allocation including changes to allocation: June 2014.
PDF , 727KB , 31 pages.
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UK National Allocation Table: Phase III National Allocation including changes: April 2015.
PDF , 397KB , 32 pages.
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UK National Allocation Table: Phase III National Allocation including changes: April 2016.
MS Excel Spreadsheet , 73.2KB.
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UK National Allocation Table: Phase III National Allocation including changes: April 2017.
PDF , 407KB , 24 pages.
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Carbon leakage and the EU ETS.
Carbon leakage is a term used to describe the prospect of an increase in global greenhouse gas emissions when a company shifts production or investment outside the EU because - in the absence of an legally binding international climate agreement - they are unable to pass on the cost increases induced by the EU ETS to their customers without significant loss of market share.
The best way to address carbon leakage would be a legally binding international climate agreement. This would create a level playing field for industry inside and outside the EU with respect to accounting for the costs of carbon.
In the meantime, the EU ETS provides 2 mechanisms to mitigate the risk of carbon leakage. First, sectors deemed to be at significant risk of carbon leakage are eligible to receive 100% free allocation of allowances up to the sector’s benchmark. This is a significant source of relief, as sectors not deemed at risk will receive 80% of their allocation for free in 2013, declining annually to 30% in 2020 with a view to reaching 0% (ie full auctioning) in 2027.
The second mechanism allows Member States to compensate sectors at significant risk of carbon leakage as a result of indirect EU ETS costs (ie through EU ETS - related increases in electricity prices), provided that schemes are designed within the framework set by the European Commission (see section on indirect carbon leakage compensation scheme for more information).
The UK government strongly supports the principle of free allocation in the absence of an international climate agreement. We believe that the proportionate free allocation of allowances gives relief to sectors at significant risk of carbon leakage, without raising barriers to international trade. We are concerned however that those most at risk may not be compensated sufficiently in the future if current EU ETS rules are not reformed for Phase IV of the EU ETS .
The UK government recognises industry concerns around competitiveness and carbon leakage and is committed to ensuring that sectors genuinely at significant risk of carbon leakage are protected from this risk. In June 2014, we published a research project commissioned by the Department of Energy and Climate Change and undertaken by Vivid Economics and Ecofys, which investigates the occurrence of carbon leakage so far and the fundamental drivers of carbon leakage for a selection of industrial sectors and assesses the measures in place for its mitigation.
The report models the risk of carbon leakage for 24 industrial sectors, and was produced in consultation with industry stakeholders. Modelling analysis shows that in the absence of any mitigating policy measures (such as free allocation of allowances), no allowance for carbon abatement potential, and no increase in carbon regulation outside of the European Union, a number of sectors are at risk of leakage. Given these assumptions, the modelling analysis shows higher rates of carbon leakage than would be expected to occur in reality. The views expressed in the report are those of its writers, and do not represent an official position of the UK government.
The final report, case studies and associated peer review are available:
Assessment of carbon leakage status for the free allocation of allowances.
Sectors at risk of carbon leakage are assessed against a set of criteria and thresholds set out in the EU ETS Directive. The list of sectors deemed at risk of leakage for the period 2013-2014 were agreed through the EU comitology procedure in December 2009, with additions to the list made in subsequent European Commission Decisions.
The EU ETS Directive allows for a review of sectors at risk every five years, with the possibility of adding sectors to the list on annual, ad hoc basis. On 5 May 2014, the European Commission published its draft list of sectors for the period 2015-19, based on the quantitative and qualitative criteria set out in the ETS Directive. The draft carbon leakage list will be presented to the EU Climate Change Committee for vote shortly, after which it must be sent to the European Parliament and the Council for three months scrutiny before adoption.
On 31 August 2013, the UK responded to the European Commission’s consultation on the methodology for determination of the carbon leakage list for 2015 to 2019.
Indirect carbon leakage compensation scheme.
In the 2011 Autumn Statement, the Chancellor announced that the government intended to implement measures to reduce the impact of policy on the costs of electricity for the most electricity-intensive industries, beginning in 2013 and worth around £250 million over the Spending Review period.
As part of this, the government has committed to compensate the most electricity-intensive businesses to help offset the indirect cost of the Carbon Price Floor and the EU ETS , subject to state aid guidelines. In the 2014 Budget, the Chancellor announced that compensation for the indirect costs of the Carbon Price Floor and the EU ETS would be extended to 2019 to 2020.
The European Commission adopted revised State Aid guidelines on compensation for the indirect costs of the EU ETS in June 2012. These guidelines list the sectors deemed to be exposed to a significant risk of carbon leakage due to indirect emissions costs, and provide details of the maximum levels of compensation that can be made available to them. Any Member State compensation scheme must be designed within the framework set by the European Commission.
In October 2012, DECC and BIS launched the energy intensive industries compensation scheme consultation, which set out our proposals for the eligibility and design of the compensation package.
The consultation, which closed in December 2012, provided an opportunity for all those interested in the package to comment on the proposals, helping us ensure that compensation is targeted at those companies who are most at risk of carbon leakage as a result of energy and climate change policies.
Following detailed consideration of the responses and state aid clearance for the EU ETS compensation package, in May 2013 we published the government’s response to the consultation and the final compensation scheme design for the EU ETS . The UK started making payments in respect of indirect costs of the EU ETS in 2013.
For Carbon Price Floor compensation, which remains subject to state aid approval from the European Commission, we expect to publish guidance later in the summer and begin payments shortly thereafter.
New Entrants Reserve.
The New Entrants Reserve (NER ) is a set aside of EU allowances, reserved for new operators or existing operators who have significantly increased capacity. The UK’s EU ETS Regulators are responsible for administering and assessing all NER applications.
Further information on allowances can be found on the EU ETS : allowances page.
Complying with the EU ETS.
The EU ETS Regulators are responsible for enforcing compliance with the EU ETS Regulations, including operational functions such as granting and maintaining permits and emissions plans (for aviation), monitoring and reporting (including monitoring plans), assessing verified emission reports (and tonne-kilometre reports), assessing applications to the NER , determining reductions in allocations as a result of changes in capacity or cessation of activities, exchanging of information with UKAS on verifier activities.
