EU carbon markets developing slowly
The European Union decides not to outsource abroad to meet 2030 emission cuts
A sluggish pace of global talks to develop new carbon markets has left the European Union with little choice in suggesting not to outsource more of its emission cuts abroad in order to meet 2030 target.
In January, The European Commission planned on cutting the bloc's greenhouse gas output by 40 per cent under 1990 levels entirely from reductions made within the 28-nation EU unless a global climate change agreement requires it to deepen the goal.
The senior official, Juergen Lefevere at the Commission insisted the bloc was ready to open up its carbon market however it was restricted by a lack of reform at global level.
With how slow or lack of action things moved, Juergen Lefevere apprehension to buy was as a result of the many challenges and the lack of framework developed.
As a result, talks on how to set up new markets and links via common accounting standards on an international level have been postponed until June.
Dismayed industry proponents who favor using markets to reduce as cheaply as possible greenhouse gas emissions blamed for flooding, droughts and storms as the need for the EU to be a leader and to promote a vision of global cooperation.
The EU had hoped that progress on devising new carbon markets would be one of the early agreements towards signing a new global climate deal in 2015 in Paris Except some developing countries have shown no sign of shifting on their position to block progress without commitments from rich nations to help them adapt to the effects of climate change.