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Europe's ETS Set to Cost EU Chemical Industry €2 Billion ($2.6 Billion)/year

10:45 AM MST | December 10, 2008 | Alex Scott

BASF today called on European Union (EU) climate negotiators to reject plans to introduce a tough emissions trading scheme (ETS) for the region. BASF says the European Commission’s proposal for a new ETS from 2012, in which industry would have to buy permits to emit greenhouse gases (GHG) via auctions, would lead to ‘carbon leakage’ with GHG-emitting industries relocating to countries that don’t have climate protection. BASF’s announcement is timed to coincide with an EU summit meeting featuring talks on climate change action, which...

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