EU-Ministers Propose Yet Another Loophole in EU CO2-Emission Reduction Market
vlo | 23.12.2003 21:02 | Ecology | Globalisation | Technology | World
A majority of EU-ministers spoke out last weekend on the 2005 European emission reduction market, advocating an unlimited use of climate projects abroad by private companies. Then it will be much cheaper to comply with the Kyoto reduction-targets in Europe; by linking these projects with the EU-trading regime, the price of reducing emissions falls sharply. Real solutions are being postponed and the dependence on the fossil fuel economy will be broadened. Earlier at the Climate Conference in Milan, the UN agreed on using genetically modified trees to "absorb" greenhousegasses and accordingly to produce tradeable "carbon credits".
The ministers were meeting on 22 December at the last European Environment Council under the Italian Presidency of the EU, which runs until the end of the year when Ireland will take over the Presidency. The Commission proposed a cap of 8 per cent, and an evaluation if more than 6 per cent of the total carbon credits were produced outside the EU, and not to start before 2008 with this type of linking. A majority of EU-ministers is said to be in favour of no cap or evaluation at all wants to start linking in 2005. An oversupply of these type carbon-credits could make the market "bubble" and burst, which is a very likely scenario according to economists.
The European Parliament is due to start its deliberations on the proposed text for the European Market next year. The European Commission and Parliament will then come together to negotiate the final text, with a target date of before the European Parliament elections in spring. The European Parliament can then either vote for, or against, the new law and has the final saying in the matter.
The EU-Ministers are said to be divided on the issue of which projects would qualify to sell credits into the scheme, according to a EU-spokesman in a report from PointCarbon. The Commission proposed to exclude nuclear power projects, forestry and land use projects and large hydropower dams that do not meet World Commission on Dams standards. According to the spokesman, “several” ministers wanted to stick to UN rules, as agreed at Marrakech, which are more liberal than the EC’s proposals. The spokesman said he was unable to say if it was a majority.
According to WWF: The "EU member states, with the backing of industry, are undermining the effectiveness of the trading system to clean up Europe's greenhouse gas emissions by allowing carbon credits from developing countries climate projects to be included in the European trading system. This effectively means that EU countries will not have to reduce their CO2 emissions by so much." Clearly, the WWF does not disagree with the Trading Scheme as a whole, neither do the Greens in European Parliament. Research and briefings ever since the Kyoto-process started, by Carbon Trade Watch, Corporate Europe Observer and the Cornerhouse, however, reveals the proposed trading schemes are very unlikely to deal with Climate Change effectively.
One of the new issues is the use of genetically modified trees. In the Milan Climate Conference of early December 2003, the UN agreed that countries and companies can earn carbond credits under the Kyoto protocol through forest projects and for planting genetically modified trees "to absorb carbon dioxide". According to the proposal, countries should be entitled to (dis)allow the projects on their own soil, and are obliged to conduct research on the effect of the trees on the local flora and fauna. Clearly, this sets open large doors for Monsanto and alike to press several countries to accept "their" trees. In the future, it could be possible however, that these credits can be bought on the European Market as well.
In the meantime, Climate Change becomes more of a reality. The money-makers become more somber as well. According to an expert on weather and climate risk at the reinsurance company Munich Re, monetary damages from extreme weather events are escalating--amounting to more than $20 billion in 2003 alone. And a new report by the World Health Organization (WHO) says climate change is adversely affecting the health of millions of people across the world, leading to the death of thousands, and fuelling diseases like diarrhea and malaria. The study released at the UN Climate Conference in Milan, estimates that in 2000, 150,000 deaths were caused because of climate change. There is yet some hope, the Inuit of Canada and Alaska have launched a human rights case against the Bush Administration, arguing they face extinction because of global warming.
