Wednesday, March 4, 2009

Carbon Market

The European Commission has called for a global carbon trading market as part of a plan to tackle climate change.
The EU is already committed to expanding its Emissions Trading Scheme (ETS), but now it is urging other industrialised countries to join in.
The commission says that by 2015 it wants to link the ETS to other carbon trading systems. The goal is to include emerging economies by 2020.
A UN climate conference in Copenhagen in December is to strive for a deal.
The commission proposals presented on Wednesday are designed as the EU's contribution to the UN debate, with the aim of getting a new global pact on measures to tackle climate change.

The pact would be a successor to the 1997 Kyoto Protocol, which was not ratified by the US, the world's biggest per capita polluter.
The commission, which draws up EU legislation, wants poorer developing countries to put in place plans to cut greenhouse gases.

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