Prime Minister Tony Blair signed a carbon-trading letter of intent with California Governor Arnold Schwarzenegger. The Guardian reported this as a step around the current federal administration's opposition to mandatory carbon caps and the Kyoto accords. Top managers from British Petroleum and the Climate Group attended the meeting in Long Beach, California at which the accord was reached. The pact would add California's volume of emissions and stake in the environmental impact of global warming to that of the European Union.
The European Union has a legally mandated carbon cap-and-trade program. In California, polls indicate that climate change is the biggest issue among voters, according to the Guardian. Guardian Unlimited | Special reports | Blair signs climate pact with Schwarzenegger
According to the BBC, some 12,000 major emitters in the EU have been allocated CO2 emission allowances. The allocations are obligatory, not voluntary. Going over the emission allowance without buying offsets in the EU carbon trading market will earn the emitter monetary penalties for each ton of CO2 over their allocation. BBC NEWS | Science/Nature | Q&A: Europe's carbon trading scheme (BBC, Nov. 23, 2005)
The European Environment Agency has published a technical report on the application of the Emissions Trading Directive by Member States. The report is based on information in Member States' annual reports under Article 21 of the Directive and covers the period from 1 January – 30 April 2005.Application of the emissions trading directive by EU Member States (European Environment Agency Technical Report No. 2/2006)
See also: Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC That link includes links to other organic legislation and regulations of the European Union.
Posted by dougsimpson at July 31, 2006 08:29 PM