The article presents the context of formation of the European Union Emission Trading Scheme (EU ETS), and describes the mechanisms of its functioning in the past years, nowadays and in the future (in the period defined in directive 2009/29/WE). The author focuses on economy phenomena that have impact on effectiveness of emissions trading and tries to answer the question if this system has the ability to adjust to changes that affect the global market. Special emphasis has been laid on the difficult situation of Poland, as its national economy is not very innovative and requires huge investment expenditure, especially because of its energetic system that is based on coal in 93%. The article calls into question the effectiveness of the emissions trading program that has been designed in the times of good global economic situation and which, in fact, in the face of global crisis seems to cause only economic losses to the countries involved therein, without achieving intended ecological objectives.
