Summary
Through Law 1/2005, Spain has implemented the EU Emissions Trading System (ETS), the most important European measure pursuing the reduction of greenhouse gas. We are currently in the third phase (2013–2020), which is consistent with the second commitment period of the Kyoto Protocol. According to Law 1/2005, which also incorporates the provisions set by the Commission Regulation 601/2012 on Monitoring and Reporting, owners of facilities have to implement and maintain a monitoring system of greenhouse gas in compliance with the conditions of their emissions authorization, and to submit an annual report before the competent authorities before February 28th each year.