Emissions critical
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Manufacturing News, Source : The Manufacturer US
Published : 15 May 2006 20:08
Those who advocate a carbon emissions trading scheme in the US should take careful note of the European Union first year results, published mid-May.
The Emissions Trading Scheme, in operation since January 2005, was designed to help Europe comply with the Kyoto Protocol, an agreement between nations to cut the output of greenhouse gases, to which the US is not a signatory. EU member governments set individual quotas for the carbon dioxide emissions produced by 9,400 major factories and power stations. Those that emit more have to buy credits from other companies on the open market or face fines. Those that emit less than their allowance can sell their surplus. There should therefore be a financial incentive to invest in clean technology and cut emissions.
While figures for the first year of the three year phase one of the scheme show that EU industry produced fewer carbon emissions (around 60 million tons) than expected, critics point out that the permitted levels of pollution were set according to the estimates of individual companies, giving them a huge incentive to exaggerate. Being permitted to emit more pollution than they need to is not the incentive that Europe intended to impose.
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