European carbon emissions creep up
LEIGH PHILLIPS
26.05.2008 @ 09:07 CET
Carbon output from European firms participating in the Emissions Trading Scheme (ETS) rose slightly last year, despite the project's purpose being to reduce greenhouse gases.
Polluters across Europe saw an 0.68 percent increase in carbon emissions, according to figures released by the European Commission on Friday (23 May).
Polluters across Europe saw an 0.68 percent increase in carbon emissions (Photo: EUobserver.com)
A total of 2.05 billion tonnes of carbon dioxide was released by 11,186 plants taking part in the ETS.
However, EU officials say that far from undermining the ETS, the figures demonstrate its effectiveness, and could have been much higher.
"Emissions trading is yielding results," said environment commissioner Stavros Dimas, according to the Associated Press. "Studies show that emissions would most likely have been significantly higher without the EU emissions trading scheme."
The commissioner said that the rise in emissions demonstrated the need for the tougher limits on carbon that have been set for the second phase of the ETS, which runs from this year to 2012.
Separately, on Thursday, the price of carbon hit a two-year high of €26.55 on the European Climate Exchange – Europe's bourse for greenhouse-gas emissions trading.
Analysts believe the rise in the price of carbon is largely due to the simultaneous rise in oil prices. On the same day, the price of oil climbed to a record $135 a barrel.