U.S. States Join Other Nations in Carbon Markets Partnership

A coalition of European countries, U.S. states, Canadian provinces, New Zealand and Norway announced on Oct. 29 the formation of the International Carbon Action Partnership (ICAP) to address global warming.

ICAP will provide an international forum in which governments and public authorities adopting mandatory greenhouse gas emissions cap and trade systems will share experiences and best practices on the design of emissions trading schemes. This cooperation will ensure that the programs are more compatible and are able to work together as the foundation of a global carbon market. Such a market will boost demand for low-carbon products and services, promote innovation and allow cost-effective reductions so as to allow swift and ambitious global reductions in global warming emissions, officials said.

The agreement was signed by U.S. and Canadian members of the Western Climate Initiative, northeastern U.S. members of the Regional Greenhouse Gas Initiative, and European members including the United Kingdom, Germany, Portugal, France, the Netherlands and the European Commission. New Zealand and Norway joined on behalf of their emissions trading programs.

Leaders attending the summit included: President José Sócrates, council of the European Union and prime minister of Portugal; European Commission President José Manuel Barroso; New Jersey Gov. Jon Corzine, New York Governor Eliot Spitzer and Premier Gordon Campbell, British Columbia.

ICAP seeks to open lines of communication for sharing valuable information, such as research, effective policy initiatives, lessons learned and new developments. The new partnership supports the current ongoing efforts undertaken under the United Nations Framework Convention on Climate Change, which all ICAP members agree has a central role in fighting global warming.

For more information, contact ICAP at http://www.icapcarbonaction.com.

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