For the purpose of calculating civil penalties, BEIS determine the value of the EU ETS carbon price used by the regulator. The determination is published in November each year:
On 7 August 2013, we launched a consultation on a number of technical amendments to the Greenhouse Gas Emissions Trading Scheme Regulations 2012 so as to simplify and harmonize EU ETS penalties in the transition to Phase III, improve clarity and reduce the burden for businesses. The consultation closed on 19 September 2013.
For more information on how to comply with EU ETS please visit:
Monitoring, reporting, verification and accreditation.
The European Commission’s Guidance on the Accreditation and Verification Regulation aims to help operators of all stationary installations, aviation operators, verification bodies and regulators perform verifications consistently throughout the EU . It provides practical information and advice on the process and requirements for annual verification required by the EU ETS Directive, the European Commission’s Monitoring and Reporting Regulation and Greenhouse Gas permits/monitoring plans/tonne-kilometre plans.
Finding an accredited EU ETS verifier in the UK.
The UKAS list does not include verifiers accredited by other national accreditation bodies and under Phase III rules there is no ‘registration’ or acceptance procedure for non-UK verifiers. All verifiers are required to demonstrate that they are either accredited (or certified) in accordance with the Accreditation and Verification Regulation. Operators are responsible for ensuring that their verifier is accredited for the relevant scope of work. Details of a verifier’s scope of accreditation can be found on the verifier’s accreditation certificate.
Include the following information in your email:
name of verifier organisation country accreditation identification number a copy of your accreditation certificate full name and email address of the main point of contact (this user will have the responsibility for managing other users for this verifier)
Once the ETSWAP administrator has approved your request for access, ETSWAP will send you an email with the login details for your individual user account.
To apply for a verifier Registry account, email etregistryhelpenvironment-agency. gov. uk for an application pack.
Further guidance.
Using UK greenhouse gas inventory data in EU ETS monitoring and reporting: the country-specific factor list.
The European Commission’s Regulation on Monitoring and Reporting allows nationally reported data to be used as default factors in specific circumstances.
Carbon emission factors and calorific values from the UK Greenhouse Gas Inventory (AEA-Ricardo) are available for annual emissions reporting for the EU ETS :
Emission factors and calorific values for 2017.
MS Excel Spreadsheet , 81.7KB.
The national factors are Tier 2 and Tier 2a emission factors and net calorific values for specific fuels used by particular industries.
The data have largely been extracted from the UK Greenhouse Gas Inventory that is presented on an annual basis to the United Nations Framework Convention on Climate Change (UNFCCC ). The Greenhouse Gas Inventory is developed independently to the EU Emissions Trading System. This data means the data referred to in Article 31(1) of the Monitoring and Reporting Regulation.
The factors in these tables should only be used in accordance with the requirements in an installation’s approved monitoring plan, which is part of the Greenhouse Gas permit.
Tables for previous years are available as follows:
EU ETS non-compliance.
The EU ETS Directive requires Member States to put in place a system of penalties which is effective, proportionate and dissuasive but the nature of the penalties is largely left to Member State discretion (with the exception of the penalty for failure to surrender sufficient allowances in certain circumstances).
The Greenhouse Gas Emissions Trading System Regulations 2012 set out the civil penalties to which a person is liable if they do not comply with the EU ETS . DECC has produced the guidance below for the offshore oil and gas industry detailing the Department’s approach to enforcement and sanctions.
The Regulations provide for the right of appeal against decisions of an EU ETS Regulator. In England and Wales appeals for both operators of stationary installations and aircraft operators, as well as offshore installations, are heard by the First-tier Tribunal.
Appeals in Northern Ireland are heard and determined by the Planning Appeals Commission (PAC). In Scotland, the Directorate for Planning and Environmental Appeals (DPEA) in the Scottish Government hears and determines appeals on behalf of the Scottish Ministers.
Different arrangements apply to appeals brought by aviation operators against a penalty notice served under the Aviation Greenhouse Gas Emissions Trading Scheme Regulations 2010 for the 2012 scheme year. The relevant rules under the 2010 Regulations continue to apply in relation to any appeal brought against any decision made or notice served under the 2010 Regulations. These provide that the appeal body is the Secretary of State or an independent person appointed by the Secretary of State.
Appeal Determinations.
2012 scheme year: Six appeals determinations have been made under these Regulations:
Aviation in the EU ETS.
The EU Emissions Trading System requires aircraft operators to monitor and report emissions of CO2 and surrender the equivalent number of allowances. The scheme is designed to be a cost-effective means of tackling the CO2 emissions from aviation, enabling the aviation industry to grow sustainably whilst delivering emission reductions. The scheme applies to all flights between airports in the European Economic Area.
As principais mudanças são:
an Intra-European Economic Area (EEA) scope for the Aviation ETS from 1 January 2013 until 31 December 2016 a deferral of compliance deadlines for 2013 emissions until March and April 2015 an exemption for non-commercial operators emitting less than 1,000 tonnes of CO2 per year until 2020 simplified procedures for operators emitting less than 25,000 tonnes of CO2 per year the number of free allowances issued and allowances auctioned are reduced in proportion to the reduction in scope.
We welcome views from any organisation or individual, and the consultation will be of particular interest to aircraft operators, aerodrome operators, verifiers, other participants in the EU ETS and environmental groups.
Regulation of aircraft operators’ emissions.
Each aircraft operator is administered by a single member state. The European Commission produces an annual list showing which operators are administered by which member state.
You can find out more about what operators need to do to comply with the scheme on the EU ETS : operators and activities affected web page.
Auctioning.
Free allocation to aircraft operators.
The European Commission enacted legislation in April 2014 changing the scope of EUETS with regards to international aviation emissions (Regulation (EU ) No 421/2014 amending Directive 2003/87/EC ). As a result of the change in scope of Aviation EU ETS , the UK is obligated to recalculate the allocation of free allowances due to eligible aircraft operators. This recalculation has been done in accordance with the Commission guidance.
