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The Low Carbon Economy Ltd

02 Mar 2009 05:03:05

EU ETS ‘working’

EU ETS ‘working’
Emissions from large carbon dioxide emitters declined by three per cent in 2008, according to a new study.

Companies that monitor and report their emissions as part of the Emissions Trading Scheme (ETS) emitted 2.1 gigatonnes (Gt) in 2008, a reduction from the previous year resulting largely from the trading scheme, claimed research firm New Carbon Finance.

The report noted that while the declining economy was responsible for some of the emissions reduction, the ETS had also achieved its goal of reducing company emissions.

While the amount of electricity generated in 2008 rose 0.3 per cent, CO2 emissions from the power sector decreased by two per cent to 1.5Gt. According to the report this was achieved as a result of an increased use of natural gas rather than coal and lignite.

Other factors included more renewable and nuclear energy availability and high prices for carbon emissions allowances in the ETS.

Emissions from heavy industry dropped by five per cent in 2008, largely as a result in the downturn in construction and manufacturing.

The ETS system has been criticized for giving emission allowances to companies for free.



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