Friday, July 28, 2006

Kyoto and pollution news!

Environ: America beats Canada in cutting toxic pollution. I may have posted about this when it came out but the EU is failing miserably at meeting Kyoto standards and its trading market is a complete fraud.

July 17 (Bloomberg) -- When European Union officials created a market for trading pollution credits, they boasted it was a ``cost-conscious way'' to save the planet from global warming. Five years later, the 25-nation EU is failing to meet the Kyoto Protocol's carbon-dioxide emission standards. Rather than help protect the environment, the trading system has led to increases in electricity prices of more than 50 percent and record profits for RWE AG and other utilities. ``I don't suppose the environment has noticed the European emissions trading scheme,'' said William Blyth, director of Oxford Energy Associates in Oxford, England, and a former International Energy Agency official who advises businesses on energy and climate change policy. The electricity companies and emissions traders ``have done very well.'' The plan, unveiled by EU Environment Commissioner Margot Wallstroem in October, 2001, was to grant permits to 12,000 power plants, factories, oil rigs and refineries. Each permit represented the right to produce a metric ton of carbon dioxide, and could be traded like any commodity. The system was supposed to motivate companies to reduce carbon dioxide and sell their extra permits for profit. The $44 billion-a-year market is ``an environmental and economic failure,'' according to Open Europe, a policy group that assesses EU laws. At least 12 of the 25 EU nations are at risk of missing their Kyoto pledge, according to EU estimates. Among the 15 original EU members, 11 are unlikely to meet the pollution standards, including Germany, Italy and Spain, three of Europe's five largest economies.

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