Nearly twenty Canadian companies signed on today to join the Carbon Pricing Leadership Coalition (CPLC), which brings together governments, businesses, and civil society groups to identify and address the key challenges to successfully using carbon pricing as a way to combat climate change.
The EU ETS has been around for 10 years and, like other emissions trading systems, has been plagued by an excess of allowances keeping prices low and reducing the incentives for business. Yet Europe has decoupled its growth from its carbon emissions - the former up 19% and the latter down 45% over the period of the ETS. Is all of this down to the recession and downturn in production?
New carbon pricing systems are being developed in China, Chile and other countries to help reduce greenhouse gas emissions and encourage clean energy and sustainable development. This will mean new reporting requirements and regulations for an increasing number of national and multi-national companies.