Phases	Events	Time
The first phases: 2005.01.01-2007.12.31	The European Union’s 2005 emissions report and the explicit first phase of quotas cannot be used in phase 2.	The end of April to early May 2006.
	The European Union’s 2006 emissions report.	On April 2, 2007
	The first phase ends with a large surplus of quotas.	In early December 2007
The second phases: 2008.01.01-2012.12.31	The European Union’s 2007 emissions report.	In early April 2012
The second phases: 2008.01.01-2012.12.31	The global financial crisis broke out.	In the middle of September 2008
The third phases: 2013.01.01-2020.12.31	The European Union’s 2012 emissions report.	In early April 2013
	The European Union’s 2013 emissions report.	In early April 2014
	The European Union’s 2014 emissions report.	In early April 2015
	“The Paris agreements” were signed.	On December 14, 2015