Year 2025, Volume 10, Issue 1
| Year : | 2025 |
| Volume : | 10 |
| Issue : | 1 |
| Authors : | Monika SABEVA |
| Title : | DEVELOPMENT OF THE EMISSIONS TRADING SYSTEM OF THE EUROPEAN UNION |
| Abstract : | The Emissions Trading System of the European Union (EU ETS) is a milestone of the EU's policy to combat climate change. It is established in 2005 and is its key instrument for reducing greenhouse gas emissions (GHG) cost-effectively. The EU ETS is the world's first major carbon market and remains the biggest one. It is established with Directive 2003/87/EC as a response to the commitments under the United Nations Framework Convention on Climate Change (UNFCCC) which is the first international agreement to recognize the detrimental effects of GHG emissions caused by human activity. Its objective is to stabilize GHG concentrations in the atmosphere to a point where they won't cause further deepening of climate change. The EU aims at achieving climate-neutrality and net-zero GHG emissions by 2050, but global temperature continues to rise, and so does the magnitude and frequency of natural disasters. Along with the mitigation of adverse climate effects, there are numerous advantages to lowering GHG emissions, such as improved human well-being and air quality, preserving biodiversity, and secure energy supply. Achieving zero-carbon emissions without sacrificing economic growth is essential to ensuring long-term sustainability. To meet the climate targets, additional reforms are required beyond the efforts accomplished so far. It is imperative to further decrease free emission allowances, improve their regulation, and encourage the shift to renewable energy sources. The main objective of the paper is to examine the development of the EU ETS in relation to the changes and updates of EU strategies and long-term environmental goals. |
| Keywords : | emissions trading system of the European Union, emissions trading, greenhouse gas emissions, climate change. |
ISSN 2490-3434 (Printed)
ISSN 2490-3442 (Online)
ISSN 2490-3442 (Online)
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