Sulfurallowanceprogram — atransferablepermit program targetedatelectric utilities that is designed toreducesulfuremissionfrom 1980 levels by 10 million tons.
The new rule, which came into force in January, means that all airlines have to add up greenhouse gas emissions from flights that begin or end at EU airports, and must pay a small charge, or trade carbon permits on the EU emission trading scheme, if they exceed their allowance.
If more countries introduce contracts for carbon-emission quotas compatible with those traded in the EU (which use a unit called the European Union Allowance), the result could be a single worldwide market one day.