Isramart : EU carbon trading system not delivering investment, claim MPs

Isramart news:

Environmental Audit Committee report 'nail in the coffin' for carbon trading


Commenting on the Environmental Audit Committee's report on carbon trading, published on Monday (8 February 2010), Friends of the Earth's International Climate Campaigner Sarah-Jayne Clifton said:

"This report is yet another nail in the coffin for the Government's deeply flawed reliance on carbon trading to tackle climate change.

"The committee has rightly identified that the European emissions trading scheme has barely cut emissions and the major weaknesses of future plans, and its calls for bigger UK carbon cuts without offsetting and tougher pollution standards for the power sector must be heeded.

"Not only is trading failing to drive down emissions, banks are growing fat developing ever more complex trading systems - and this risks another financial crash similar to that caused by sub-prime mortgages.

"The Government must abandon its obsession with the carbon trading con and meet its legally-binding UK carbon budgets without offsetting.

"This means making real cuts in emissions by investing in green power and energy efficiency and introducing stronger regulations and carbon taxes to rein in the biggest industrial polluters."

Notes to Editors:

1. Friends of the Earth is calling for rich countries to increase their level of ambition to cut their emissions by at least 40 per cent by 2020, without carbon offsetting. This is the minimum the science says is required.

The green campaigning charity is also calling on rich countries to reaffirm their commitment to the Kyoto Protocol, under which wealthy nations accept their responsibility for causing climate change and agree to cut their emissions first and fastest.

Friends of the Earth is also calling on the world's rich countries to recommit to the UN negotiating process, enshrining the principles of democracy and inclusion, rather than pursuing action through alternative forums such as the G20 or the Major Economies Forum.

2. The Committee correctly identifies the flaws in the carbon trading scheme, but Friends of the Earth says its conclusion that the failing system should still expand globally is not the answer.

3. Friends of the Earth published a detailed investigation into carbon trading in November 2009. A copy of the full report, ‘A Dangerous Obsession', is available at: http://www.foe.co.uk/resource/reports/dangerous_obsession.pdf

3. Video content of Sarah-Jayne Clifton, author of the report, is available to embed with online news stories. Please contact the Friends of the Earth press office for the clip.

4. Friends of the Earth is part of Stop Climate Chaos Coalition, the UK's largest group of people dedicated to action on climate change and limiting its impact on the world's poorest communities. The coalition's supporter base of more than 11 million people spans over 100 organisations, from environment and development charities to unions, faith, community and women's groups. Together we demand practical action by the UK to keep temperatures well below an average 2 degree rise. For further information visit www.stopclimatechaos.org