Authors: A. Denny Ellerman, and Paul L. Joskow
May 1, 2008
To meet its obligations to reduce greenhouse gas (GHG) concentrations under the Kyoto Protocol, the European Union established the first cap-and-trade system for carbon dioxide emissions in the world starting in 2005. This report from the Pew Center on Global Climate Change discusses the development, structure, and performance of this system to date.
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