Global Carbon Trading : A Framework for Reducing Emissions

"The Global Carbon Trading" report was commissioned by the Prime Minister to examine the role of cap and trade systems internationally and the main challenges that will be faced as they develop. There is now overwhelming evidence that climate change is happening more rapidly than scientists had predicted and the declaration was made at the G8 summit in July 2009 to reduce emissions and limit the global temperature rise to below 2oC. Global carbon trading is an important tool in reducing greenhouse gas emissions. This report delivers an important contribution to tackling greenhouse gas emissions. It examines the strengths and limitations of current carbon trading systems and sets out a strategic approach to the development of global carbon trading over the coming years. The aims of this report fall into four broad categories: to provide a balanced assessment of evidence for the benefits and limitations of cap and trade; to set out a long-term framework for cap and trade systems; to provide a roadmap for expanding and linking cap and trade systems in developed countries and intermediary systems In developing countries; to assess the governance and institutional requirements of a global carbon trading system. The following are the key features of this title: the current framework - targets and trading and lessons learned from current carbon markets; long-term framework fro carbon trading; national targets in developed countries; emissions trading; developing countries - a phased approach; governance and institutions; and, Capacity Building.