CO2 emissions continue to grow despite the ongoing economic slowdown. Emissions have increased by 40% since 2000. Over 50% of total, global CO2 emissions are emitted in the U.S., Japan, and the European Union. In Poland, CO2 emissions dropped by 16% when comparing 2009 emissions with 1990 statistics, while in the OECD countries they decreased by only 6.2%. In the same period, China’s CO2 emissions tripled, reaching 5.1 tons per capita. The energy sector accounts for approximately 41% of the emissions in 2009. As far as Poland is concerned, CO2 emissions increased by 4.5% in 2010. However, total domestic CO2 emissions did not exceed allocated allowances. The European Commission worked out the conditions for grandfathering of CO2 emissions allowances for European companies in 2011, and in the next year adopted a path for reducing the EU’s CO2 emissions 80% by 2050. Currently, the EU CO2 emissions trading scheme is in the second phase. There are two important CO2 emissions trading exchanges: the European Climate Exchange and BlueNext. Approximately 70% of transactions in a given year refer to the contracts for December. Prices of CO2 emissions allowances (EUA) (quoted in the exchanges) have already proved to be volatile since the first phase of the EU Emissions Trading Scheme. Prices in the daily quotations ranged from 0.1 €/tCO2 to 29.5 €/tCO2. The main factors determining price fluctuations are as follows: the lack of a definite decision to increase the emissions reduction targets, the possibility of withdrawal of up to 1.2 billion units in 2012–2020, and a reduction in the risks related to the ongoing problems of the Euro zone.