Report on carbon trading - 20095 November 2009
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A report by Friends of the Earth warns against the Government's obsession with carbon trading. It says that expanding carbon trading risks both economic and climate collapse.
A dangerous obsession focuses on the buying and selling of a new artificial commodity - the right to emit carbon dioxide.
The UK and other developed country governments want to see this trade expanded into a massive worldwide market.
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Carbon trading
The trade in carbon permits and credits, mainly based in Europe, is set to explode if a global carbon market takes off.
But the majority of the trade is carried out not between polluting industries and factories but by banks and investors.
They are packaging carbon credits into ever-more complex financial products.
This risks a collapse in confidence in the market, with terrible results for the economy and our climate.
Existing carbon trading schemes are not delivering the emissions cuts promised.
Relying upon this mechanism to reduce global emissions is gambling with the health of the planet and the future of billions of people.
Pushing a world carbon market as part of a global agreement to tackle climate change risks a double whammy of financial and environmental disaster.
Sarah-Jayne Clifton
International Climate campaigner
Carbon trading is also a smokescreen for rich countries to try and avoid their legal and moral commitments.
Science tells us rich countries must act first and fast to cut their emissions.
But they must also support poorer countries with adequate public money to grow cleanly and adapt to the effects of climate change.
Read the report
- A dangerous obsession - full report
The evidence against carbon trading and for real solutions to avoid a climate crunch. - A dangerous obsession - summary
A 6-page Executive Summary of the full report.
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