Position of the European Union
On May 31, 2002, all fifteen then-members of the European Union deposited the relevant ratification paperwork at the UN. The EU produces around 21% of global greenhouse gas emissions, and has agreed to a cut, on average, by 8% from 1990 emission levels. The EU has consistently been one of the major supporters of the Kyoto Protocol, negotiating hard to get wavering countries on board. In December, 2002, the EU created a system of emissions trading in an effort to meet these tough targets. Quotas were introduced in six key industries: energy, steel, cement, glass, brick making, and paper/cardboard. There are also fines for member nations that fail to meet their obligations, starting at €40/ton of carbon dioxide in 2005, and rising to €100/ton in 2008. Current EU projections suggest that by 2008 the EU will be at 4.7% below 1990 levels.