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The Low Carbon Economy Ltd

21 Jul 2009 11:07:11

EU carbon emissions trading policy accused of floundering

EU carbon emissions trading policy accused of floundering
Companies covered by the EU Emissions Trading Scheme (ETS) could get away without reducing their own carbon dioxide output until 2015, it has been warned.

According to Sandbag, weak caps and the effects of the recession mean that industrial and commercial enterprises need to do very little to reduce their actual carbon footprints over the next seven years.

Issuing a new report, the climate change group suggested that there are 1.6 billion surplus permits and credits available for carbon offsetting and mitigation schemes across the EU.

Such a large potential oversupply, it warned, could make it much easier for companies to meet emission reduction targets while also keeping carbon prices low.

The report also predicted that UK enterprises could spend £1.7 billion overseas by 2012 in an attempt to buy up cheap permits and credits instead of having to cut emissions.

Bryony Worthington, founder of Sandbag, said: "Weak targets and the effect of the recession have set the EU ETS on the rocks.

"With too many rights to pollute in circulation the scheme is in danger of being rendered irrelevant."

In order to remedy the situation, the group is calling for an immediate commitment to emissions reductions of at least 30 percent under the ETS, rising to 40 percent if progress is made in Copenhagen later this year.



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