Europe made a major commitment under the Kyoto Protocol that U.S. conservatives have been telling us for years it would never achieve. In fact, the Europeans are poised to surpass their targets under the terms of the Protocol. It is no longer plausible for those who don’t want a U.S. cap-and-trade system to point to the European Trading System (ETS) as a failure. Quite the reverse.
A report by the European Environment Agency released today shows that the European Union and all Member States but one [Austria] are on track to meet their Kyoto Protocol commitments to limit and reduce greenhouse gas (GHG) emissions.
Whereas the Protocol requires that the EU-15 reduce average emissions during 2008-2012 to 8% below 1990 levels, the latest projections indicate that the EU-15 will go further, reaching a total reduction of more than 13 % below the base year.…
Looking further ahead, almost three quarters of the EU’s unilateral target to cut emissions to 20 % below 1990 levels by 2020 could be achieved domestically (i.e. without purchase of credits outside the EU).
The report highlights the importance of the EU ETS in helping Member States meet their targets.
Five EU”‘15 Member States (France, Germany, Greece, Sweden and the United Kingdom) have already achieved average GHG emission levels below their Kyoto target….
The EU ETS is expected to result in important reductions of domestic EU emissions.
The EEA analysis concludes the EU-15 will not need to rely on offsets to meet their Kyoto target and “foresees a variety of factors contributing to the EU-15′s total reduction of more than 13%”: