The impact of the greenhouse gas emission allowances trading system on the enterprise value

The purpose of the paper is to present the possibilities to use environmental protection tools to manage and evaluate an enterprise. The paper presents the essence of real options and their basic classification. The way of using simple real options has been presented on the example of an enterprise which produces electricity and heating in co-generation. The potential to use the retard option has been presented on the example of a nuclear energy plant. The manner to use complicated real options has been also shown on the example of transferable units for the greenhouse gas emission while financing an enterprise restructuring.