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On January 1, 2005 the EU ETS was launched. It is a multinational emission trading system helping participating countries to reach their Kyoto targets. The first three years after its implementation was Phase I, a learning phase offering a trial-and-error approach for the following compliance period. Despite its weaknesses and the many obstacles and problems along the path from development to realization, most critics agreed that it is a success. This work gives an overview and evaluates the challenges and opportunites such a system yields.

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Nathalia Jandl studied International Business Administration at the University of Vienna, with a focus on Energy and Environmental Management as well as Logistical Management. After graduating she wanted to enhance her knowledge and enrolled in Environment and Bio-Resources Management at the University of Natural Resources and Applied Life Science.

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