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The Low Carbon Economy Ltd

30 Oct 2007 04:10:32

International partnership launched to aid carbon trading

An international scheme to aid carbon trading has been launched by countries from the EU, including Britain, as well as three US states, New Zealand, Norway and Canada.

Known as the International Carbon Action Partnership, it will place an annual cap on CO2 emissions and give so-called ''pollution permits'' to firms which can then trade them.

Launched in Lisbon yesterday (October 29th), the scheme was welcomed by British prime minister Gordon Brown, who hailed it as an important step forward.

Speaking in a recorded message, Mr Brown said: "The launch of the International Carbon Action Partnership is a truly significant step forward in the global effort to combat climate change.

"Building a global carbon market is, I believe, fundamental to reducing greenhouse gas emissions while allowing economies to grow and prosper.

"Trading emissions between nations allows us all to reach our greenhouse gas targets more cost-effectively. And it therefore allows us to reduce emissions by more than we could by acting alone."

His comments came as environment secretary Hilary Benn set out the government''s Climate Change Bill, which details various measures aimed at cutting emissions.

London has become the centre of the carbon trading market.

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