EU AGREES TO BREXIT-PROOF EMISSIONS SCHEME
November 13, 2017
On October 18, 2017, European Union (EU) lawmakers agreed on an amendment of the EU Emissions Trading System (EU ETS), also known as the European Union Emissions Trading Scheme, which was launched in 2005 and is the first and largest greenhouse gas emissions trading scheme in the world. While the amendment negotiation process primarily focused on Great Britain’s possible exit from the EU and the effect it may have on EU ETS, the amendment exempts intercontinental flights from EU ETS until December 31, 2023. At that time, the first phase of the International Civil Aviation Organisation (ICAO)’s Carbon Reduction and Offsetting Scheme for International Aviation (CORSIA) scheme will begin. The amendment will prevent legal and time gaps between the two systems as the EU ETS exemption was originally due to expire at the end of this year.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com, 202-659-6622) or Drew Derco (dderco@eckertseamans.com, 202-659-6665).
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