Shell says launches greenhouse gas trading system
Date: 28-Jan-00
Country: UK
The Shell Tradeable Emission Permit System (STEPS) would help the group
meet an overall 10 percent cut in greenhouse gas emissions by 2002
compared with 1990 levels, the company said in a statement.
"STEPS is going to be a key factor in reaching or exceeding the
emissions reduction targets we have set ourselves," company chairman
Mark Moody-Stuart said.
The system will allow group businesses involved in chemicals, refining
and exploration and production as well as in different countries to
trade permits worth 100 tonnes of carbon dioxide or methane equivalent
over an internal web site.
Each business unit would be able to buy or sell permits over the next
three years to hit a two percent reduction target from 1998 emissions
levels, the last available date for data.
The system would work similarly to the Kyoto Protocol proposals whereby
units succeeding in cutting emissions would be able to sell them to
those not so succesful, a spokeswoman said.
It has also been developed to fit in with a national scheme of emissions
trading between 25 UK companies set to start from April 2001.
