L 275/32 Official Journal of the European Union 25.10.2003 DIRECTIVE 2003/87/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE (3)  The ultimate objective of the United Nations Framework EUROPEAN UNION, Having regard to the Treaty establishing the European Com- munity, and in particular Article 175(1) thereof, Having regard to the proposal from the Commission (!), Having regard to the opinion of the European Economic and Social Committee (), Having regard to the opinion of the Committee of the Regions (°), Acting in accordance with the procedure laid down in Article 251 of the Treaty (4, Whereas: (1) The Green Paper on greenhouse gas emissions trading within the European Union launched a debate across Europe on the suitability and possible functioning of greenhouse gas emissions trading within the European Union. The European Climate Change Programme has considered Community policies and measures through a multi-stakeholder process, including a scheme for green- house gas emission allowance trading within the Community (the Community scheme) based on the Green Paper. In its Conclusions of 8 March 2001, the Council recognised the particular importance of the European Climate Change Programme and of work based on the Green Paper, and underlined the urgent need for concrete action at Community level. (2)  The Sixth Community Environment Action Programme established by Decision No 1600/2002/EC of the European Parliament and of the Council (°) identifies climate change as a priority for action and provides for the establishment of a Community-wide emissions trading scheme by 2005. That Programme recognises that the Community is committed to achieving an 8 % reduction in emissions of greenhouse gases by 2008 to 2012 compared to 1990 levels, and that, in the longer- term, global emissions of greenhouse gases will need to be reduced by approximately 70 % compared to 1990 levels. () O] C 75 E, 26.3.2002, p. 33. () 0] C 221, 17.9.2002, p. 27. () O] C 192, 12.8.2002, p. 59. (*) Opinion of the European Parliament of 10 October 2002 (not yet published in the Official Journal), Council Common Position of 18 March 2003 (O] C 125 E, 27.5.2003, p. 72), Decision of the European Parliament of 2 July 2003 (not yet published in the Offi- cial Journal) and Council Decision of 22 July 2003. () OJ L 242, 10.9.2002, p. 1. Convention on Climate Change, which was approved by Council Decision 94/69/EC of 15 December 1993 concerning the conclusion of the United Nations Frame- work Convention on Climate Change (%), is to achieve stabilisation of greenhouse gas concentrations in the atmosphere at a level which prevents dangerous anthro- pogenic interference with the climate system. (4) Once it enters into force, the Kyoto Protocol, which was approved by Council Decision 2002/358/EC of 25 April 2002 concerning the approval, on behalf of the European Community, of the Kyoto Protocol to the United Nations Framework Convention on Climate Change and the joint fulfilment of commitments there- under (), will commit the Community and its Member States to reducing their aggregate anthropogenic emis- sions of greenhouse gases listed in Annex A to the Protocol by 8 % compared to 1990 levels in the period 2008 to 2012. (5)  The Community and its Member States have agreed to fulfil their commitments to reduce anthropogenic green- house gas emissions under the Kyoto Protocol jointly, in accordance with Decision 2002/358/EC. This Directive aims to contribute to fulfilling the commitments of the European Community and its Member States more effec- tively, through an efficient European market in green- house gas emission allowances, with the least possible diminution of economic development and employment. (6)  Council Decision 93/389/EEC of 24 June 1993 for a monitoring mechanism of Community CO, and other greenhouse gas emissions (), established a mechanism for monitoring greenhouse gas emissions and evaluating progress towards meeting commitments in respect of these emissions. This mechanism will assist Member States in determining the total quantity of allowances to allocate. (7 Community provisions relating to allocation of allow- ances by the Member States are necessary to contribute to preserving the integrity of the internal market and to avoid distortions of competition. 33,7.2.1994, p. 11. oL () OJ L 130, 15.5.2002, p. 1. OJ L 167, 9.7.1993, p. 31. Decision as amended by Decision 1999/ EC (OJ L 117, 5.5.1999, p. 35). N O N -