The table includes all operators who were previously due free allowances and indicates their new free allowance allocation under the reduced scope. Operators who ceased operations have been removed from this list.
Operators who are now exempt under the new non-commercial de minimis (under 1,000tCO2 per annum calculated on the basis of full scope) still appear in this table. However owing to their exempt status these operators are not due free allowances and as such their Aircraft Operator Holding Account (AOHA) will be marked as ‘excluded’ in the registry – meaning that no transactions can be carried out and no free allowances will be deposited.
If you believe you are no longer due any allowances as a result of the changes or you wish to seek further clarification as to your new free allowance allocation please contact the Environment Agency aviation helpdesk ETAviationHelpenvironment-agency. gov. uk.
Historic information.
Please visit the EU ETS legislation page to see UK legislation and EU Regulations.
Please visit the National Archives version of the Aviation in the EU Emissions Trading System web pages to see information relating to aviation/aviation appeals previously available on the DECC website.
Small Emitter and Hospital Opt-out Scheme.
The UK’s Small Emitter and Hospital Opt-out Scheme allows eligible installations to be excluded from Phase 3 (2013 to 2020) of the EU ETS . The scheme has been approved by the European Commission.
Article 27 of the EU ETS Directive enables small emitters and hospitals to be excluded from the EU ETS , with the primary aim of reducing the administrative burdens on these installations. This acknowledges that the administrative costs faced by smaller emitters under the EU ETS are disproportionately high per tonne of CO2, in comparison to the costs for large emitting installations. The Directive requires that excluded installations are subject to a domestic scheme that will deliver an equivalent contribution to emission reductions as the EU ETS .
The UK’s opt-out scheme was designed in consultation with industry and aims to offer a simple, deregulatory alternative to the EU ETS whilst maintaining the incentives for emission reductions. We estimate that the scheme will offer savings of up to £39 million to industry over Phase III.
The opt-out scheme offers deregulatory savings through:
the replacement of a requirement to surrender allowances with an emissions reduction target simplified monitoring, reporting and verification requirements (MRV), including the removal of the requirement for third party verification no requirement to hold an active registry account less burdensome rules for target adjustment following an increase in installation capacity.
Further details on the scheme are contained in the documents listed below. Please note that these documents will be updated later in 2015. The consultations referred to in the ‘Frequently asked questions’ document are now closed.
Participants in the opt-out scheme.
The application period for the opt-out scheme ran from 23 May to 18 July 2012. Operators of 247 installations were approved to participate in the opt-out scheme by the European Commission as excluded from the EU ETS .
The EU ETS Directive does not provide for further installations to join the opt-out scheme.
Previous information on the development of the scheme including, the application period, policy development and the small emitters workshop held on the 12 June 2012, can be viewed on the National Archives website.
31 July 2017 Emission factors and calorific values for 2017. 27 April 2017 UK National Allocation Table: Phase III National Allocation including changes: April 2017. 21 September 2016 Determination of 4 appeals under the Aviation EU ETS. 28 July 2016 Emission factors and calorific values for 2016 29 April 2016 UK National Allocation Table: Phase III National Allocation including changes: April 2016 29 April 2016 UK National Allocation Table: Phase III National Allocation including changes: April 2016 23 October 2015 Jet Airways civil penalty appeal determination added 20 October 2014 Addition of EU ETS strategy and reform paper 26 August 2014 Addition of free aviation allowance table 16 July 2014 Added information regarding Phase IV. 15 May 2014 Peer review of Ecofys cap-setting report published. 30 April 2014 Updated EU ETS National Allocation table published. 7 August 2013 Details of consultation added under "Complying with the EU ETS". 13 May 2013 The Government response to the consultation on Implementing the Aviation Emissions Trading System ‘stop the clock’ Decision in UK Regulations has been published today. 4 March 2013 Includes new information about a carbon leakage call for evidence. 31 January 2013 Update to include the recent European Commission announcement on NIMS 22 January 2013 First published.
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Ets emissions trading system

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Q&A: Will the reformed EU Emissions Trading System raise carbon prices?
Simon Evans.
Simon Evans.
In July 2003, at a series of meetings in Brussels and Strasbourg, EU lawmakers adopted an Emissions Trading System (EU ETS) to help combat climate change.
The cap-and-trade scheme for industrial CO2 was part of the EU’s response to the Kyoto Protocol, which had set the then-15 member bloc a target to cut emissions 8% below 1990 levels by 2012.
Even before its adoption, the EU ETS was subject to years of fraught debate, lobbying and negotiation. After it started operating in 2005, it quickly ran into trouble, facing volatile carbon prices that crashed in the wake of the financial crisis, while industry pocketed windfall profits.
Prices have remained stubbornly low ever since, undermining the supposed role of the ETS as the cornerstone of EU climate policy.
However, last month, after two years of talks, “strengthening reforms” were finally agreed between the EU’s 28 member state governments, the European Commission and MEPs in the European Parliament.
In this Q&A, Carbon Brief runs through the details of the reforms and whether they will raise EU carbon prices. The Brexit question is also covered.
Why did the EU adopt a carbon market?
For the climate policy purists, “putting a price on carbon” represents the most economically efficient means to reduce emissions, at the lowest cost. In a cap-and-trade scheme, industries covered by the market buy and sell allowances to emit greenhouse gases, within a cap that shrinks over time.
This idea is reflected in the text of the 2003 directive, establishing the EU ETS so as to “promote reductions of greenhouse gas emissions in a cost-effective and economically efficient manner”. In more extreme versions of this view, no other policies should be needed, as the shrinking cap is all that is needed to meet carbon targets (more on this, below).
The directive had been adopted after failed attempts to introduce a carbon energy tax, first proposed in 1992. It also marked a change of heart. The EU had opposed use of carbon markets under the Kyoto Protocol because of concerns over “hot air” – the idea that emissions caps might credit reductions that had already happened. (See this detailed history for more.)
Announcing the adoption of the EU ETS on 23 July 2003, the environment commissioner Margot Wallström said in a statement: “Today’s proposal and the emissions trading system just adopted by the Council and the European Parliament are evidence of our strong commitment to cutting greenhouse gas emissions and to the Kyoto Protocol.”
