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National Tree Day Planet Ark Home
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Carbon Trading Schemes Around the World |
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| INTERNATIONAL: July 24, 2007 | ||
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Companies and governments are turning to emissions trading as one tool to meet climate change goals, in a carbon market worth US$30 billion last year.
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The Australian Climate Exchange launched on Monday a new carbon trading platform, joining similar initiatives around the world, summarised below. CURRENT SCHEMES: EU ETS - European Union Emissions Trading Scheme Launched: 2005 (Phase 1: 2005-2007, Phase 2: 2008-2012) Mandatory for 27 nations in EU Target: Help EU meet Kyoto Protocol 2012 emissions targets CCX - Chicago Climate Exchange Launched: 2003 Global voluntary scheme Phase I Target: Cut emissions 4 pct below 1998-2001 average Phase II Target: Cut emissions by a further 6 pct by 2010 JVETS - Japan Voluntary Emissions Trading Scheme Launched: 2005 Target: Cut emissions from a 2002-2004 average, using government-subsidised clean energy equipment Kyoto Protocol - UN sponsored scheme Launched: 2005 Mandatory for 35 rich countries Target: Rich countries can pay poor countries to help them meet a target to cut emissions by 5 pct by 2012, vs 1990 New South Wales & Australian Capital Territory Greenhouse Gas Abatement Scheme Launched: NSW in 2003, ACT in 2005 A mandatory scheme which also includes installations in Queensland, South Australia, Victoria, and Tasmania. Target: Cut greenhouse gas emissions to 7.27 tonnes per capita by 2007, 5 pct below 1990 levels Australian Climate Exchange (ACX) Launched: 23 July 2007 A platform for voluntary trade in emissions permits called "Greenhouse Friendly Approved Abatement" units. A joint venture between the ACX and the Australia Pacific Exchange Limited (APX) see -- http://www.climateexchange.com.au PROPOSED SCHEMES: RGGI - Regional Greenhouse Gas Initiative (US) Launch: 2009 Region: 10 Northeast and Mid-Atlantic US states Mandatory Target: 10 pct below 2009 that by 2019 WRCAI - Western Regional Climate Action Initiative (US) Region: Group of six western US states and two western Canadian provinces Details: TBA Canada national emissions trading scheme - MCX (Montreal Climate Exchange) Launch: TBA Mandatory target to cut emissions by 20 pct from 2006 levels by 2020 Australia national emissions trading scheme Launch: 2011 Mandatory Target: TBA To be linked up with New Zealand's trading scheme New Zealand national emissions trading scheme Launch: Mid-2008 Mandatory Target: TBA
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REUTERS NEWS SERVICE
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