Switzerland and the European Union have moved closer to linking their carbon emissions trading systems (ETS) after the European Commission and Swiss government gave their backing for a deal.
An accord could be signed by the year’s end and needs approval from EU leaders and ratification by the Swiss and EU parliaments, according to announcements in Brussels and Bern.
The Swiss ETS now includes 54 major carbon dioxide (CO2) emitters. Linking the Swiss and European systems will let these companies access a bigger and more liquid market.
Once the agreement takes effect, not expected before 2019, participants in the EU ETS will be able to use units from the Swiss system for compliance and vice versa, and emissions generated by aviation will also be included in the Swiss system.
“In line with the proposed regulation in the EU, it is expected that only flights from Switzerland to other countries in the European Economic Area and internal flights will be included,” the Swiss government said after a cabinet meeting.
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