2003: European Commission Directive Establishing A System For Greenhouse Gas Emission Allowance Trading within the EU



This Directive establishes a scheme for greenhouse gas emission allowance trading within the Community and lays down the provisions identifying which emissions from what activities are covered, and which greenhouse gas emissions are included.  It sets up the scheme of permits to regulate emissions, and states that Each Member State shall develop a national plan stating the total quantity of allowances that it intends to allocate for each specific period and how it proposes to allocate them. It foreshadows key institutional requirements such as a Central Administrator to maintain an independent transaction log recording the issue, transfer and cancellation of allowances. Any changes to the EU Emissions Trading Scheme made today continue to refer to the elements laid out in this framework directive.