Carbon dioxide emissions from Europe?s heavy emitters dropped by three per cent last year, according to a new study.
The emissions from companies participating in the Emissions Trading Scheme (ETS), dropped to 2.1 gigatonnes.
Under the scheme, companies had the total CO2 they could emit limited, going over that limit required them to buy the extra capacity from companies that had not reached their limit.
Despite analysts reports of flaws in the system, the New Carbon Finance report noted that the ETS system had played a role in reducing emissions, as did the financial downturn.
Industrial sectors included in the ETS saw their emissions drop by five per cent in 2008, with the impact of the economic downturn affecting construction and manufacturing.
The power generation sector experienced an increase in power production, but a decrease of emissions.
Under the Climate Change Act, the UK is committed to cutting carbon emissions by 80 per cent by 2050.
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