International Coalition Paves Way for Global Carbon Trading (29-Oct-07)
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Full story: International Coalition Paves Way for Global Carbon Trading (29-Oct-07)
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International Carbon Action Partnership promises to promote compatibility between trading schemes in Europe, the US, Canada and New Zealand
The development of a global carbon market moved a step closer today with the launch of major new coalition that could pave the way for the integration of various emissions trading schemes in Europe, the US, Canada and New Zealand.
The International Carbon Action Partnership (ICAP) will provide a forum for governments and public authorities undertaking emission trading schemes to share best practices and ensure that the various programmes are largely compatible.
Launched at a summit in Lisbon attended by European Commission president José Manuel Barroso, the group brings together US states, Canadian provinces, New Zealand and members of the European Union, including the UK, Germany, Portugal and France.
The coalition said it would aim to encourage common approaches to carbon trading, rigorously monitor carbon emissions and create a "clear price incentive to innovate, develop and use clean technologies".
British Columbia Premier Gordon Campbell said that the coalition would "lay the foundation for a compatible market-based system to trade carbon offsets and credits worldwide".
His comments were echoed by UK business secretary John Hutton, who insisted the group would deliver the market-based approach to tackling climate change that the business community is demanding.
"Business tells us they want clarity on what they will be asked to do, and that they prefer a market-based approach," he said. "That is why the global carbon market will be fundamental in the move to a low carbon economy, and why ICAP is such a valuable forum, with its practical emphasis on collaborating and sharing experience and expertise."
- Source: Business Green
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