Tuesday, October 23, 2007

EU Parliament Committee Calls For Global Cap-and-Trade for CO2

From the EP press release:

Binding emissions targets for all industrialised countries; a global "cap and trade" system; and a 50% cut in greenhouse gas emissions by the middle of this century should be some of the EU's core targets for the upcoming UN Climate Change Conference, says a resolution adopted by the Temporary Committee on Climate Change on Monday evening.

The target for the EU at the Bali conference, according to the resolution, drafted by Satu Hassi (Greens/EFA, FI), should centre on the long term goal of limiting average global temperature increase to below 2°C above pre-industrial levels.

This, notes the text, effectively means reducing global greenhouse gas emissions "by at least 50% by 2050 compared to the 1990 level". Even then, the text says the latest evidence suggests that the 2°C goal "might not be sufficient to avoid significant negative effects of climate change".

Binding targets and a global "cap and trade" scheme

The mandate should also be based on the following elements:
  • binding targets for all industrialised countries;
  • broader participation in reduction efforts, in particular by emerging economies through fair and proportionate targets;
  • a global "cap and trade" system based on a fair and proportionate allocation of quotas;
  • strengthened financial mechanisms for adaptation;
  • effective incentives to avoid deforestation (accounting for some 20% of global greenhouse gas emissions) , including the promotion of sustainable agricultural practices;
  • instruments, financial and other, for clean development and technology transfer and deployment (including further development of the Clean Development Mechanism;
  • agreement by 2009 at the latest.