EU PAPER CALLS FOR FEWER MEETINGS, MORE MARKET-BASED MEASURES
A draft European Commission paper calls for fewer summits and more incentives through carbon pricing to speed up efforts to fight climate change, according to Reuters. Recent annual meetings have been criticized for dragging on for weeks but achieving little. December's Doha summit failed to achieve anything that would have an immediate impact on greenhouse gas levels, instead laying out steps toward a global deal to be agreed to in 2015 and entered into effect in 2020. "Their open-ended participation and decisionmaking by consensus often results in only agreeing on the lowest common denominator. Moreover, the costs of this negotiating process are considerable," said the paper. In addition, the Commission said that increased focus on market-based incentives would help provide "cost-effective" measures. However, despite measures to strengthen the EU's Emissions Trading Scheme, the market has allowed a surplus of allowances generated by the recession. For the full story, see http://uk.reuters.com/article/2013/03/21/us-eu-un-climate-idUKBRE92K18K20130321.