Kim urged more countries to roll out price mechanisms either through a tax on carbon, indirect taxation, regulation or creation of a carbon market.
Kim made the remarks to 30 of the world’s environment ministers gathered in Berlin for informal talks on a new global climate deal to take effect in 2020.
The European Union’s Emissions Trading Scheme is struggling with low prices and may require action from EU policymakers. German Chancellor Angela Merkel has said the EU should take action on a plan to postpone the supply of permits.
Conversely, the Easter Regional Greenhouse Gas Initiative (RGGI) is doing much better than their European counterparts. California’s recent carbon auction fared well and the addition of five Canadian provinces has rejuvenated the Western Climate Initiative (WCI). The five Canadian provinces replace six US states (New Mexico, Arizona, Washington, Oregon, Montana and
Utah) that abandoned the WCI making it the biggest North American carbon trading market by value.
Overall the North America carbon trading market doubled in 2012 with the inauguration of
carbon markets in California and Quebec.
© 2013, Richard Matthews. All rights reserved.
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