8.6.2011 Official Journal of the European Union L 1491 II (Non-legislative acts) REGULATIONS COMMISSION REGULATION (EU) No 550/2011 of 7 June 2011 on determining, pursuant to Directive 2003/87/EC of the European Parliament and of the Council, certain restrictions applicable to the use of international credits from projects involving industrial gases (Text with EEA relevance) THE EUROPEAN COMMISSION, (2)  If we are to live up to this challenge, carbon markets will have to play a key role. They will allow us to meet our targets at a lower cost and also promote greater ambition. In addition, carbon markets can be an effective way to transfer finance to developing countries Having regard to the Treaty on the functioning of the European and help us meet the USD 100 billion international Union, finance package agreed in Copenhagen. This will require substantial scaling up of existing mechanisms, including the reform of the clean development mechanism (CDM) to increase the use of standardised ) o baselines and the creation of new market mechanisms. Having regard to 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 ('), and in particular Article 11a(9) thereof, (3)  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, Whereas: of the Kyoto Protocol to the United Nations Framework Convention on Climate Change and the joint fulfilment of commitments thereunder (%), set emission reduction targets for 39 Parties for the period 2008-2012, and established two mechanisms for the (1) The ultimate objective of the United Nations Framework creation Qf .internati.ona1 credits thaF Parties may use to Convention on Climate Change (UNFCCC), which was offset emissions. Joint implementation (JI) provides for approved by Council Decision  94/69/EC  of the creation of emission reduction units  (ERUs), 15 December 1993 concerning the conclusion of the whereas the clean development mechanism (CDM) United Nations Framework Convention on Climate provides for the creation of certified emission reductions Change, (%) is to stabilise greenhouse gas concentrations (CERs). in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system. In order to meet that objective, the overall global annual mean surface temperature increase should not exceed 2 °C above pre-industrial levels as endorsed by the Cancun Climate Change Conference in December (4 JI and CDM are so-called pure offsetting mechanisms, () ) 0] 0] 2010 and the ‘Copenhagen Accord’. The latest Intergov- ernmental Panel on Climate Change (IPCC) Assessment Report shows that, in order to reach this objective, global emissions of greenhouse gases must peak by 2020. This implies an increase in global efforts by all major emitting countries. L 275, 25.10.2003, p. 32. L 33, 7.2.1994, p. 11. whereby a tonne of greenhouse gas emissions reduced creates the right to emit a tonne of greenhouse gas elsewhere. While such systems generally help to reduce the cost of global abatement enabling action in countries where it is more cost-efficient, they do not assist in the reduction efforts necessary to progress towards the 2 °C target. () O] L 130, 15.5.2002, p. 1.