European Commission Cranks Down Carbon Caps 7%
The European Commission is trying to force EU member states to move more quickly to meet their requirements under the Kyoto Protocol. The first phase of their CO2 reductions runs from 2005 to 2008, and the new requirements cover the phase two period up through 2012. Member states requested CO2 emission levels 7 percent above what the EC ultimately decided on. In fact the allowances are 7 percent below the actual emission levels from 2005.
So far most of the EU states are ahead of their current targets and have credits available, but under the new caps, most will not have enough credits and will have to make further cuts in emissions. There is an emissions credit trading program in place as part of Kyoto, but it only covers industrial emissions not transportation. Further cuts will be required by everyone in order to meet the total caps that are part of the Kyoto.
[New Scientist via TreeHugger]
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