Friends of the Earth attacks carbon trading
An FoE reports says 'cap and trade' carbonn markets have done little to reduce emissions but have been plagued by corruption and inefficiencyThe world's carbon trading markets growing complexity threatens another "sub-prime" style financial crisis that could again destabilise the global economy, campaigners warn today.In a new report, Friends of the Earth says that to date "cap and trade" carbon markets have done almost nothing to reduce emissions but have been plagued by inefficiency and corruption that render them unfit for purpose.As the world heads towards the Copenhagen climate summit, Britain and other developed countries want to see carbon trading expanded worldwide. The carbon market, mainly based in Europe, was worth $126bn in 2008 and is predicted to mushroom to $3.1tn by 2020 if a global carbon market takes off.However, FoE fears that the area has been hijacked by speculators on the financial markets. Sarah-Jayne Clifton, the report's author,...
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