In the “recital” (introduction) to the latest reforms, the ETS is described as the “cornerstone of the Union’s climate policy”. The ETS cap is now set to shrink to 43% below 2005 levels in 2030, as part of the overall EU 2030 target to cut emissions “at least 40%” below 1990 levels.
What does the EU ETS cover?
The EU ETS is the world’s largest carbon market (see graphic, below), at least until China launches its national market, due for launch this year, but subject to delays and uncertainty.
Carbon pricing schemes around the world, including their nature (ETS or carbon tax), sectoral coverage and share of national or regional emissions. Source: State and Trends of Carbon Pricing 2017, World Bank.
The EU ETS covers airlines and more than 11,000 industrial sites, responsible for around 45% of EU greenhouse gas emissions – currently around 2bn tonnes of CO2 equivalent. This includes CO2 from industry, the power sector and aviation, plus nitrous oxide and perfluorocarbons from industry. (This handy European Commission primer has more background.)
CO 2 equivalent: Greenhouse gases can be expressed in terms of carbon dioxide equivalent, or CO 2 eq. For a given amount, different greenhouse gases trap different amounts of heat in the atmosphere, a quantity known as the global warming potential. Carbon dioxide equivalent is a way of comparing emissions from all greenhouse gases, not just carbon dioxide.
Only flights between EU member states are covered, with flights outside the bloc still exempted, pending a review of the international aviation emissions trading scheme known as CORSIA.
Norway, Iceland and Liechtenstein also participate in the EU ETS. Meanwhile, the EU and Switzerland recently agreed to link their schemes – following seven years of talks – meaning emissions credits can be traded between the two.
Who pays for EU ETS allowances?
Also embedded in the initial 2003 ETS directive is the “polluter pays principle” and, as such, industry should pay for its carbon emissions. In the initial phases, however, most emissions credits were handed out for free, first to familiarise participants with the system and create a functioning market, then later to protect industry from overseas competition not facing a carbon price.
The recital (introduction) to the reform text explains:
“[The 2003 ETS directive] provides for a transition to full auctioning over time. Avoiding carbon leakage is a justification to temporarily postpone full auctioning, and targeted free allocation of allowances to industry is justified in order to address genuine risks of increases in greenhouse gas emissions in third countries where industry is not subject to comparable carbon constraints as long as comparable climate policy measures are not undertaken by other major economies.”
In the first phase, from 2005 to 2007, virtually 100% of carbon credits entering the market were given out for free, falling to an average of 96% during phase 2, from 2008 to 2012, according to an analysis of market data by carbon market NGO Sandbag, carried out for Carbon Brief, shown in the chart, below.
During phase 3, which runs until 2020, the free share fell dramatically because power stations stopped receiving allowances for free. Sandbag’s analysis suggests an average of 53% of the allowances entering the market during phase 3 will be free.
Share of emissions allowances entering the market each year that are allocated for free, under the first four phases of the EU ETS from 2005-2030 and excluding aviation. Source: Sandbag analysis for Carbon Brief, based on past market data and a model of the outcome of reforms. This assumes the market stability reserve (MSR) will prevent some allowances entering the market, shrinking the auction pot, while poorer member states will make full use of a derogation from auctioning, allowing them to give their power sectors free allowances. See below for more explanation of these details. Chart by Carbon Brief using Highcharts.
Phase 4 runs from 2021 to 2030 and was the subject of the latest reforms, which will have an uncertain impact on the share of carbon credits handed out for free. Sandbag’s analysis suggests that 60% of allowances entering the market could be given for free, an increase on phase 3.
This assumes three elements of the reforms kick in. First, if too many free allowances are claimed, then up to 3% of the cap can be shifted from the auction share to the free allocation share, see below. Second, poorer member states can hand their power sectors some free allowances.
Third, some allowances are likely to be removed from the market because of the market stability reserve (MSR, see below). These removals come out of the auction share, which effectively raises the share of allowances entering the market that are given out for free, even as it tightens the market overall.
Note that this analysis excludes aviation emissions. Some 15% of CO2 emissions from flights between EU nations are supposed to be subject to auction during phase 3. This share is to be maintained through phase 4.
What is the EU carbon price?
The EU ETS has also been plagued by persistently low carbon prices – for those that do have to pay for their pollution. Emissions allowances (EUAs) have cost less than €10 per tonne since late 2011, far below most estimates of the social cost of carbon and below the level thought to be necessary to drive deep decarbonisation.
Daily EU ETS carbon prices. Source: ICE EUA futures via Sandbag and Quandl. Chart by Sandbag using Highcharts.
Prices fell after the financial crisis because free allocation continued at levels based on pre-crisis economic activity, whereas industrial output contracted. Meanwhile, the spread of more efficient appliances and renewable sources of electricity cut demand for permits. This left a flooded market.
Opinion is divided on whether the latest reforms will resolve these problems and raise prices (see below).
How is the EU ETS being reformed?
The reforms agreed in November were meant to codify the rules of market operation during phase 4 of the ETS from 2021 to 2030. They ended up also aiming to correct persistently low prices, while continuing to shield industry from overseas competitors facing no carbon price and keeping eastern European states on board.
Specifically, the reforms bring the EU ETS into alignment with the EU’s overall 2030 climate target, of at least a 40% cut below 1990 levels. They update the rules on free allocation of allowances. They attempt to squeeze the market surplus, raising prices. And they extend and expand the support for energy system upgrades in eastern European countries, which has been the quid pro quo for their support of the ETS.
This uneasy balancing act saw a series of stand-offs – most prominently over support for coal power – inevitably settled by compromise. This, along with the uncertain effects of economic growth, technological change and other national and EU climate policy, means that carbon price increases – and the ETS’s role at the heart of EU climate policy – are far from assured. Mais sobre isso mais tarde.
