Us carbon trading system
By JAMES KANTER SEPT. PARIS — A group representing some of the world's most powerful banks will urge the United States and system industrialized countries this week to move quickly to introduce a lightly regulated system for trading carbon emissions permits as part of efforts to curb global climate change. Unlike taxes collected by governments, permit-trading systems offer banks a potentially vast new business. But for that business to grow, industrialized countries - and the United Carbon in particular - will need to set caps on the amount of greenhouse gases industries are allowed to emit and allow emissions permits to be purchased by industries in other parts of the world. The banks, which include Citigroup, Lehman Brothers and Morgan Stanley, are giving some of the strongest carbon so far that Wall Street wants the U. A Kyoto-style trading system already operates in the European Union, where governments cap the amounts by which industries can pollute and require purchases trading permits for trading excess emissions. But the European system had a rocky start. Overallocation led to huge volatility and a collapse in the price of permits last year. View all New York Times newsletters. Even though analysts say the over-allocation problem has trading been corrected in Europe, the banks are pushing for the EU to auction permits in the future to ensure that they are scarcer system costlier than in the past. The banks also want U. The idea of carbon caps has been floated by Jeff Bingaman, chairman of the U. Senate Energy and Natural Resources Committee, who has suggested a so-called safety valve provision to prevent the price of carbon system from rising too high. Carbon traders say carbon permits could become the world's largest commodity market if developed countries, including the United States, agree to participate in carbon second phase of the Kyoto Protocol, which will be the focus of negotiations to be held system Bali, Trading, in December. A version of this article appears in print on September 25,in The International Herald Tribune. Order Reprints Today's Paper Subscribe. Tell us what you think. Please upgrade your browser. Sections Home Search Skip to content Skip to navigation View mobile version. The New York Times window. Subscribe Now Log In 0 Settings. Close search Site Search Navigation Search NYTimes. Clear this text input. Continue system the main story. Delivered weekday mornings trading afternoons. Carbon must select a newsletter to subscribe to. You agree to receive occasional updates and special offers for The New York Times's products and services. Thank you for subscribing. An error has occurred. Please try again later. You are already subscribed to this email. Business Tech Science Health Sports Education Obituaries Today's Paper Corrections. Opinion Today's Opinion Op-Ed Columnists Editorials Contributing Writers Op-Ed Contributors Opinionator Letters Sunday Review Taking Note Room for Debate Public Editor Video: Events Guide Television Theater Video: Events Guide Blogs Multimedia Photography Video NYT Store Times Journeys Subscribe Manage My Account. Subscribe Subscribe Home Delivery Digital Subscriptions Crossword Email Newsletters Alerts Gift Subscriptions Corporate Subscriptions Education Rate Trading Applications Replica System.
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