|Policy status:||In Force|
|Policy Type:||Economic Instruments, Regulatory Instruments|
|Climate Change Policy Targets:||Framework/ Multi-sectoral Policy|
|Agency:||Ministry of the Environment, Norwegian Environment Agency|
|Climate Change Description:|
The Revised Emissions Trading Scheme Directive (2009/29/EC) were incorporated into the EEA Agreement july 25, 2012, making the EEA EFTA States part of the improved and extended greenhouse gas emissions trading scheme (EU ETS). The EEA EFTA States of Iceland, Liechtenstein and Norway have participated in the EU ETS since 2008.
The legislative package adopted sets up modalities for the third ‘trading phase’, launched on 1 January 2013. Key new features include a longer timeframe (eight years), an annually decreasing cap (which would bring EU emissions 21% below their 1990 levels by 2020), and the increased use of auctioning (which will now cover more than half of all allowances). The Revised ETS covers additional sectors such as the petrochemical and aluminium industries as well as Carbon Capture & Storage (‘CCS’) activities in the EEA. The legislative package will entail substantial harmonisation, notably through the use of EU- and EEA-wide caps instead of national caps and common rules on free allocation.
Last modified: Tue, 29 Apr 2014 14:28:46 CEST