By Rachel Graham
Dec. 10 (Bloomberg) -- The U.K. would support stricter targets to curb carbon emissions if the European Union’s trading program was linked to other systems, according to a House of Lords committee.
This backs the stance of the European Commission, which has said it would agree to cut greenhouse gases by 30 percent, compared with 1990 levels, by 2020 if an international deal could be agreed upon. Otherwise, it’s proposing a 20 percent reduction.
“We agree with the U.K. government that the proposed change from a 20 percent emissions reduction target to a 30 percent target by 2020, conditional on reaching an international agreement, is desirable,” the committee said in a report. An international deal would help ensure EU businesses are not placed at a disadvantage in world markets.
The EU is working on the next phase of emissions trading, which is set to run from 2013 to 2020.
At the end of the first stage, the three years through 2007, the program’s “record in delivering reductions in greenhouse gas emissions is as yet unproven,” the committee said. Prices last year fell to 1 euro cent a metric ton, reducing the incentive to cut carbon dioxide output. They closed at 14.28 euros yesterday.
The House of Lords is the upper chamber of Parliament.
To contact the reporter on this story: Rachel Graham in London rgraham13@bloomberg.net
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