NGOs call for ETS to be scrapped
Ahead of crucial vote tomorrow, some environmentalists say EU emissions trading scheme is beyond saving.
A group of global NGOs have released a report today (15 April) calling for the European Union's emissions trading scheme (ETS) to be completely scrapped. It comes one day before a highly uncertain vote by the European Parliament in Strasbourg which could determine the fate of emissions trading.
The report “EU ETS myth busting: why it can't be reformed and shouldn't be replicated” has been published by some 36 NGOs throughout the world. The effort was led by transparency campaign group Corporate Europe Observatory, European forests campaign group FERN and the Transnational Institute of Policy Studies (TNI). The report debunks what it says are ‘myths' that the ETS is performing well and says EU climate policy should be completely redesigned.
The report concludes that the slight decrease in emissions from 2008 to 2010 was not the result of the ETS but instead entirely due to the economic crisis. “The EU must acknowledge that the ETS experiment has not worked,” said Lyda Fernanda, from Transnational Institute. “Trying to fix this scheme will in fact close the door to effective and fair climate policies.”
The price of carbon in the system has reached unsustainable lows of under five euros as a result of over-allocation and the reduced industrial activity because of the economic crisis. The price was expected to be around €30 at this time.