The European Union Emissions Trading System (EU ETS) is the largest cap and trade system in the world and this year marks its 10th anniversary. Since its beginning, it has been the subject of a vigorous debate. The EU ETS has created a functioning market for emission allowances with a clear price for carbon emissions. However, the carbon price has sharply declined in these last years and many observers think the instrument is too weak to support the transition to a low carbon society. Yet recently the European Council has taken important decisions to reform the EU ETS. This Webinar provides an introduction to the EU ETS and an assessment of its performance. It also presents the current debate and the changing proposals to the EU ETS.