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Fri, Jun 08, 2007

European Emissions Plan Could Prove Costly

CO2 Allowance Trading System To Begin In 2011

A report by Ernst & Young and air-transport consulting firm York Aviation says a plan for Europe's aviation industry to trade allowances for carbon emissions could cost the industry about $5.4 billion annually.

No more than a third of these extra costs could be passed along to customers, industry representatives said, according to the Wall Street Journal.

The firms were engaged by the European Union's aviation sector in response to the European Commission's study to determine what effects an emissions trading plan would have, saying it underestimates the effect on profits.

"Of course we have an environmental responsibility," said Mike Ambrose, director general of the European Regions Airline Association. He said the industry agrees that bringing aviation into the trading plan "is a positive and innovative" step.

As ANN reported, the commission wants to act to cap greenhouse gases contributed by airliners, one of the fastest growing sources. EU environment commissioner, Stavros Dimas, says the most expedient way to do that is to include the airlines in the system through which industries earning credits for reducing emissions can sell them to other industries which can't make adequate reductions.

The proposal is essentially a trading system. The aviation sector will be given a limited number of "CO2 allowances" and the companies that stay below the limits can sell their excess allowances to companies that can't. The number of allowances available would depend upon and equal average emissions from the sector between 2004 and 2006, according to the Journal.

According to the report, the EU must also increase the number of allowances available and base it on average emissions between 2008 and 2010 instead in order to be feasible. The report also suggests the EU decrease the number of carbon-dioxide permits that would need to be purchased verses the number of those granted for free.

The system is to go into effect in 2011.

FMI: www.ec.europa.eu, www.europa.eu/index_en.htm

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