Carbon trading schemes seek global link-up

London, 1 November: Carbon emissions trading schemes worldwide have launched a new partnership to collaborate on design issues and help build a global carbon market.

The International Carbon Action Partnership (ICAP) held its first meeting in Lisbon, Portugal on Monday. High-level representatives from countries and regions that have, or are implementing, carbon cap-and-trade schemes met to sign an agreement on sharing experiences and best practices on the design of such schemes.

The founding partners include nine EU member state that participate in the region’s Emissions Trading Scheme, five US states that will embrace the Regional Greenhouse Gas Initiative, the US states and Canadian provinces forming the Western Climate Initiative (WCI), as well as New Zealand and Norway.

Premier Gordon Campbell of British Columbia, which is part of the WCI, said: “Tackling global warming requires international cooperation and collaboration unlike anything we have seen before. It is vitally important that as we design our own market systems we coordinate with other provinces, states, nations and continents.

“The partnership we have signed today opens the door, for the first time ever, to jurisdictions around the globe to share ideas and new technologies, and ultimately will lay the foundation for a compatible market-based system to trade carbon offsets and credits worldwide,” he said.

ICAP’s first public workshop will be held in 2008 and it is seeking to engage business and NGOs in its activities.