Opening negotiations with Switzerland on linking emission trading systems
The European Commission proposed on 5 November 2010 opening negotiations on linking the EU emissions trading system (EU ETS) with Switzerland's domestic trading system. The proposal will now be sent to the Council and a negotiating mandate requested. While Norway, Iceland and Liechtenstein are already covered by the EU ETS through their membership of the European Economic Area agreement, this would be the first formal process to link the EU ETS with the emissions trading system of a third country.
Commissioner for Climate Action Connie Hedegaard said: “Linking the EU ETS with the Swiss system is another step towards building an OECD-wide emissions trading market which can later be extended to include more advanced developing countries. As the carbon market is the key tool for delivering emission reductions at least cost, these developments will facilitate international action to achieve the deep emission cuts that will be needed to keep global warming below 2°C.".
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