This European Environment Agency report states, "The latest projections from pre-2004 EU Member States (EU-15) show that the EU-15 can meet, and may even overachieve, its 2008–2012 Kyoto target to reduce greenhouse gas emissions to 8 % below 1990 levels if Member States implement now all additional policies being planned. Based on Member States projections, existing domestic policies and measures will reduce EU-15 greenhouse gas emissions by a net effect of 4.0 % below base-year levels. When additional domestic policies and measures (i.e. those planned but not yet implemented) are taken into account, the EU-15 could reduce emissions by an additional 3.9 %. The projected use of Kyoto mechanisms by ten of the EU-15 Member States will reduce emissions by a further 2.5 %. These governments have set aside EUR 2.9 billion to pay for this. The use of carbon sinks, such as planting forests to remove CO2, will reduce emissions by an additional 0.9 %. As a result, the EU-15 could achieve an 11.4 % reduction. All new Member States with a target expect to meet their target. The EU Emissions Trading Scheme will bring significant emission reductions between 2008 and 2012. It is expected to contribute a reduction of at least 3.4 %, part of which is already reflected in some Member States projections. This would represent a further reduction of at least 1.3 % to the total of 11.4 % from base-year emissions in the EU-15."