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A global carbon trading network will be “vital” to preventing dangerous climate change, claims a new report commissioned by Gordon Brown. Without such a network, “the ability of countries to avoid dangerous climate change will be limited and the costs of action increased”, it argues.
The UK government is keen to see emisisons trading play a major role in global efforts to cut greenhouse gas emissions, not least because it believes London can become a centre for international emissions trading.
Global carbon trading, says the report, could reduce the costs of cutting emissions “by up to 70% … potentially, this could allow the world to cut global emissions by an additional 40-50% at the same cost compared to domestic action alone.”
The introduction of sectoral emissions trading, rather than the Clean Development Mechanism (CDM) already established under the UN Kyoto Protocol, “could reduce the global cost of emission cuts financed through carbon trading by around a half” and would be “more efficient and equitable” than the CDM, argues the report. Sectoral schemes “should be designed to provide substantial real emissions reductions that go beyond offsetting”.
Linking the EU and a possible US federal system by 2015 would be “ambitious but achievable”, it says. Advanced developing countries such as China and Brazil could also begin to take part in such systems, including key sectors like the power sector. Having more advanced developing countries engaged in sectoral trading “could achieve substantial cuts in emissions at low or no net cost to themselves in 2015″.
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on Jul 23rd, 2009
@ 4:21 am:
I think that’s a load of crap. Governments look for any reason at all to forestall change, especially if that change is going to mean they or their cronies are out of pocket.
Greed is the problem.