Global Emission Trading Schemes Market is expected to be driven on account of increasing importance of emission regulatory norms owing to rising emission levels. Emission trading schemes are finding increasing application with growing demand for emission allowances. The implementation of Kyoto Protocol for setting emission limits to reduce green house gas (GHG) emissions in February 2005 has resulted in increasing application of emission trading schemes. In January 2005, European Commission rolled out the European Union Emission Trading Scheme aiming to meet the emission levels set in the Kyoto Protocol. The implementation of these schemes under stages including, Phase III (2013-2020) and Phase IV (2021), is anticipated to have a positive impact on emission trading schemes market over the forecast period.
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In June 2014, the U.S. Environmental Protection Agency implemented a rule for regulating power plant emissions to reduce carbon emissions by 2030, and is anticipated to witness increasing application of emission trading schemes. In November 2013, the government of Mexico launched MEXICO2, which is a trading platform for carbon allowances aiming to cut 30% emission levels by 2020. This regulatory move in Mexico is anticipated to augment emission trading schemes market over the next seven years.
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In April 2010, the implementation of Emission Reduction Policy in Tokyo, Japan resulted in increasing application of emission trading schemes in the region. Implementation of Phase II (2015-2020) is foreseen to augment market growth. The government of China is also plans to launch the National Emission Trading Scheme by 2016, intended for reducing GHG emissions, and this is anticipated to drive the market in the near future. In November 2012, the government of New Zealand amended the New Zealand Emission Trading Scheme to reduce emission allowance costs, which is expected to positively impact the market. The government of Australia removed its Carbon Taxing Scheme in July 2014, which is expected to have a negative impact on the emission trading schemes market.
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Upcoming Turkish Energy Stock Market is planned to be established by 2015, which is expected to open new markets for emission trading schemes. Rising importance of reducing reliance on domestic upstream sector coupled with reducing reliance on petrochemical feedstock as a raw material is expected to force chemical manufacturers to increase their R&D expenditure on the development of bio-based or eco-friendly products. This trend is expected to have a negative impact on the demand for emission trading schemes in the near future. Major players dealing in emission trading schemes include, Delphi Group, British Petroleum, Chevron, RBC Capital Markets and Chevron.
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