Fri, Jun 08, 2007
CO2 Allowance Trading System To Begin In 2011
A
report by Ernst & Young and air-transport consulting firm York
Aviation says a plan for Europe's aviation industry to trade
allowances for carbon emissions could cost the industry about $5.4
billion annually.
No more than a third of these extra costs could be passed along
to customers, industry representatives said, according to the Wall
Street Journal.
The firms were engaged by the European Union's aviation sector
in response to the European Commission's study to determine what
effects an emissions trading plan would have, saying it
underestimates the effect on profits.
"Of course we have an environmental responsibility," said Mike
Ambrose, director general of the European Regions Airline
Association. He said the industry agrees that bringing aviation
into the trading plan "is a positive and innovative" step.
As ANN reported, the
commission wants to act to cap greenhouse gases contributed by
airliners, one of the fastest growing sources. EU environment
commissioner, Stavros Dimas, says the most expedient way to do that
is to include the airlines in the system through which industries
earning credits for reducing emissions can sell them to other
industries which can't make adequate reductions.
The proposal is essentially a trading system. The aviation
sector will be given a limited number of "CO2 allowances" and the
companies that stay below the limits can sell their excess
allowances to companies that can't. The number of allowances
available would depend upon and equal average emissions from the
sector between 2004 and 2006, according to the Journal.
According to the report, the EU must also increase the number of
allowances available and base it on average emissions between 2008
and 2010 instead in order to be feasible. The report also suggests
the EU decrease the number of carbon-dioxide permits that would
need to be purchased verses the number of those granted for
free.
The system is to go into effect in 2011.
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