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Europe loses credit as carbon trading scheme dwindles away

Posted on 16 May 2013

Launched in 2005, the European Union’s emissions trading system represented a huge step forward in the fight to curb global warming. Under the scheme, some 5,000 companies generating half of the EU’s greenhouse gas emissions must surrender a carbon permit for each tonne of carbon dioxide (CO2) they emit.
Some factories receive permits for free, while most power firms buy them from companies with a surplus or from state-backed auctions held almost every day. The higher the price of the permits, the higher the cost of polluting…………………………………….Full Article: Source


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