Carbon Emissions Markets Could Deliver Vital Cash Boost to Limit Climate Change
Carbon emissions markets could deliver a "substantial part" of the pounds 60 billion a year needed by 2020 to help poor countries tackle climate change, Gordon Brown has said.
A report for the Prime Minister said global carbon trading could reduce the cost of cutting emissions by up to 70 per cent, enabling much deeper cuts and making it more likely to keep temperatures from rising to a level which would cause "dangerous" cli-matchange. In schemes such as the EU emissions trading scheme, overall limits are set on greenhouse gases and companies or countries are required to purchase "allowances" to cover their output.
They can either reduce their emissions or buy allowances from others who have cut theirs, which ensures the cuts in greenhouse gases are made where it is cheapest to do so. The report, by the Prime Minister'special representative on Carbon Trading, Mark Lazarowicz, said carbon markets should be combined with regulation, taxes and public money for comprehensive action.
Industrialised countries should have ambitious national targets to cut emissions and a network of cap and trade systems, such as the EU ETS. …