/>In the context of the fight against global warming, greenhouse gas emissions trading has become one of the most important instruments on both the global and the regional level. On the global level, the Kyoto Protocol and the related Marrakech Accords define a regulatory framework. On the regional level, the EU emissions trading scheme is the predominant system. These agreements create new markets for emission entitlements.1 Such new markets inherently raise competitiveness issues, both as regards the introduction of the instrument itsel