Term Paper: Emissions Trading Programs

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Denmark

Under the Kyoto Protocol, Denmark is committed to reducing GHG emissions by 21% below 1990 levels during the first commitment period between 2008 and 2012. Denmark also set a national goal for CO2 reductions at 20% below 1988 levels by 2005. However, due to strong economic growth in recent years, emissions have also grown considerably, and existing procedures will result in only a 16.6% reduction in emissions during the first commitment period. Denmark is trying out emissions trading on a pilot basis with the electricity generation sector. This system is forecasted to cover 30% of the nation's emissions.

United Kingdom

The United Kingdom's (UK) national target for emissions reduction under the Kyoto Protocol is 12.5% below 1990 levels for the first commitment period, between 2008 and 2012, and it is one of the few countries that is on track to achieve this target. Participation in a proposed emissions trading program in the UK is voluntary and is overseen by an emission trading authority. Parties participating in the program have then option to agree to targets for all six GHGs under the Kyoto Protocol, or just for CO2. Parties that break the programs rules may face penalties by the Emissions Trading Authority. This emissions trading scheme is compatible with the International Emissions Trading Kyoto Mechanism.

Netherlands

Under the EU burden sharing agreement, The Netherlands' GHG emission reduction target is 6% below 1990 levels for the first Kyoto commitment period. This translates to a 21% reduction in relation to national projections. The Dutch government plans to achieve half of this target through measures on a domestic level, and the other 50% through Kyoto market mechanisms. In regards to an emissions trading system, the Netherlands government has voiced intention of setting up such a scheme by 2004 or 2005.

Canada

For the first Kyoto commitment period, Canada has set out a target of a 6% reducrion in GHG emissions below 1990 levels. In order to meet this target, a 26% reduction in GHGs will be necessary by the year 2010. Canada's experience with emissions trading to date consists of consultations and analyses, voluntary trial programs, and private sector trades.

Germany

Under the EU's burden sharing agreement, Germany is committed to reducing GHG emissions by 21% from 1990 levels. In order to reach the Kyoto target by the end of the first commitment period in 2012, Germany will require 20% GHG reductions compared to a usual scenario. The German government has stated intentions of using the Kyoto Mechanisms to achieve this target, and has shown interest in setting up a domestic emissions trading system. A pilot trading program was initiated in Hesse to test a potential emissions trading system. The result from the program at Hesse indicated that parties involved in the emissions trading program reduced emissions in a cost effective manner, and profited through incentives of the program.

The United States

The government of the United States (U.S.) are formally opposed to the Kyoto Protocol. However, if the U.S. would need to reduce GHG emissions by 7% below 1990 levels if it were to agree to the provisions of the Kyoto Protocol. The United States emits the largest amount of GHGs in the world, which makes up for about 23% of global emissions and 42% of emissions by industrialized countries. In order to reach the Kyoto target, a 19% reduction in GHGs compared to a usual scenario would be necessary. Although the U.S. is not participating in discussions surrounding the Kyoto Protocol, the Congressional Budget Office has released an analysis of different trading proposals, and several GHG trading schemes are being planned and implemented at the state level.

Conclusion

On a global scale, governments are recognizing the urgent need to design and implement programs that will aid in GHG emission reduction. Emission trading programs will enable countries to achieve set out emission reduction targets in a cost effective manner, and will encourage companies to emit less and invest in cleaner technologies. The future of the environment is dependant on efforts such as these in which nations come together to collectively deal with this international problem. Achieving targets set out under the Kyoto Protocol will ultimately improve international business and relations as various nations work together to establish a cleaner, more efficient means of conduct.

References

Canada and the… [END OF PREVIEW]

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Emissions Trading Programs.  (2003, September 25).  Retrieved April 26, 2019, from https://www.essaytown.com/subjects/paper/emissions-trading-programs/4818796

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"Emissions Trading Programs."  25 September 2003.  Web.  26 April 2019. <https://www.essaytown.com/subjects/paper/emissions-trading-programs/4818796>.

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"Emissions Trading Programs."  Essaytown.com.  September 25, 2003.  Accessed April 26, 2019.
https://www.essaytown.com/subjects/paper/emissions-trading-programs/4818796.