US WILL FIDDLE WHILE WORLD BURNS

A global emissions trading system is, to be sure, not the ONLY solution. Maybe not the best one. But you gotta wonder when national leaders are gonna stop bickering and DO SOMETHING (besides give speeches).

US casts doubt on global carbon market
August 29, 2007 (AFP via Yahoo News)

WHO
Harlan Watson, US United Nations delegation leader;

Looks like the U.S. has some responsibility for what's going on here. (click to enlarge)

WHAT
As it has since Kyoto, the world’s sole superpower remains reluctant to help the rest of the world community control climate change, in this case by disdaining a world emissions-trading market.

WHEN
The US delegation leader’s discouraging statements were made August 29, in anticipation of a major UN gathering for final decisions on post-2012 climate change measures to be taken in December.

WHERE
The current UN gathering is in Vienna. The December gathering will be in Bali.

WHY
- The EU has been developing an emissions trading market according to Kyoto Protocol guidelines since 2002. Australia/New Zealand and Canada are developing markets and they may bring in many Asia-Pacific Economic Cooperation nations.
- Emissions trading starts with a cap on industry and business emissions and then allows them to sell excess emission permission (credits) if they find ways to stay below the caps or buy extra credits if they need to generate more emissions to do business. The fluctuating need for credits creates a market in which they are bought and sold.
- US Republican leaders frequently reference voluntary rather than mandatory participation. (NewEnergyNews: It was voluntary air pollution controls that gave Houston the 2nd-most polluted air in the US.)
- The US leadership has proposed new, “clean technology” initiatives in lieu of a cap-and-trade system.

The irony is that the U.S. is missing out on a huge opportunity.

QUOTES
Watson: "It's unclear when and if there's going to be a global carbon market…I think you're seeing differences ... among these schemes, so getting all of this together in one global carbon market, I think that it's going to take some time…there is a fairly active voluntary carbon market in the US…"