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A hybrid carbon trading model, mixing global carbon taxes and global emission trading schemes, is the answer to achieving the UKs target of reducing emissions by more than 30% to 2020, analysis by PricewaterhouseCoopers suggests.
In its white paper, Carbon taxes versus carbon trading: Pros, cons and the case for a hybrid model, PwC suggests a hybrid model allows the greatest flexibility for business and the economy to make use of the advantages of committing to making the UK a low-carbon economy.
It believes a hybrid model could be applied in Europe with only minor modifications to the existing European Emission Trading Scheme (ETS), which sets annual carbon emission allowances for certain industries and permits them to buy and sell surplus allowances with other companies.
The modifications would mean the ETS can be easily linked to US markets and, in the longer term, would pave the way for Indian, Chinese and Brazilian markets to join the scheme.
Setting out the argument for a hybrid plan, the PwC report outlines the advantages:
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Jasper
on Dec 14th, 2009
@ 1:03 pm:
This should be the article this is sourced from: