LISBON, — U.S. states such as California and New York joined forces with New Zealand, Norway and a slew of European countries and Canadian provinces to form the
International Carbon Action Partnership to battle climate change.
The partnership, whose formation was announced Monday, will work toward creating a global cap-and-trade carbon market in the belief that the market-based solution will build demand for low-carbon services and products.
The agreement to create an international forum to share best practices of adopting a cap-and-trade system was signed by U.S. and Canadian members of the Western Climate Initiative, northeastern states that belong to the Regional Greenhouse Gas Initiative, European members such as the European Commission, Germany, United Kingdon and Italy.
The members have or are actively pursuing mandatory cap-and-trade systems.
"In the absence of federal leadership, New York is implementing a greenhouse gas emissions trading program that will achieve a 16 percent reduction in power plant emissions by 2019," said New York Gov. Eliot Spitzer. "Today, we continue that work by joining the International Carbon Action Partnership, or ICAP, where we can begin working with our global partners, share experiences and address issues of program design and compatibility, thereby strengthening our markets."
The group committed to monitor, report and verify emissions to ensure reliable sources appropriate for a global cap-and-trade system, as well as to take steps to encourage relaible reductions at the lowest cost and fastest pace. They want clean technologies to flourish, and private investors to choose low-carbon projects and technologies.
The development comes a little more than a month before those representing some 180 countries meet in early December in Bali for the United Nations Climate Change Conference. The U.S., one of the largest producers of greenhouse gases, has so far refused to implement mandatory emissions cuts.
