05 Feb 2010 09:02:11
PwC: Higher Copenhagen targets needed for low carbon pathway
The Copenhagen Accord targets for global carbon emission reductions need to be higher, according to new research.
PricewaterhouseCoopers has said there needs to be a collective reduction of 3.5 per cent in order to stay on the 'low carbon pathway' and achieve 2050 targets to halve carbon emissions from 1990 levels.
However, the auditors have found that the pledge reductions only average two percent a year to 2020.
The commitments made under the agreement are 'relatively unchanged' from those made prior to the climate summit, PwC claims.
In their last Low Carbon Economy Index, the auditors estimated that countries are ten percent off track on targets that will prevent temperatures rising above two degrees C, with the EU currently seven percent behind.
Richard Gledhill, partner for carbon markets and climate change services, said: "Carbon markets are being helped by improving economic fundamentals, but the disappointing outcome of Copenhagen is undermining longer-term prospects in the carbon offset market.
"It takes time to develop plans and build a pipeline of projects, and more needs to be done on governance and capacity building to make sure the money gets to where it's needed."http://tinyurl.com/ybj9q7w