Emissions Trading Act (No. 1270 of 2023).

The purpose of this Act is to promote the reduction of greenhouse gas emissions from installations, maritime transport, and aviation in a cost-effective and economically efficient manner. It implements certain provisions of Directive 2003/87/EC of the European Parliament and of the Council (Emissions Trading Directive). The Act applies to emissions trading for installations, maritime transport, and aviation, as well as to the CORSIA system for aviation. It also applies to the reporting of emissions data for 2024 within the emissions trading system for the building and road transport sectors, as well as additional sectors. The installations covered are those conducting activities listed in Annex I and to the greenhouse gases specified in Annex I that originate from these installations. The maritime transport activities covered are established in Article 8. Regarding emissions trading for aviation, the Act applies during the period 2024–2026 to carbon dioxide emissions from flights between airports in the European Economic Area and from flights from these airports to airports in Switzerland and the United Kingdom. From 2027 onwards, it applies to carbon dioxide emissions from flights to and from airports located in the European Economic Area. Operators, shipping companies and aircraft operators shall prepare a plan for monitoring emissions and apply for approval of the plan from the relevant authority. Finland's share of the total number of emission allowances to be auctioned is determined in accordance with Article 3d(1) and Article 10.2 of the Emissions Trading Directive.
The Act contains 108 Articles organized in the following chapters: 1. Purpose and definitions; 2. Scope and limitations of application; 3. General obligations; 4. Authorities and their responsibilities; 5. Emission monitoring plan; 6. Emission permit for installations; 7. Monitoring, reporting, and verification of emissions; 8. Modification of operators', shipping companies', and aircraft operators' activities; 9. Total number of emission allowances and issuance of emission allowances; 10. Emission allowances allocated free of charge to operators during the trading period 2021-2030; 11. Free allocation of emission allowances to aircraft operators; 12. Union Registry; 13. Ownership of and obligation to surrender emission allowances; 14. Verification; 15. Obligation to offset carbon dioxide emissions in the CORSIA system; 16. Supervision and penalties; 17. Submissions for amendments and execution of decisions; 18. Entry into force.