Tuesday, October 2, 2007

Carbon Markets: Dow Chemical seeks global framework

From Reuters:

Dow Chemical, the largest U.S. chemical maker, is calling for a global framework with regional or national variations to help tackle climate change, said Chief Sustainability Officer Dave Kepler on Monday.

"I think what we need to have is an international framework; I don't think we are going to have one big carbon market here in the world," Kepler told the Reuters Global Environment Summit, in a telephone interview.

"I think the big contributing countries, essentially the U.S. and Europe, have to be engaged; frankly, so do China and India," he added.

Dow is a member of the U.S. Climate Action Partnership, which was launched earlier this year and includes companies and environmentalists.

The group has asked Congress to enact legislation to cut U.S. greenhouse gas levels by 10 to 30 percent within 15 years and reduce the emissions by as much as 80 percent by 2050.
Kepler said the approaching U.S. presidential election is likely to accelerate the pace of the debate in the United States.

The current talk in Washington of implementing tariffs on countries that do not implement a cap and trade policy is unproductive, said Kepler.
"I think the U.S. should worry about showing leadership first and then worry about penalties later," he said.