Read more on the subject at
http://indymedia.org.uk
Debates And Actions Around Climate Conference In Milan
http://www.indymedia.org.uk/en/2003/12/282600.html
[Milan-Cop9] "UN to allow GM-Trees for producing carbon credits"
http://www.indymedia.org.uk/en/2003/12/282705.html
Sources:
Majority of EU environment ministers want link to CDM from 2005
http://www.pointcarbon.com/article.php?articleID=3025&categoryID=147
EU Environment Ministers fail to live up to their Kyoto promises
http://www.panda.org/news_facts/newsroom/other_news/news.cfm?uNewsID=10341
Climate Change Leading to Diseases: WHO
http://www.oneworld.net/article/view/75433/1/
Inuit begin rights case over global warming
http://www.theage.com.au/articles/2003/12/15/1071336885565.html
Links:
Carbon Trade Watch
http://www.tni.org/ctw/index.htm
CDM Watch
http://www.cdmwatch.org/
Sinkswatch
http://www.sinkswatch.org/
http://www.risingtide.nl
http://www.risingtide.org.uk
http://www.burningplanet.net/cop9/
The European Parliament is due to start its deliberations on the proposed text for the European Market next year. The European Commission and Parliament will then come together to negotiate the final text, with a target date of before the European Parliament elections in spring. The European Parliament can then either vote for, or against, the new law and has the final saying in the matter.
The EU-Ministers are said to be divided on the issue of which projects would qualify to sell credits into the scheme, according to a EU-spokesman in a report from PointCarbon. The Commission proposed to exclude nuclear power projects, forestry and land use projects and large hydropower dams that do not meet World Commission on Dams standards. According to the spokesman, “several” ministers wanted to stick to UN rules, as agreed at Marrakech, which are more liberal than the EC’s proposals. The spokesman said he was unable to say if it was a majority.
According to WWF: The "EU member states, with the backing of industry, are undermining the effectiveness of the trading system to clean up Europe's greenhouse gas emissions by allowing carbon credits from developing countries climate projects to be included in the European trading system. This effectively means that EU countries will not have to reduce their CO2 emissions by so much." Clearly, the WWF does not disagree with the Trading Scheme as a whole, neither do the Greens in European Parliament. Research and briefings ever since the Kyoto-process started, by Carbon Trade Watch, Corporate Europe Observer and the Cornerhouse, however, reveals the proposed trading schemes are very unlikely to deal with Climate Change effectively.
One of the new issues is the use of genetically modified trees. In the Milan Climate Conference of early December 2003, the UN agreed that countries and companies can earn carbond credits under the Kyoto protocol through forest projects and for planting genetically modified trees "to absorb carbon dioxide". According to the proposal, countries should be entitled to (dis)allow the projects on their own soil, and are obliged to conduct research on the effect of the trees on the local flora and fauna. Clearly, this sets open large doors for Monsanto and alike to press several countries to accept "their" trees. In the future, it could be possible however, that these credits can be bought on the European Market as well.
In the meantime, Climate Change becomes more of a reality. The money-makers become more somber as well. According to an expert on weather and climate risk at the reinsurance company Munich Re, monetary damages from extreme weather events are escalating--amounting to more than $20 billion in 2003 alone. And a new report by the World Health Organization (WHO) says climate change is adversely affecting the health of millions of people across the world, leading to the death of thousands, and fuelling diseases like diarrhea and malaria. The study released at the UN Climate Conference in Milan, estimates that in 2000, 150,000 deaths were caused because of climate change. There is yet some hope, the Inuit of Canada and Alaska have launched a human rights case against the Bush Administration, arguing they face extinction because of global warming.
Read more on the subject at
http://indymedia.org.uk Debates And Actions Around Climate Conference In Milan
http://www.indymedia.org.uk/en/2003/12/282600.html [Milan-Cop9] "UN to allow GM-Trees for producing carbon credits"
http://www.indymedia.org.uk/en/2003/12/282705.html Sources:
Majority of EU environment ministers want link to CDM from 2005
http://www.pointcarbon.com/article.php?articleID=3025&categoryID=147 EU Environment Ministers fail to live up to their Kyoto promises
http://www.panda.org/news_facts/newsroom/other_news/news.cfm?uNewsID=10341 Climate Change Leading to Diseases: WHO
http://www.oneworld.net/article/view/75433/1/ Inuit begin rights case over global warming
http://www.theage.com.au/articles/2003/12/15/1071336885565.html Links:
Carbon Trade Watch
http://www.tni.org/ctw/index.htm CDM Watch
http://www.cdmwatch.org/ Sinkswatch
http://www.sinkswatch.org/ http://www.risingtide.nl http://www.risingtide.org.uk http://www.burningplanet.net/cop9/
vlo