Under the Climate and Energy Package 2020, the EU is committed to reducing its greenhouse gas emissions by 20 per cent by 2020 from the 1990 level. The majority of the reduction will be reached as part of the EU emissions trading scheme (EU ETS): in 2020, emissions from sectors covered by the EU ETS will be 21 per cent lower than in 2005. Under the revised EU ETS Directive", one single EU ETS cap covers the EU Member States and the three participating non-EU Member States (Norway, Iceland and Liechtenstein). There are no further differentiated caps by country. For allowances allocated to the EU ETS sectors, annual caps have been set for the period from 2013 to 2020; these decrease by 1.74 per cent annually, starting from the average level of allowances issued by Member States for the second trading period (2008-2012). The annual caps imply interim targets for emission reductions in sectors covered by the EU ETS for each year until 2020. For further information on the EU ETS and for information on the use of flexible mechanisms in the EU ETS see the EU's Fourth Biennial Report under the UNFCCC.