Summary
Directive 2003/87/CE, of the European Parliament and of the Council, of October 13, 2003, establishes a system for the trading of greenhouse gas emission rights in the Community and which modifies Council Directive 96/61/EC established the European Union emission rights trading system in order to encourage the reduction of emissions of these gases in an effective, cost-effective and economically efficient manner. This directive was transposed into the Spanish legal system through Law 1/2005, of March 9, which regulates the greenhouse gas emission rights trading system.