Airlines worldwide are bracing themselves for the start, in 2012, of a new phase of Europe's greenhouse gas (GHG) emissions trading scheme (the EU ETS). Besides curbing the industry's projected growth in emissions, the scheme will likely increase costs. Furthermore, in Standard&Poor's Ratings Services opinion, these costs could, if not passed through to passengers or mitigated in other ways, impact the carriers' credit quality over time. Emissions from airlines have been growing faster than those of any other industry, rising 98% between 1990 and 2006. What's more, they show no signs of abating: The United Nations Framework Convention on Climate Change (UNFCCC) predicts future emissions from airlines worldwide will grow by 63% by 2020 and by 88% by
