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Carbon Lobby Recommends Actions to Lift `Low Ebb' Confidence in UN Market
The International Emissions Trading Association said confidence in the United Nations carbon market is at a “very low ebb” and urged the European Commission take steps to improve the situation.
The Geneva-based lobby group for traders requested more certainty about the portion of UN offsets that can be used through 2020. Should the bloc adopt stricter emission limits in 2020, it recommended that UN credits be eligible for half the additional compliance effort in the region, it said today in an e-mailed open letter to EU Commissioner Connie Hedegaard.
The commission, regulator of the world’s largest carbon market, should “bring to a close” the debate on which UN offsets will be eligible in the eight years through 2020, the letter said. Finally, the lobby sought development of new market instruments, including potential programs to cut emissions by protecting forests as well as capture and storage of carbon dioxide emitted by power stations and factories.
To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net
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