EC sets out phase-III plans for emissions trading

The European Commission (EC) has outlined plans to expand the scope of the European Union's Emissions Trading Scheme (EU ETS) for the trading period of 2013-2020 (known as 'phase III').

The draft law is intended to "strengthen, expand and improve the functioning of the ETS," to help the EU meet its target of a 20% reduction on 1990 emissions levels by 2020. A target of 30% will be adopted if countries outside the EU commit to comparable efforts in reducing emissions.

The law proposes a single, EU-