Friday 26 october, the Joint Committee of the EEA Agreement incorporated the EU ETS acts into the agreement.
The incorporation of the EU greenhouse gas emissions trading Directive 2003/87/EC into the EEA Agreement will give companies in Iceland, Liechtenstein and Norway the opportunity to participate in the EU greenhouse gas emissions trading scheme.
The EU emissions trading scheme started in the EU Member States on 1 January 2005. The emissions trading scheme is based on the recognition that creating a price for CO2 through the establishment of a market for emission reductions, offers the most cost-effective way for countries to meet their Kyoto obligations and move towards a low-carbon economy. One of the fundamental principles of the trading scheme is that it’s a ‘cap-and-trade’ system, with an initial focus on CO2 emissions from big industrial emitters. The implementation will take place in phases, the next one starting in 2008, with periodic reviews and opportunities for expansion to other gases and sectors.
The EEA also enhances cooperation in the fields of Mobile Telephony and the Recognition of Professional Qualifications.