Report: Dump Cap and Trade

I didn't want to continue to dwell on the whole global warming/cap and trade subject today, but an interesting report was issued today while Barack Obama and the other leaders are trying to work out an agreement on reducing CO2 emissions. The report, from an international group of academics, says that the Kyoto Protocol has failed. Their recommendations are that cap and trade schemes do not work and should be abandoned.

The group recommends that instead of cap and trade, that emphasis should be placed on efforts to improve energy efficiency and to decarbonize the energy the energy supply. They cite the Japanese model of energy policy of setting realistic targets and working towards real efficiency gains. As an example, they cite the Japanese iron and steel industry as having reduced carbon emissions by 19% strictly from increased efficiency.

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• 'Time to ditch climate policies' (news.bbc.co.uk)