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Published: Saturday 14 September, 2013

isabel marant sneakers high top isabel marant sneakers high top ´╗┐Developing nations must cut greenhouse gases

By Gerard Wynn, Reuters

COPENHAGEN The European Unions executive commission wants developing countries to make more effort to cut their balloning greenhouse gas emissions rather than rely on carbon offset schemes, a commission official said.

The Kyoto Protocol on global warming allows rich countries to meet binding targets on greenhouse gas emissions by funding cuts in developing nations, spawning a multibillion dollar trade in carbon offsets.

The EU has been the biggest buyer of offsets so far but now wants developing nations to take more responsibility for cutting their contribution to global warming.

Emissions cuts would become more the contributions of developing nations, the Commissions head of emissions trading, Yvon Slingenberg, told reporters at a carbon market conference in Copenhagen on Tuesday.

If developing countries continue to be only offset suppliers we simply will not reach desired emissions levels. We expect a gradual shift from offsetting to cap and trade.

Cap and trade schemes set a limit on greenhouse gas emissions and allow participating countries and companies to trade emissions permits within that cap.

Developing countries have consistently rejected such limits, saying that cutting poverty comes first and that countries which are already well off should pay for the climate fight.

The EU stance on Tuesday was not welcomed by the United Nations climate change body which is leading twoyear talks, launched in Bali in December, to agree a new global climate change deal to extend or replace the Kyoto Protocol after 2012. wants to expand a carbon offsetting scheme under Kyoto, called the Clean Development Mechanism CDM.

The EU does not want to be the only group of countries funding emissions cuts in the developing world, and is waiting for the outcome of the Bali talks to decide finally on its approach.

It isabel marant sneakers high top s stance is also worrying carbon market investors, already jittery after the commission proposed in January to freeze from 20132020 the use of carbon offsets by energyintensive industry.

Under the CDM western speculators hunt the most lucrative emissionscutting projects in the developing world, to generate offsets and pro isabel marant sneakers high top isabel marant sneakers high top fit from price differences around the world.

The boutique investment bank, Climate Change Capital, for example has raised over $1 billion on the back of profits made in such markets. Founder and vice chairman James Cameron said the carbon market could accept changes to the CDM provided they knew well in advance what they were and when they would happen.

Theres a desperate need to know when that transition happens, he said on Tuesday.

Slingenberg said there would still be a role for offsets as part of a new climate deal, for example where developing nations sold these in return for extra effort made over and above the adoption of clean energy technologies. isabel marant sneakers high top