Had you bought all our 54 long recommendations, though, you would have come out a bit better, with a 5.1% return (after deducting an allowance of 1% for trading costs).
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.