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More than 20 years ago, the EU vowed to fight the newly identified danger of climate change. Over time, it has developed a policy which is two-fold: on one hand, it looks at ways to reduce greenhouse gas emissions inside EU borders and now has 2050 as horizon; on the other hand, it tends to lead by example and to push other big emitters to gather around similar emission reduction objectives.
Pursuing the idea of giving a price to carbon, the EU has put in place an instrument that would lead it towards decarbonisation: the Emissions Trading Scheme (ETS). Launched in 2005, it has today become a complex system which is being reproduced in other parts of the world. The ultimate vision is one of a global carbon market leading to a significant reduction of greenhouse gas emissions and thus mitigating the impact of climate change.