Introduction

This article examines the implementation into national law of the European Union's Emission Trading Scheme ("EU ETS"), established by two Directives of the European Parliament and of the Council in the United Kingdom, the Netherlands and Germany. This article looks in particular at the legal nature of emission allowances ("Allowances") is-sued by the relevant national authorities pursuant to the EU ETS. Far from being of only academic interest to specialists, these considerations are of direct commercial relevance. De-pending on the actual legal status afforded to the ...