Critics of the EU's Emissions Trading System also argue that the European Union issued too many permits in the first place.
It promoted the use of the European Emissions Trading System, where revenues from carbon trading are automatically reinvested into more efficient and cleaner technologies.
Hence, if competitive distortions can be avoided, we support airlines' inclusion in the EU Emissions Trading System as the first step towards a global cap-and-trade framework.
That coincided with a sharp fall in the price of carbon allowances under the EU's flagship emissions trading system and rising European prices for natural gas.
Europe's Emissions Trading System, launched in 2008, was intended to protect the environment by raising the cost of polluting and encouraging businesses to invest in cleaner technologies.
Europe's so-called Emissions Trading System, first launched in 2008, was designed to raise the cost of polluting and discourage the production of greenhouse gases to protect the environment.
The European Union's flagship program to fight global warming suffered a major blow Tuesday when lawmakers rejected a proposal aimed at shoring up the region's carbon-emissions trading system, putting its survival in doubt.
The EU's Emissions Trading System (ETS) created a market in CO2 emission allowances, meaning that heavy emitters of CO2 have to buy allowances from enterprises that have managed to cut their CO2 emissions.
The proposal, which aims to slow the pace at which permits to emit CO2 are sold on the Emissions Trading System between 2013 and 2020, risks having only limited effect if it isn't followed by permanent measures, analysts say.
Europe already puts a price on carbon, through its Emissions-Trading System.
What is then needed is a mandatory emissions-trading system.
Part of that reduction would come through an international system of emissions trading, by which, say, a power company based in the U.S. could upgrade a plant in China and use reduced emissions there to meet its domestic target.
The Indian Institute of Management in Lucknow, in the country's north, has started a special course to help MBA students understand the complex system of carbon emissions trading, whereby companies and countries can buy and sell their permitted outputs of greenhouse gases.
That could be a carbon tax or a cap-and-trade system, such as Europe's Emissions-Trading Scheme, which limits how much producers can emit, and lets them buy and sell emissions credits.
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