Abstract
Abstract On 1 January 2005, emissions trading is set to become a reality in the European Union (EU). That, at least, is the objective spelled out in Directive 2003/87/EC establishing a Scheme for Greenhouse Gas Emission Allowance Trading within the Community and Amending Council Directive 96/61 (Emissions Trading Directive). The path to its achievement, however, is lined with obstacles of an unprecedented scale for Member States seeking to implement the Directive within an ambitious timetable. Among these challenges, national allocation will arguably prove the greatest. Once described as a ‘hornet’s nest’ by an eminent scholar, it requires that each Member State distribute its allowances according to a convoluted set of rules and recommendations, considering the interests of stakeholders while at the same time ensuring that national reduction commitments for greenhouse gases are met.
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