Giant Steps for Carbon Trading in Europe

With allowances expected to reach $58 per ton of CO2 by 2020, companies could reap big rewards by embracing eco-friendly business practices
A STEAG Group power station beside the River Rhine at twilight on April 19, 2007 in Dinslaken, Germany Lars Baron/Getty Images

It's not every day the European Commission (EC) is compared to a magician. Yet like a conjurer pulling a rabbit out of a hat, Brussels has created a multi-billion dollar industry almost out of thin air since the European Union Emission Trading Scheme (EU ETS) started charging companies for emitting carbon dioxide back in 2005.

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