Prior to the commitment period of the Kyoto Protocol, the EU launched its own initiative in 2005. The European Emissions Trading Scheme (EU ETS) is implemented in two stages (Phase 1: 2005-2007; Phase 2: 2008-2012) and aims to help EU Member States achieve compliance with their obligations under the Kyoto Protocol.

The distribution of environmental burdens within the EU countries was established by the EU in 1998. The allocations within the individual industries and enterprises, on the other hand, are up to the individual countries. The UBS World Emissions Index is the first index of its kind to be based on the EU Emissions Trading Scheme.

Distribution of target reduction within the EU

Luxembourg:	-28%		Finland:	0%
Denmark:	-21%		France:	0%
Germany:	-21%		Sweden:	+4%
Austria:	-13%		Ireland:	+13%
United Kingdom:	-12,5%		Spain:	+15%
Belgium:	-12,5%		Greece:	+25%
Italy:	-6,5%		Portugal:	+27%
Netherlands:	-6%