According to the European Environment Agency (EEA), the surplus of CO2 emission allowances in the European Union’s Emissions Trading System (ETS) declined by 17% in 2015, marking the first significant decrease in the accumulation of unused allowances since 2008. In 2015, postponing the auctioning of 300 million allowances contributed to cutting by 17% the surplus of 2.1 billion emission allowances but the surplus remains substantial, equivalent to one year’s worth of CO2 emissions in the EU ETS.
Greenhouse gas (GHG) emissions covered by the EU ETS declined by 0.7% in 2015 and by 24% between 2005 and 2015, below the cap set for 2020. This was achieved through fuel substitutions in the power sector (higher consumption of renewables, to the detriment of coal and lignite). GHG emissions from other EU ETS industrial activities have also declined since 2005 but have remained stable in recent years. Emissions under the EU ETS are expected to continue to decrease, though at a slower pace than over the 2005-2015 period; as many as 13 EU countries even plan increases in their EU ETS emissions until 2030.
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