| Summary: | The Emissions Trading System (EU ETS) is the mechanism created by de European Union with the objective of reducing the Greenhouse gas emissions. It operates in all 28 EU countries plus Iceland, Liechtenstein and Norway. The EU ETS covers over 11.000 installations with a total rated thermal input exceeding 20 MW. The system was established by Directive 2003/87/EC and entered into force on 1 January 2015 with three application periods established, from 2005 to 2007, 2008 to 2012 and from 2013 to 2020. In 2008, the production in industries started to decrease due to the economic crisis and consequently emissions of greenhouse gases also decreased while the emissions trading rights expelled by the authorities remained stable. This decompensation created a surplus of emissions rights which made the system did not meet the objectives for which it was designed. Industries were not motivated to reduce their emissions as they had almost unlimited resources in the form of emissions rights. They were not forced to undertake reforms in their facilities to become more efficient, or to limit the amount of emissions expelled to the atmosphere. In order to correct this issue, The European Union and the European Parliament, proposed in 2015 the reform of this market, with measures such as limiting the number of emissions rights issued each year with an increased annual reduction of these emission rights or the updating the benchmarks that distribute the emissions rights among the different industries. At the same time, other agreements as the one reached at the Conference of the Parties held in Paris in December of 2015, are seeking to establish global agreements to reduce emissions and to try to reduce the alarming consequences of the climate change. El Régimen de Comercio de Derechos de Emisión es el mecanismo de mercado que creó la Unión Europea con el objetivo de limitar la emisión de gases de efecto invernadero para los 28 Estados Miembros de la Unión a los que posteriormente se unieron Islandia, Noruega y Liechtenstein. ...
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