Abstract
The EU emissions trading scheme (EU ETS) is considered one of the most important EU policies in the fight against climate change as it aims to reduce carbon dioxide and other greenhouse gas emissions by industries located in the EU. This article examines the EU (EU ETS) and in particular the question of whether the surrender of wrongly allocated greenhouse emission allowances is compatible with Directive 2003/87/EC. This question was referred to the Court of Justice of the European Union in the context of a preliminary ruling. This case is particularly relevant as for the first time the Court is asked to express its interpretation on the legal nature of emission allowances. This issue is highly debated and has gained increasing relevance due to the fact that the classification of allowances is not harmonised at EU level.
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