A bumpy ride lies ahead for eu emissions trading as only Austria, Denmark, Finland, Germany and Ireland have managed to meet the March 31 deadline for submitting the industry's national allocation plans (naps) to the European Commission. Countries such as France, Italy, Spain and Belgium have not initiated the process so far. The uk, the Netherlands and Portugal have only drawn up drafts.
"Everybody was waiting to see the other's hands because nobody wanted to come out with the toughest emissions targets," said Benedikt von Butler of Evolution Markets, a greenhouse gas brokerage. Germany's plan is seen as being tilted towards the industry. But the commission has made it clear that it will reject lenient naps. The emissions trading scheme allocates quotas to industrial units to emit greenhouse gases. Any company exceeding its quota would have to buy reduction credits on the global market.
Earlier, German chancellor Gerhard Schroeder had cautioned Europe against rushing into implementing emission cuts if Russia does not ratify the Kyoto Protocol.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
.png)
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.