"As of January 1st, American, Chinese and all the world's airlines are being billed for the carbon emissions of their flights into and out of the European Union. About time, too: airlines contribute 2-3% of global emissions, yet they were hitherto free to pollute. The European initiative, which brings airlines into the EU's existing cap-and-trade regime, the Emissions Trading Scheme (ETS), is a modest corrective. The hope is that it will speed the creation of a long-promised, more ambitious successor, governing all the world's airspace." (Quoted from article)