A revised Emissions Trading Directive is like red meat for the hungry pack of lobbyists that work the corridors of Brussels’ political institutions. Even minor differences in how pollution permits are handed out can result in profits or savings of millions of euros to big polluters.
The Emissions Trading System (ETS) is the European Union’s flagship climate policy. It is intended to establish a legal limit (or “cap”) on carbon dioxide emissions (and more recently, those of other greenhouse gases) by making it expensive to pollute beyond this limit.
There is something zombie-like about the EU Emissions Trading System (ETS), the world's largest carbon market, which has consistently failed to reduce greenhouse gas emissions, only to be brought back from the dead by successive “reform” proposals. The latest attempt to reincarnate the EU's flagship climate policy, proposed by the European Commission last July, would extend the scheme until at least 2030.