Nations from the U.S. to Russia and the European Union are set for a final showdown over the first- ever global commitment to designing an emissions-reduction market tool for the $708 billion airline industry.
The European Union agreed to limit the scope of its carbon curbs on airlines as the United Nations aviation panel’s council pledged to work on a global plan to cut pollution from the industry beginning in 2020.
The European Union’s regulatory arm is winnowing down the options for a long-term overhaul of the world’s biggest carbon market and aims to reach a decision in the coming months, EU Climate Commissioner Connie Hedegaard said.
Jonathan Grant, director of sustainability and climate change at PricewaterhouseCoopers LLP in London, comments on rule changes being considered to the European Union emissions trading program, in an e-mailed response to questions on Aug. 23.
Carbon permits advanced to the highest in three days after Jos Delbeke, director general for climate at the European Commission, said a decision on a supply fix could be possible in the second half of the year.
The International Air Transport Association may propose measures to cut emissions from airlines, a step that could help a global deal on tackling pollution by the industry, a senior European Union official said.
The European Union’s emissions trading system may have a surplus of 500 million metric tons in the current trading period from 2008 to 2012, said Jos Delbeke, director general for climate at the European Commission.
China and other emerging nations are engaged in “encouraging” efforts to curb greenhouse gases, while the U.S. is blocking prospects for a global agreement, according to a European Union climate official.
Investors in the European Union emissions trading system may be overconcentrating on the short- term perspective, said Jos Delbeke, director general for climate at the European Commission. He made the comments at a conference organized by Eurelectric in Brussels today: