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Markets not providing a solution to climate change
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Added by
apesphere on 12 Feb 2009
From: www.environmentalleader.com
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| Image courtesy bike queen via Flickr |
Einstein would be nodding sagely; cap-and-trade based carbon markets are not leading to reductions in CO2 emissions.
"We cannot solve our problems with the same thinking we used when we created them", noted Einstein. A new report from BusinessWeek lends weight to his observation.
The European cap-and-trade system was designed to create a market in carbon emission permits and so put a price on carbon. The problem is that although a carbon market is taking shape, it is doing nothing to reduce carbon emissions.
The findings echo those of a US Government Accountability Office (GAO) report last December.
So just as market economics has failed to take into account the externalized cost of carbon emissions, market economics is struggling to provide a solution.
The German Green party is starting to push for greater efficiency improvements in buildings as a quicker route to cutting carbon.
"We cannot solve our problems with the same thinking we used when we created them", noted Einstein. A new report from BusinessWeek lends weight to his observation.
The European cap-and-trade system was designed to create a market in carbon emission permits and so put a price on carbon. The problem is that although a carbon market is taking shape, it is doing nothing to reduce carbon emissions.
The findings echo those of a US Government Accountability Office (GAO) report last December.
So just as market economics has failed to take into account the externalized cost of carbon emissions, market economics is struggling to provide a solution.
The German Green party is starting to push for greater efficiency improvements in buildings as a quicker route to cutting carbon.
Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services
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