Global emission targets: here we go

We are likely to discover where this will lead only after a long process.

"Major carbon dioxide emitters failed to agree on a numerical target for reducing the world's greenhouse gas emissions by 50 percent by 2050 even though the final session of a two-day meeting here was extended into Monday morning, conference sources said…The [Major Emitters Group] comprises 16 nations, including China, India and South Korea, and the European Union plus the eight countries that form the G-8. Its first meeting was held at the initiative of the United States in September. The participating nations account for about 80 percent of the world's greenhouse gas emissions."  extract from: Daily Yomiuri

The history of targets in multilateral agreements (the Montreal Protocol notwithstanding) is far from encouraging. It would be foolish to anticipate the outcome by precipitate action on a futile, autonomous 'cap and trade' target. If a precautionary approach is what Australians want—because dread convinces them to accept Pascal's wager—then we should begin cautiously, with small, low-cost steps. With luck, we may find out they're not needed before we go very far.

Tags for this entry: trade climate china carbon usa tariffs kyoto targets ec