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European Parliament agrees on trading scheme.(Emissions Trading)
On 2 July 2003, the Council of the European Union and the European Parliament reached agreement on a Directive establishing a greenhouse gas (GHG) emissions trading scheme for the European community. The Council anticipates the agreement's formal confirmation at an upcoming meeting.
Emissions trading is one of three market-based mechanisms allowed under the Kyoto Protocol for the reduction of GHGs, along with Joint Implementation (JI) and the Clean Development Mechanism (CDM) (see GECR, June 2003, p. 11). A new proposal from the European Commission, aimed at integrating credits developed under JI and CDM projects into the European emissions trading market, is expected …
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