European Union plans to implement new Carbon Emission Scheme for Industrial Gases projects in Europe. According to EU recent held meet, there is a proposal to cut the Carbon Credits from upcoming industrial gases projects. In our last post, we mentioned how European nations failed to carry forward the Carbon storage plans due to heavy public protest & increasing capital costs. Now EU is making new way by adding a scheme for Industrial Projects. As per news sources, EU may reveal these plans during United Nation Climate Summit in Mexico next week. Catch the latest news & updates from Industrial Gases Environment Segment at GasesSynopsis.com or follow us on Twitter.
Today European Union Emissions Trading Scheme is the largest multi-national emissions trading scheme in the world. Under this Trading scheme, large emitters of carbon dioxide should monitor the Carbon emissions & submit the annual report to EU. Scheme also made members obliged to return an amount of release allowances to the government that is the same to their CO2 emissions in the same year. The proposal behind the new project is to bring back the clarity over the UN backed Carbon Credits project. As the current trading period is going to end on Dec 2012, so in between new scheme may be altered as amended from the experimental trading approach.
In last one year because of environmental trepidation, U.N. panel is scrutinizing many such Industrial Gases projects across the globe where producers plants plan to produce more of the gas and then destroying it to climate advantageous carbon credits. No clear message came from EU also, whether to go with this plan from 2013 or just to propose curb. EU also cited China & India in the list where exploitation on the mass scale. In the proposed caps for the 3rd Trading Period, it forecasts an overall reduction of greenhouse gases for the sector of 21% in 2020 compared to 2005 emissions.
Europe already undergoes the economic crisis, at this stage carbon cuts seem unfeasible to developing economies in EU. Earlier Public protest huge at Copenhagen summit due to failure of Kyoto Protocol, what exactly happened today? Is it failure in Strategic Policy or simply unexpected result….?
News Source: Oil Price