Emission allowances are the main instrument of the European Emissions Trading System (European Union Emissions Trading Scheme, EU ETS), which aims to reduce greenhouse gas emissions by charging them. The EU ETS was launched by the European Union in 2005 as the first major greenhouse gas emissions trading scheme and was the largest scheme of its kind in the world until the start of 2021, when China's national ETS became operational. In addition to the EU countries, it also includes Iceland, Liechtenstein and Norway. (Tomas Protivinsky)

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