The EU’s topline 40%-by-2030 goal means the overall ETS cap must shrink more quickly, by 48MtCO2e each year, up from 38Mt/yr during phase 3. (This fixed annual reduction is confusingly described as a percentage “linear reduction factor” of 1.74% in phase 3 and 2.2% in phase 4. The percent refers to a proportion of the average annual cap during 2008-2012.)
What is the market stability reserve?
The other key element of the reforms is the market stability reserve (MSR), which will hold excess allowances outside the market starting from 2019. This is effectively a central bank for the carbon market, designed to stabilise supply and demand for credits, which will kick in from January 2019.
Hæge Fjellheim, head of carbon analysis for information providers Thomson Reuters Point Carbon, tells Carbon Brief:
“This reform has been going for two years. If you take it from that point in time, you would have been surprised that it was quite a strong outcome in terms of strengthening the EU ETS and the market balance, because the aim of the reform was not to tighten the balance…It’s tightening the screw on the oversupply issue, which has been the main problem of the ETS.”
The MSR was agreed in 2015, but has been strengthened in two ways. Lawmakers agreed to significantly tighten its parameters, so that it takes more credits out of circulation each year, while it will also now cancel credits if the surplus becomes large enough.
First, 24% of the market surplus will be removed each year between 2019 and 2023 and placed into the reserve, if the surplus exceeds 833m credits – enough to cover the annual emissions of the whole German economy. The reforms doubled this rate, compared to the 12% agreed in 2015, though the removal rate will revert to 12% from 2024. If the surplus falls below 400Mt, 100m credits will be released from the reserve into the market.
Second, if the number of credits in the reserve exceeds the volume auctioned in the previous year, then the excess will be automatically and permanently removed from the market. (Technically, they will be “invalidated” rather than “cancelled”; it is not clear what this distinction means, says Marcus Ferdinand, lead analyst for EU power and carbon markets at information provider ICIS Carbon Analytics.)
The automatic cancellation will remove an estimated 2.4GtCO2e of allowances from the market during phase 4, according to Thomson Reuters Point Carbon.
Can countries cancel carbon credits?
Another element of the reforms allows ETS member states to voluntarily cancel allowances from their auction share, in response to the closure of electricity generating capacity that will no longer bid into the market. Cancellations are limited to the emissions of the closing capacity.
Worker with steel forge. Credit: Cultura Creative (RF) / Alamy Stock Photo.
This could apply to UK coal-fired power stations, for example, which are closing as a result of the government’s phaseout pledge. (At the start of phase 3, the UK’s coal fleet was responsible for nearly 7% of EU ETS emissions, meaning their closure strongly affects the overall market.)
Countries could use voluntary cancellation to demonstrate greater climate ambition, says Rachel Solomon Williams, managing director of carbon market NGO Sandbag. Sweden is already voluntarily buying and cancelling ETS allowances, though only around 7MtCO2e per year.
If governments decide to voluntarily cancel carbon credits, however, they would have to forego the revenue from auctioning those allowances.
“I’m very sceptical this measure will be used on a largescale,” Ferdinand tells Carbon Brief. He adds: “I think there will always be a quarrel between the environment and finance ministries.”
Auction revenues amount to billions of euros each year across the EU, of which 80% is earmarked for climate and energy spending, research for the European Commission suggests. For example, the UK government earns around £0.5bn a year from ETS auctions – and the Office for Budget Responsibility assumes this will continue at least until the end of its forecast period in 2022/23.
(If the UK leaves the EU ETS on the March 2019 Brexit date, or after a transitional phase, then this revenue would cease. The UK’s future role in the ETS is undecided, see below.)
Nevertheless, combined with the strengthened MSR, this reform overturns the “waterbed effect”. This is the idea that climate action outside the ETS not only undermines the market, by weakening demand, but also achieves no extra emissions savings because the annual market cap is fixed. (Pushing down on one part of the “waterbed” of emissions only serves to raise them elsewhere.)
This charge has been levelled at the UK’s top-up carbon tax, the carbon price floor, for example.
Yet disagreement remains over the appropriate balance between relying on the ETS and implementing additional EU or national climate policies. (See below for more details.)
How are free allowances handed out?
During phase 4 of the EU ETS from 2021 to 2030, industries will continue to get “transitional” support in the form of free emissions permits, if they are deemed at risk of competition from overseas firms that do not pay an equivalent carbon price.
Carbon leakage: Carbon leakage is the idea that emissions-intensive industry could relocate production to another jurisdiction, to avoid paying (the same level of) carbon prices. Emissions would fall in the country where CO2 is priced but might not change on a global level, or might even increase, if overseas industry is less efficient, more coal-powered or further away, necessitating extra transport of goods. A 2014 study for the UK government says: “Empirical studies of carbon leakage in the EU ETS generally fail to find convincing evidence of substantial leakage,” even though theoretical studies suggest it should be problem.
Industry sectors at risk of this carbon leakage will – in principle – continue to get 100% of their allowances for free. Even sectors not at risk of carbon leakage will still get 30% free allowances until 2026, falling to 0% by 2030. Their free allocation had been due to stop in 2026.
A new consultation on revising the list of sectors deemed at risk runs until 2 February 2018. Phase 4 will continue using a binary at-risk/not-at-risk approach, with those at risk getting 100% free allowances, rather than a graduated approach advocated by NGO Sandbag.
In order to reduce windfall profits from excess free allowances when production falls – as happened in the wake of the financial crisis – free allocations will be adjusted up or down if an installation’s output over two years changes by more than a 10% threshold.
The power sector is not given free allowances, though phase 4 extends a partial exception to this for the 10 poorest EU member states in eastern Europe, including the likes of Poland, Romania and Hungary (see below). For the rest of industry, according to Thomson Reuters Point Carbon, the “lion’s share will continue to be considered at high risk of carbon leakage and receive 100% of their benchmark [emissions] as free allocation”.
During phase 4, the “benchmark” rate at which each industry can claim free allowances will shrink by between 0.2% and 1.6% per year, to reflect progress in improving efficiency. This benchmark rate is based on the most carbon-efficient 10% of sites within each sector.
