To bring a bit of balance into the discussion, a couple of points.
- The ETS is not a new invention, neither is it something the EU cooked up on a whim in the middle of a recession. Aviation was told in 2005 the scheme would come into force, and was given 7 years to come to terms with that fact.
- Aviation was only included in ETS because years of talks with ICAO had gone nowhere. Still going nowhere, actually. EU wanted to include aviation in ETS and grew tired of waiting, so forced the issue
- Airlines have been given carbon credits based on 2009/2010 fuel usage. They will be given 85% of that in credit. Airlines who are able to find ways to burn less than their allocation will have credits to sell, and might actually make a buck or two
- The first airline to react, Delta, has imposed a 3 USD per ticket ETS surcharge. This will of course grow, but even a four fold increase will hardly have an impact
- The European Court has ruled against US protests and declared ETS legal
- EU takes environmental policy quite serious, and is not expected to bow to US/Chinese/Russian pressure