Monday, July 23, 2007

UK Environmental Audit Committe Release Report on Carbon Offsets

The UK parliament's environmental audit committe has just release it's latest report.

The committee chairman Tim Yeo highlighted the damage cause by poorly run schemes, perticularly in preventing people from making the valuable step of offsetting there emissions due to lack of trust:

“We are concerned that prospects for growth in carbon offsetting, and the accompanying benefits in terms of lower global emissions, are being held back by suspicions that a lack of regulation and transparency in the market is allowing some schemes to be promoted which do not achieve acceptable outcomes. This is a pity in view of the contribution offsetting can make to tackling climate change."

Tim also pointed to the opportunity that the British govornment has in developing robust standards for effective offsets.

“The UK has the opportunity to lead the world in developing robust and helpful guidance. An effective government code of practice which endorses meaningful offsets could assist people in choosing the best way to offset their emissions."

The leadership currently present in London with regards carbon trading was highlighted as territory worth maintaining.

“The UK's financial and carbon markets have much to gain from a rapid growth in what is increasingly seen as a vital component of commercial activity and corporate responsibility.”

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