Emissions trading market : from the theoretical ideal to the cumbersome reality

Comunicação apresentada na I Conferência Luso Espanhola de Gestão e Contabilidade Ambiental, 2005To comply with the commitments assumed under the Kyoto Protocol the European Union (EU) has in July 2003 decided to create an emissions trading market for CO2. The Directive (Directive between the European Parliament, the Commission and the Council of Environmental Ministers, CEC, 2003) that establishes the market for CO2 permits will be enforced after January 2005 in all member-states including the youngest ones from the Eastern Europe. It was also determined that emission permits would be grandfathered, and that each member state is committed to undertake domestic programs including the definition of the criterions for the national allocation of those permits (...)