EUETSEuropean Union Emissions Trading Scheme
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An international solution is needed as regional solutions, like EUETS, have inherent complications and several points of contention for non-EU based operators.
operators in recent weeks, in response to the pending EUETS deadline.
In the absence of the USA, the EUETS has been by far the major Annex I institution for CDM trade generally, and the European Commission has established an EU-China CDM Facilitation Project which 'aims to strengthen the [CDM] as a central pillar within China's path to sustainable development'.
33) Phase I of EUETS was marked by a collapse almost to zero of the price of permits issued under it, the result of the issuance of far more permits by governments scared of affecting growth to emitters than the emitters needed for business as usual, which, of course, eliminates the cap and thereby the scarcity of the permissions.
41) In 2008, the value traded on the EUETS was US$92 billions, ie over 73% of the total value of the transactions conducted on world carbon markets: K Kapoor and P Ambrosi, State and Trends of the World Carbon Market 2009 (2009) table 1.
Under the EUETS, some of the worst greenhouse offenders, such as the German utilities group RWE, have earned hundreds of millions of euros in windfall profits just for pursuing business as usual.
The EUETS and the Kyoto Protocol are further weakened by loopholes that allow big polluters to buy cheap "offset" credits from abroad.
Compliance made simple with reports to agreed international standards, including ISO 14064, ISO 14001, EUETS, CRC, CCA, RGGI and AB42