Deal to fight global warming
2007-10-30 06:27
Lisbon - A coalition of European
countries, US states, Canadian provinces and New Zealand will
sign a partnership on Monday to slow global warming through an
international carbon trading market, officials said.
At least 16 US states plus New Zealand, Australia and
seven Canadian provinces are investigating following a European
Union's lead by launching a carbon trading scheme, as one policy
tool in the fight against climate change.
Carbon markets allow countries and companies to meet
greenhouse gas emissions targets by shopping around for the
cheapest carbon offsets, but some analysts say that wide
differences among proposed schemes will prevent market links.
The International Carbon Action Partnership (ICAP) hopes to
become an international forum for governments which are carrying
out tough measures to cut greenhouse gas emissions that are said
to cause global warming.
"This co-operation will ensure that the programmes are more
compatible and are able to work together as the foundation of a
global carbon market," ICAP said in a statement on Monday.
ICAP also hopes such a forum will help boost demand for
low-carbon products and services that will allow for cost
effective reductions in global warming emissions.
The partnership will be signed on Monday by more than 20
founding members, including the President of the European Union
Commission, Jose Manuel Barroso, Prime-Minister Gordon Brown and
California Governor Arnold Schwarzenegger.
The United States is the world's largest producer of the
heat-trapping gases that many scientists link to extreme weather
like violent hurricanes and rising sea levels.
- Reuters