The EU ETS is the largest, most liquid global greenhouse gas (GHG) trading market at present, with around 80% of global turnover in CO2 allowances and credits in 2007. In the first half of 2008, the total EU ETS trading activities were valued at around €30 billion, marking an increase of 80% in the same period during 2007. Emissions trading schemes were established in line with the Kyoto Protocol in 1997, which created a blueprint for the reduction of global GHG emissions.
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