The Emissions Trading System has been in effect in the European Union and Italy for several years now. It is a key instrument in the European Union's policy to combat climate change. It operates on the cap-and-trade principle, setting a gradually decreasing cap on greenhouse gas emissions and requiring affected companies to buy and cancel allowances that match their emissions.  

The course covers the following topics in depth:

• General overview of the topic and the legislation. Environmental awareness and the EU's tools for combating climate change: the EU ETS and the CBAM.  
• ETS1 and ETS2: purpose, governance, monitoring requirements, and the return of emission allowances by obligated companies
• CBAM (Carbon Border Adjustment Mechanism)  
• Systems for independent third-party technical verification of emissions  
• Contract types  
• Accounting and tax profiles  
• The impact of the ETS on national energy logistics  
• The cap-and-trade principle: characteristics of the market and trading. 
  
  Director: Livia Salvini, Full Professor of Tax Law at Luiss. 

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