Regis Philbin
Oct 29th, 2006, 08:19 PM
http://www.ft.com/cms/s/10e24838-6789-11db-8ea5-0000779e2340.html
Brown to back more emissions trading
By Christopher Adams and Jimmy Burns
Published: October 29 2006 22:01 | Last updated: October 29 2006 22:01
Gordon Brown will on Monday throw his weight behind a massive expansion of carbon trading to tackle global warming, rather than raising billions of pounds in green taxes.
The chancellor, flanked by Tony Blair, will useMonday’s release of a report by Sir Nicholas Stern, former World Bank chief economist and a senior UK civil servant, to propose a sweeping overhaul of Europe’s fledgling emissions trading scheme, arguing that climate change is “a global challenge that requires a global solution”.
And, in an effort to push climate change up the international agenda, the chancellor will appoint Al Gore, former US vice-president and an environmental campaigner, as an adviser on green issues.
In a letter to European Union leaders, the chancellor will propose cuts in carbon dioxide emissions of 30 per cent by 2020 and of 60 per cent by 2050.
He will suggest that the scheme, under which industrial polluters have to buy credits to emit more than a set level of greenhouse gases, be extended to cover more than half of all emissions and that trading permits should be auctioned.
Mr Brown wants to link the trading scheme with similar markets in California and elsewhere.
Brown to back more emissions trading
By Christopher Adams and Jimmy Burns
Published: October 29 2006 22:01 | Last updated: October 29 2006 22:01
Gordon Brown will on Monday throw his weight behind a massive expansion of carbon trading to tackle global warming, rather than raising billions of pounds in green taxes.
The chancellor, flanked by Tony Blair, will useMonday’s release of a report by Sir Nicholas Stern, former World Bank chief economist and a senior UK civil servant, to propose a sweeping overhaul of Europe’s fledgling emissions trading scheme, arguing that climate change is “a global challenge that requires a global solution”.
And, in an effort to push climate change up the international agenda, the chancellor will appoint Al Gore, former US vice-president and an environmental campaigner, as an adviser on green issues.
In a letter to European Union leaders, the chancellor will propose cuts in carbon dioxide emissions of 30 per cent by 2020 and of 60 per cent by 2050.
He will suggest that the scheme, under which industrial polluters have to buy credits to emit more than a set level of greenhouse gases, be extended to cover more than half of all emissions and that trading permits should be auctioned.
Mr Brown wants to link the trading scheme with similar markets in California and elsewhere.