Claims for benchmarked free allowances are added up across industries and countries, then checked against that year’s overall cap and the volume set aside for auctions, which is supposed to average 57% across phase 4. If too many free allowances are claimed, then allocations are reduced uniformly, across the board, using a “cross sectoral correction factor” (CSCF).
During phase 3, this has meant all industries, including those most at risk of carbon leakage, receiving less than 100% of their allowances for free, undermining efforts to shield them from the impact of climate policy.
Under the phase 4 reforms, up to 3 percentage points of the auction volume can be transferred into extra free allowances, in order to avoid triggering the CSCF.
This would raise the share of free allowances handed out from 43% to 46%, meaning around half a billion fewer credits available for auction, according to NGO Sandbag. This would translate into more than €3.5bn in lost auction revenues for member states, even at current low ETS prices.
How does the EU ETS support eastern Europe and innovation?
Several EU ETS support schemes will continue through phase 4. These schemes, designed to support innovation across Europe and energy sector modernisation in poorer states, come with rules attached – though the strictness of the rules is unclear. These funds were also used to leverage political support, both for ETS reforms and the wider EU 2030 climate and energy targets.
Fiat Panda and Fiat 500 production line in factory, Tychy, Poland. Credit: Bart Pro/Alamy Stock Photo.
The innovation fund, managed at EU level and funded via 400m allowances, will continue to be used to finance research and development of: “CCS or CCU [carbon capture and storage or usage] facilities, new renewable energy technologies and industrial innovation”.
For eastern Europe, two ETS schemes are supposed to assist energy system upgrades, under articles 10c and 10d of the directive.
When the power sector stopped receiving free allowances in 2013, poorer EU countries were allowed to continue handing out credits, covering up to 70% of emissions in 2013, declining to zero in 2020. This “article 10c” derogation was conditional on the 10 countries – Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Lithuania, Poland and Romania – investing the equivalent amount in “the modernisation of electricity generation”.
These countries must submit national plans explaining what the money was going towards. Specifically, the plans should address: “Investments in retrofitting and upgrading of the infrastructure and clean technologies. The national plan shall also provide for the diversification of their energy mix and sources of supply.”
The European Commission approved allocation of up to 680m free allowances under 10c by 2019, with a market value estimated at €12bn, according to NGO Carbon Market Watch. It says that in practice, 90% of the money was invested in existing fossil fuel infrastructure, mostly coal.
Can EU ETS funds still be used to support coal?
The article 10c derogation was extended and expanded under the phase 4 reforms, allowing those 10 eastern European countries to allocate up to 60% of power sector emissions allowances for free, with their value matched by investment as before.
This 60% figure is an increase from the 40% agreed by member state governments in 2014. While the revised legal text includes a series of new conditions, these leave considerable wiggle room. (The European Parliament had called for a 450gCO2 per kilowatt hour threshold for support, effectively an outright ban on support for coal power.)
The text says: “The investments supported shall be consistent with the transition to a safe and sustainable low-carbon economy, the objectives of the Union’s 2030 climate and energy policy framework, and reaching the long term objectives as expressed in the Paris Agreement. This derogation shall end on 31 December 2030.”
Investments financed through article 10c – and worth more than €12.5m – must be subject to competitive bidding. Additionally, they must: “contribute to the diversification of their energy mix and sources of supply, the necessary restructuring, environmental upgrading and retrofitting of the infrastructure, or modernisation of the energy production.”
Further loosely worded conditions say projects must “not contribute to or improve the financial viability of highly emission-intensive electricity generation nor increase dependency on emission-intensive fossil fuels”.
Funding must also “realise a predetermined significant level of CO2 reductions”. Where new power capacity is added, this must be matched by the closure of “a corresponding amount of more emission-intensive…capacity”.
The second EU ETS scheme for eastern Europe is the article 10d “modernisation fund”, offered in 2014 in return for Polish support of the EU 2030 climate goals. This is administered at EU level and financed with 2% of total allowances for the period 2021-2030 (310Mt), with an optional extra 0.5%.
The revised text says: “No support from this fund shall be provided to energy generation facilities using solid fossil fuels,” ruling out EU money for coal. The text adds that 70% shall go towards renewables, energy efficiency, grid infrastructure or support for “just transition” in mining regions.
The net impact of the reforms to these two support schemes for eastern Europe is uncertain. This will be a balance between the raising of the 10c derogation to 60% free allocation, its new but loosely-worded funding criteria and the ban on support for coal under the 10d modernisation fund.
Fjellheim tells Carbon Brief:
“We want to look into this a bit more, because what does it really mean? It looks like a big win for those that didn’t want to fund coal, but with the raised ceiling to 60%, it is not really clear…It looks strict but it might not be that strict in the end.”
Will the latest reforms raise carbon prices?
Most analysts expect the reforms to tighten the market surplus and raise carbon prices in the short term, from today’s roughly €7/tCO2e to around €10 through 2018, reports newswire Carbon Pulse.
In terms of future carbon prices, the strengthened MSR is the most important aspect of the reforms, says Ferdinand. He tells Carbon Brief: “Honestly, I’m quite bullish. The main driver is the MSR doubling [of the annual intake rate, from 12 to 24% of the market surplus].”
Ferdinand thinks the MSR will cut the volume of allowances available for auction roughly in half from 2019, a cut of around 400MtCO2e. He also expects rising prices to change participants’ strategic approach to hedging, encouraging them to hold on to unused credits and squeezing the surplus available to the market.
He says: “If you are an industrial sitting on surplus allowances when the price is rising, we don’t believe all of those will come to market.”
All this means prices could rise to €9-10/tCO2e in 2018 and €36 in 2024, Ferdinand says, before easing off towards €23 in 2030, as the MSR intake rate drops back to 12% per year and after higher prices have driven faster-than-expected cuts in emissions.
At the lower end of the forecast spectrum is Thomson Reuters Point Carbon, which sees prices rising to €10 in 2020 and €23 in 2023. Fjellheim explains: “We think the MSR will tighten the market considerably, but we assume market participants to be forward looking…so that means they price in future shortages already today.” This means prices will only rise gradually.
