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EU Emission Trading: Starting with Carbon Dioxide
- Vesterdal, Morten, Svendsen, Gert Tinggaard
- European Union, carbon dioxide, global warming potential, greenhouse gas emissions, greenhouse gases, pollutants, protocols
- The Commission of the European Union wants to start a limited emission trading scheme by 2005 within the Community to enable “learning-by-doing” prior to the Kyoto Protocol. This is to accomplish the desired 8% target level for six different greenhouse gases. However, in the EU it is not clear whether all the six relevant greenhouse gases or only CO₂ should be traded. What is the simplest and most practicable solution? We argue in favour of the latter option for three main reasons: the possible dominating global warming potential of CO₂, expected future developments in CO₂ emissions and the fact, that CO₂ is the pollutant most easily monitored.