Finance & Business World

Airlines flying into and out of the European Union will fall under a greenhouse gas cap starting in 2012 under new laws approved by members of the coalition of nations, the New York Times reported Friday.

Starting Jan. 1, 2012, airlines flying into or out of the European Union will have to comply with the greenhouse gas requirements. The rules of the emissions trading system apply regardless of an airline’s nation of origin, the Times reported.

The International Air Transport Association told the Times, the new caps will cost airlines $4 free credit report.com.4 billion a year to comply. Approval of the new environmental codes comes as airlines are still reeling from high jet fuel costs. Passenger demand and cargo flights are on the decline in many parts of the world in the wake of the global financial downturn.

Many heavy industries in the EU already must comply with the caps, which were adopted in 2005, according to the Times.

Source