Fjellheim tells Carbon Brief:
“We have lower prices than many other analysts…There is more risk to the down side than the upside, if you look at related policies like coal phaseout.”
This highlights a central problem for the EU ETS. The phase 4 reforms tackle only one side of the supply-demand balance, by attempting to reduce the number of surplus allowances on the market. Yet the other half of this equation – demand for emissions credits – is also affected by related climate policy, as well as unrelated market forces.
Reflecting this uncertainty, analysts set out a wide range of ETS price predictions at a September 2017 conference organised by specialist newswire Carbon Pulse. It reported that analysts MKonline forecast a €14 peak, due to weak demand as emissions cuts are made for other reasons.
Meanwhile, consultancy Energy Aspects sees a gradual rise to €38 by 2030, interrupted in the mid-2020s by tighter air pollution limits under the EU Industrial Emissions Directive, which force the closure of coal plants burning dirtier lignite fuel.
Emissions – and, therefore, market demand under the EU ETS – have been falling rapidly, according to analysis from Sandbag. It says emissions fell by 2.9% on average between 2005 and 2010, then by 2.6% on average through 2016.
If emissions reductions continue at a similar rate through the 2020s, Sandbag analysis suggests, then the size of the ETS market surplus – currently around 1.7bn allowances – would remain the same until 2030, despite the impact of the phase 4 reforms and the tightened MSR.
Sandbag’s Soloman Williams tells Carbon Brief:
“We can’t see [the reforms] having a massive impact on the carbon price. We still think there will be a relatively low price by 2030, simply because there will be no scarcity [of allowances]. Scarcity drives prices.”
It’s worth adding that analysts’ forecasts have tended to overestimate prices on carbon markets.
What is the best way to strengthen carbon markets?
Views diverge on the appropriate response to the interaction between the EU ETS and other climate policies, sometimes referred to as “overlapping” action.
One solution is simply to avoid raising the ambition of other policies, such as national coal phaseouts or moves to raise the EU’s 2030 targets for renewables and energy efficiency. Yet these other actions are, by their very nature, decided by a wide range of actors and so hard to control.
Fjellheim tells Carbon Brief:
“Countries that want higher carbon prices are also more eager to put in place national policies that would work in the other way, going above and beyond their EU targets. I definitely see a risk that countries will continue to move forward on overlapping policies – at least a risk to the carbon price and the ETS as the main instrument of climate policy…There will always be national aims, policies and electorates so it’s naive to think of the ETS as the only instrument of climate policy.”
Does the EU ETS need a floor price?
Another solution is to underpin the ETS with a minimum “floor price” for carbon emissions, a move pushed by French president Emmanuel Macron in September.
French presidential candidate Emmanuel Macron visits a Deutsche Bahn training programme for young refugees in Berlin, Germany, 10/01/2017. Photo: Soeren Stache/dpa/Alamy Stock Photo.
The Netherlands has pledged to join the UK in setting its own carbon price floor from next year. It will also join Sweden in buying and cancelling allowances. Meanwhile Belgium is also looking at setting a minimum carbon price.
Support for the idea comes in a November 2017 paper published by the Mercator Research Institute on Global Commons and Climate Change (MCC), which says: “The EU ETS is in crisis.” Its authors include prominent climate economist Prof Ottmar Edenhofer.
The paper argues:
“Introducing a carbon price floor can re-affirm the role of the EU ETS as the central pillar in the European effort towards decarbonisation. Such a price floor should start at an economically significant level and rise over time…Many observers argue that it is misguided to focus on the EU ETS allowance (EUA) price, since the emissions cap determines environmental effectiveness and the allowance market works well in technical terms.”
The paper lists a range of arguments against this view, including that the market operates inefficiently due to “private sector short-sightedness and regulatory uncertainty” and that national climate measures dampen the EU carbon price.
“The recent EU ETS reform effort offers an entry point to tackle these concerns, but does not sufficiently address the underlying problems. The magnitude and direction of its impact on the EUA price is highly uncertain. More fundamental change will be required to reaffirm the role of the EU ETS as the central pillar of European decarbonisation efforts.”
[Consultancy Futureproof has an incredibly detailed discussion of the technical and interpretational issues that create ambiguity around the EU ETS and the EU’s overall climate goals.]
Can the EU ETS be changed again?
Arguments over the strength of the EU ETS will continue to play out over the years ahead, with the phase 4 reforms making explicit provision for the rules to be regularly reviewed.
The text says: “The provisions of this directive should be kept under review in the light of international developments and efforts undertaken to achieve the long-term objectives of the Paris Agreement.”
“If there’s political will, [politicians] could still tighten the screw,” says Fjellheim.
The reviews are aligned to the five-yearly timetable of global stocktakes under the Paris deal. This will include an early review of the ETS reforms in the context of the 2018 “Talanoa Dialogue”, which will take stock of progress via three questions (“Where are we? Where do we want to go? How do we get there?”), in order to inform the next round of international Paris climate pledges.
This 2018 review is probably too early to make changes to the ETS, says ICIS’s Ferdinand, given reforms have only just been agreed. Further changes are more likely around the 2023 Paris Agreement stocktake, he suggests.
These regular reviews “may consider whether it is appropriate to complement [the ETS]…with carbon border adjustments”, the introductory reform text says. The parameters of the MSR will also be subject to review, in 2021.
Separately, a 2020 review of the planned international aviation emissions trading scheme, known as CORSIA, will inform a decision on continued exemption of extra-EU flights from the ETS.
The ETS reform text also says: “Action from the International Maritime Organization or the EU should start from 2023.” It requests annual reports from the commission to track progress.
What about Brexit?
One final complication for the EU ETS is the UK’s planned EU exit on 29 March 2019, which falls before the April 2019 ETS compliance deadline for emissions in 2018. In response to this looming deadline, the European Commission proposed a “safeguarding” rule to invalidate UK carbon allowances issued from 1 January 2018, worth around €1bn to government and industry.
The thinking was that if the UK left the ETS in 2019, without a transitional or final deal on the future relationship, then holders of UK industry would no longer need its allowances and could flood the market, sending carbon prices plunging.
