First trade made under EU emissions scheme
Oil major Shell and power firm Nuon have announced the first ever trade of carbon dioxide emission allowances under the EU's emissions trading scheme, due to be introduced in 2005. The deal involves Nuon purchasing a "significant volume" of first compliance year EU allowances. Shell said it hoped the trade would "provide a stimulus for other players to come to the market and understand that this issue is not two years away". The oil firm has already been involved in trading between the British and Danish national emission trading systems (EED 08/05/02). See press release.