Implementation of the European directive for the market of negotiable CO2 emission permits

The European directive 87/2003/CE, establishing a system of exchange of greenhouse gas emission quotas, was adopted on July 22, 2003. Before the opening of the gas market on July 1, 2005, the industrialists will have to integrate in their strategic development plan the existence of a new financial asset: the CO2 quota. At a time when all member states are preparing their 'climate plan', a given number of CO2 emission quotas will be assigned to industrialists. They will have to stay below these quotas otherwise financial sanctions will be imposed. (J.S.)