After several rounds of furious diplomacy, EU nations recently agreed to a revised safeguarding rule that aims to avoid the writing off of those €1bn in allowances while shielding the EU ETS from market disruption. This agreement is contingent on a rule-change that will bring forward the compliance deadline for UK firms. In a consultation on making this change, the UK government says:
“To ensure a smooth transition and avoid a cliff edge on withdrawal, the UK has proposed to the EU an implementation period of about two years where we would continue to have access to each other’s markets on current terms. We are calling for this to be agreed as early as possible to provide clarity.”
Ferdinand tells Carbon Brief: “A transition period would postpone the cliff edge, but the difficulty would still be there. But you could be much better prepared.”
As to what happens to the UK’s participation in the EU ETS after Brexit and any transition period, the UK government has been making holding statements that keep all options open. On 20 November, for example, climate minister Claire Perry told parliament:
“The government is considering all options for the UK’s future participation, or otherwise, in the EU Emissions Trading System after our exit from the EU. The effect on the cost of EU allowances will depend on the nature of the UK’s future relationship with the system and will be taken into account as part of this consideration.”
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EU Emissions Trading Scheme (EU ETS)
Guide to the EU Emissions Trading Scheme (EU ETS) and its impact on business.
Content last updated: November 2013.
The EU ETS - also known as the European Union Emissions Trading Scheme - puts a cap on the carbon dioxide (CO2) emitted by business and creates a market and price for carbon allowances. It covers 45% of EU emissions, including energy intensive sectors and approximately 12,000 installations.
See further details below on:
The EU ETS: Phase II (2008-2012)
Phase II of the EU ETS ran from from 2008-2012 (the commitment period of the Kyoto Protocol). During this phase, every EU member state:
Developed a National Allocation Plan (NAP) Member State proposed a limit ('cap') on total emissions from relevant installations The plans were approved by the European Commission, in many cases after some revision. Distributed Allowances The 'Cap' was converted into allowances, known as EUAs (1 tonne of Carbon Dioxide = 1 EUA) The Member States distributed these allowances to installations in the scheme in their country according to their approved plan. Up to 10% of the allowances could be auctioned instead of being given for free. These auctions were largest in the UK and in Germany. Operated the Scheme Installations were obliged to monitor and report verified carbon emissions At the end of each year, installations were obliged to surrender sufficient allowances to cover their emissions and could buy additional allowances or sell any surplus Joint Implementation (JI) and Clean Development Mechanism (CDM) credits could be used within the scheme, through the 'Linking Directive', agreed in 2004)
How the EU ETS works now (2013-2020)
Phase III started in 2013 and run until 2020. The biggest changes in Phase III are:
The scheme was also meant to be extended to the aviation industry from January 2013, covering all flights taking off and landing in the EU, including those originating from or travelling to non-EU countries. However in November 2012 the European Commission decided to defer the extension of the scheme to extra-EU flights until after the International Civil Aviation Organization (ICAO) General Assembly in Autumn 2013, on the expectation that a global agreement on greenhouse gas mitigation from aviation will be reached. The ETS continues to apply to intra-EU flights from January 2013. Latest information on the EU ETS and aviation can be found on gov. uk. Opt-out.
DECC has introduced an opt-out provision for small emitters and hospitals in the UK, allowing them to move to a more "light-touch" scheme with lower administrative costs (which hit disproportionately smaller companies). The opt-out will deliver an equivalent carbon reduction. Allowances.
At least 50% of allowances will be auctioned from 2013 (rather than given to installations). Use of Clean Development Mechanism (CDM) allowances will be more tightly restricted to no more than 50% of the reductions required.
Carbon Trust EU ETS reports.
Publication date: 2004 - 2008.
Cutting Carbon in Europe: The 2020 plans and the future of the EU ETS (CTC734)
Publication date: 01/06/2008.
This report analyses amendments to the EU emissions trading scheme (EU ETS) proposed by the European Commission on the 23 January 2008 and their implications for business.
It concludes that the proposals are a bold and significant step in the right direction that correct weaknesses in the current scheme and provide the level of certainty that business and investors have been calling for.
EU ETS impacts on profitability and trade (CTC728)
Publication date: 11/01/2008.
This report combines data on how business costs would be affected by carbon costs with analysis of the effect on prices and international trade in order to identify the small group of activities for which competitiveness is an issue for the environment, as well as for business, and to identify potential responses.
EU ETS Phase II allocation: implications and lessons (CTC715)
Publication date: 21/05/2007.
This report analyses the implications for the Phase II carbon market (and the resulting industrial abatement incentives) and the wider lessons to be learned from the allocation process.
Allocation and competitiveness in the EU Emissions Trading System: Options for Phase II and beyond (CTC609)
Publication date: 01/06/2006.
This report, based on collaborative research with Climate Strategies, examines the workings of the EU ETS to date and offers analysis and recommendations on its future development.
The study identifies seven key challenges to overcome for the second phase of the EU ETS and sets out the Carbon Trust's own conclusions and recommendations for the future of the EU ETS as an instrument that can both help business deliver emission reductions as efficiently as possible, and also protect and ultimately enhance business competitiveness in a CO 2 - constrained world.
The European Emissions Trading Scheme: Implications for Industrial Competitiveness (CT-2004-04)
Publication date: 30/06/2004.
This report explores in depth the implications of the EU ETS for industrial competitiveness in the UK and the wider EU. It presents our analysis of combined insights from economic modelling and a stakeholder interview programme.
Fundo.
The EU ETS scheme started in 2005 in order to help the EU meet its targets under the Kyoto Protocol (8% reduction in greenhouse gas emissions from 1990 levels).
The scheme is the world's largest carbon-trading scheme. It provides an incentive for installations to reduce their carbon emissions, because they can then sell their surplus allowances.
Installations are included in the scheme on the basis of their Carbon Dioxide (CO2) emitting activities. Industries that are covered include:
Electricity generation Iron & steel Mineral processing (for example: cement manufacture) Pulp and paper processing.
More information on the EU ETS can be found on the DECC website.
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