Europe will struggle to convince the rest of the world that carbon trading is the best way to tackle climate change if a plan to revive the price of the region’s permits fails, said the Centre for European Policy Studies.
The European Union is poised to take its first formal steps to expand the world’s most ambitious limits on fossil fuel pollution. That may widen a rift in how it balances green policies with the need for cheaper power.
Ukraine may join Russia in shunning the extended Kyoto Protocol after United Nations envoys approved a text the two nations didn’t agree with, according to the Centre for European Policy Studies in Brussels.
The premium of European Union carbon- dioxide permits over United Nations offset credits rose to an eight-month high as regulators proposed a so-called multiplier that would require the import of extra UN credits.
The most ambitious market-based effort to control carbon emissions is being undermined by a glut of permits, amid allegations that European Union ideas to tackle the surplus are being leaked prematurely.
A proposed European Union ban on the use of United Nations carbon credits in its emissions market may signal the end of the international offset market, according to energy consultant Nomisma Energia srl.
President Barack Obama’s call for Congress to act on climate change may embolden European Union policy makers to fix the bloc’s ailing carbon market, said the president of the International Emissions Trading Association.