16.05.2013 - Europe loses credit as carbon trading scheme dwindles away
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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