Airlines operating within the European Union will soon be subject to the EU emissions trading scheme.
Recently the European Commission, the executive body of the EU, published its "Monitoring and Reporting Guidelines for Emissions and Tonne-Kilomtere Data From Aviation Activities." Familiarity with the guidelines will be essential to any airlines flying into or out of the EU. Moreover, it is likely that the EU guidelines will inform how the U.S. eventually looks at greenhouse gas emissions associated with the aviation sector.
The EU is the world leader on limiting greenhouse gas emissions and is hoping that its "first mover" status will ultimately provide an advantage for its technology and energy efficiency businesses. Only time will tell...aided perhaps by a lot of praying in Brussels.