In the midst of unprecedented growth for business aviation on the Continent, the European Parliament has tossed a noxious stink bomb among business aircraft operators there. The source of the stench is the emissions trading scheme, or ETS, that the Parliament passed in July and which will go into effect in January 2012. Intended to offset aircraft engine emissions contributing to global warming -- principally carbon dioxide -- the ETS is pretty smelly in its own right, as it penalizes ...

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