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This paper offers an appreciation of the complex detail of the European Union's Emissions Trading Scheme and the complications encountered in linking such a scheme across 25 Member States before examining the scheme, with a view to ascertaining its potential business consequences and flirt her developments to the scheme which may occur in the months and years ahead. The author concludes that it is safe to assume that the scheme is here to stay and that it will make a valuable contribution to cutting CO2 emissions and meeting the EU'S Kyoto obligations. [ABSTRACT FROM AUTHOR]

The introduction of a European emission trading scheme is a major step in handling the Kyoto Protocol's demand for a reduction in greenhouse gas emissions. The EU concept is based on grandfathering. A linking directive including the use of the flexible mechanisms of the Kyoto Protocol is expected to be sisued. Thereby the cap will not be tight and there will be a risk of trade in hot air. Having established the background the author looks at the concept of quotas; sets out the scope of the Emission Trading Directive; examines national quotas; considers allocation of quotas and pooling, queries the issue of allocation as state aid; ponders other treaty infringements; suggests the position in relation to tradability; describes the likely position in relation to periodical split, surrendering and monitoring; and outlines joint implementation and the clean development mechanism, before making some concluding comments. [ABSTRACT FROM AUTHOR]

This article presents developments in environmental protection activities with specific reference to European Union. Decision No. 280/2004/EC of the European Parliament and of the Council of 11 February 2004 concerns a mechanism for monitoring community greenhouse gas emissions and for implementing the Kyoto Protocol. It establishes a mechanism for monitoring all anthropogenic emissions by sources and removals by sinks of greenhouse gases not controlled by the Montreal Protocol on substances that deplete the ozone layer in the Member States of the European Union.