A program called the European Union Emissions Trading Scheme was started in 2005 to reduce carbon dioxide emissions by 8% compared to 1990 levels by 2012. Different countries got agreements based on their ability to reduce emissions to reach this goal together. The program included trading permits to help countries meet targets from the Kyoto Protocol, a global emissions reduction pact. To cut costs, companies could use credits from projects that avoided CO2 emissions in other countries. These credits could then be sold on the market as a way to meet reduction goals.