At present, the world's major carbon emissions trading systems include: China's Carbon Emissions Trading System (CN-ETS), the European Union Emissions Trading System (EU-ETS), the California Carbon Emissions Trading System (California-CAT), and the New Zealand Carbon Emissions Trading System (EU-ETS). Emissions Trading System (NZ-ETS).
The EU carbon emissions trading system was established in 2005. It is the world's first international carbon emissions trading system, accounting for 3/4 of the total international carbon trading. The EU carbon emissions trading system is a cornerstone of the EU's climate change policy, and it is also one of its key methods for coping with climate change and reducing greenhouse gas emissions in accordance with the principle of cost-effectiveness. This system is the world's first major and also the world's largest carbon market, operating in 31 countries around the world.
The EU carbon emissions trading system operates in accordance with the principles of total volume control and trading. There is an upper limit for the total amount of greenhouse gas emissions in the EU ETS. Within this upper limit, companies can purchase or obtain carbon dioxide emission quotas and can trade carbon dioxide emission quotas between companies according to their own needs. At the end of each year, companies must pay enough allowances to offset all their greenhouse gas emissions, otherwise they will face high fines. If a company's emissions decrease, it can store the remaining allowances for future needs, or sell the remaining allowances to another company that lacks allowances. Carbon allowance trading is flexible and helps companies minimize their carbon emission reduction costs.
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