The Environmental Defense Fund released a report October 17 finding that the European Union has significantly reduced GHG emissions using its Emissions Trading System while keeping the cost low. The report, The EU Emissions Trading System: Results and Lessons Learned, concluded that the system, which covers power plants and manufacturers, was launched in 2005 and has sparked innovation in low carbon technologies at a cost of 0.01 percent of the EU’s gross domestic product over that period. The European Union is relying primarily on trading to meet its Kyoto Protocol target to reduce emissions 8 percent below 1990 levels, and has pledged to reduce emissions 20 percent below 1990 levels by 2020