Implementation of a european directive establishing a negotiable CO2 emissions trading scheme

Approved on July 22, 2003, European Directive 87/2003/EC establishes a scheme for the trading of greenhouse gas emissions allowances. Before the market comes into effect on January 1, 2005, industrialists will have to account for a new financial asset in planning development strategy: the CO2 allowance. Each Member State is currently developing a climate plan that includes the allocation of CO2 emissions allowances to industrial installations. It will not be possible to exceed these allowances without incurring a financial penalty. (author)