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	Back   Under the Kyoto Protocol emissions trading is encouraged as a means for industrialized countries to fulfil their emission reduction commitments.
CDM   Joint Implementation   International Emissions Trading   Legal Notice	EU ETS To help meet their commitment (reduce their GHG emissions by 8%), the European Commission agreed upon the European Directive on Emissions Trading (EU ETS) in July 2003. The EU ETS limits CO2 - emissions of relevant installations to allocation levels in two periods, 2005-2007 and 2008-2012. The scheme covers the following installations: I. Energy activities II. Ferrous metals. III. Cement and lime IV. Glass V. Ceramics VI. Pulp and paper. The EU ETS is a "cap and trade" system covering direct emissions. This means that a cap is set for the total emissions of all participants by allocating emission allowances of a fixed amount for a period. Annual emissions have to meet the set allowance target. Installations that emit more than their allocated allowance will be penalized. If their emissions are lower than the allocated target, they can sell surplus allowances or retain them for later use. Participants in the EU ETS may convert emission credits from Joint Implementation (JI) and Clean Development Mechanism (CDM) projects into EU allowances in the period 2008-2012.
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