A group of developed nations and regions among the more proactive on climate change have formed a new international partnership to speed up the development of a global carbon market.
Representatives of nine EU nations, Norway, New Zealand, four US states and a Canadian province have met in Lisbon to inaugurate the International Carbon Action Partnership (ICAP). ICAP states its goals as easing the path towards worldwide emissions trading by acting as a forum and information exchange for governments and public authorities setting up emissions trading schemes.
Specific aims include developing a set of agreed standards on emissions trading including verifying and reporting of emissions and flexible means of compliance.
The President of the European Commission, Jose Manuel Barroso said ICAP would send an “important signal” to “leaders across the world that we can work together to reduce emissions."
New Zealand Prime Minister Helen Clark said it was important to be part of the process driving global integration of carbon markets to ensure the country shares in the full benefits of the carbon trade. New Zealand recently announced an emissions trading scheme would be phased in over five years, eventually covering all sectors and all gases.
The US state members of ICAP are those from the two regional emissions trading schemes being drawn up covering 16 states; the Regional Greenhouse Gas Initiative (RGGI) in the north east, and the Western Climate Initiative (WCI) led by California. The Canadian province of British Columbia, a new member of WCI, has also joined ICAP.
The partnership widens an international alliance formed by Britain and California last year to work towards linking their respective carbon trading schemes. Californian Governor Arnold Schwarzenegger addressed the meeting by video link saying: "I firmly believe a global market for greenhouse gases will allow us to protect the environment while growing the economy."
NZ Press Association 30/10/07, Reuters, Grist.com 29/10/07
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ICAP Declaration