Euro Aviation Emissions Plan Registration Beginning

Business Jet Traveler » June 2009
Monday, June 1, 2009 - 5:00am

Many U.S. business aircraft operators have been reacting with dismay to the news that they need to start registering now for the European emissions trading scheme (ETS), which takes effect in 2012. In fact, some U.S. operators have already received letters from UK officials asking them to provide a point of contact.

The ETS covers more than 10,000 companies in the energy and industrial sectors, which are responsible for one-half of the EU's emissions of carbon dioxide and 40 percent of its greenhouse gas emissions. The ETS mandates that large emitters of carbon dioxide emissions must monitor and report their carbon dioxide emissions. Each year, they must also return to the government an amount of emission allowances that is equivalent to their carbon dioxide emissions in that year.

Privately, UK officials acknowledged that they lack sufficient resources to deal with large numbers of operators, meaning registration deadlines could slip.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack