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Published by the ABC, Australia’s National Broadcaster.
Fresh questions about the efficacy of an emissions trading scheme have been raised, after a new analysis by the UK-based non-government organisation, Sandbag, revealed major flaws with the European Union’s emissions trading scheme. This comes as the debate about climate change policy and carbon pricing gathers pace in Australia.
The Cap or Trap? (pdf) report finds that the second phase of the European ETS will fail to deliver significant carbon reductions. This will be a surprising outcome for many Australians who have been led to believe that emissions trading is ‘decarbonising’ Europe. According to report author Damien Morris:
…the ETS is on course to require savings of, at best, a miniscule 32 million tonnes of emissions between 2008-2012, despite covering 12,000 installations and 1.9 billion tonnes of emissions annually. Regulating a single power station over the same period could have had a greater impact.