In January 2005, the EU launched the first phase of the Emissions Trading System (EU ETS), establishing the world’s largest carbon market. With the aim of reducing greenhouse-gas emissions, the system set a cap on total emissions by permitting the trading of emissions allowances among companies. 

On 16 February, the Kyoto Protocol came into force, marking a significant milestone in international climate policy. The EU played a leading role in its implementation, committing to legally binding emission reduction targets. 

That year, Bankwatch celebrated its tenth anniversary and joined Green 10, a coalition of the largest environmental organisations in Europe. 

After two years of campaigning, Bankwatch scored a major success when EU support was withdrawn from a hazardous waste incinerator project in Stara Zagora, Bulgaria.  

Finally, the EIB organised its first-ever public consultation process for a policy review, responding to our sustained advocacy efforts.