Launched in 2005 to help combat Global Warming, The European Union Trading System (EU ETS) was, and currently is, the largest greenhouse gas emissions trading scheme in the world. Since its birth, as a leading powerhouse in getting a cleaner environment, the organization has been characterized by large amounts of political uncertainty.
Negotiators from the European Union and emissions institutions have reached a deal on the Emissions Trading System (ETS), this past Thursday, November 9, 2017. With this new trade deal however, looms green groups who are about renewable energy and finding other way to power the earth and human beings. Many of those who are within the groups believe that the deal has failed to be inclusive of climate policy already in place for fossil fuels. As the months go on, it is interesting to see how this trade deal with affect will affect the earth and the companies themselves.
There have been numerous months of talks, and it is to be certain that there will be even more talks between the fossil fuel companies and the EU nations, European Parliament, and the European Commission. The point of these meetings is to finalize and reform the European Union Emissions Trading System for the time after 2020.
These talks have faced the price of carbon plummeting, and now negotiations are hoping to strike a deal with hopes of finding a new clean energy technology. The 28 nation European Union has been pushing for a deal to show climate change leadership when dealing with the Paris Agreement. It is interesting to see how these talks will be since Syria is now a part of the Paris Agreement, and the United States wants nothing to do with the accord followed by everyone else in the world.
Speaking on the American side, California, considered to be on the leading states in terms of attempting to get clean fuel, has been working with the European Union, to potentially create a common carbon market that would also include China, who could potentially lead the world in having “dirty air” though they are doing great strides to be better and to be a cleaner country.
It will be interesting to see where these talks are headed, especially when one of the hedgemons of the world, is no longer looking to be included in on the talks. Things are constantly changing, however, feelings about climate change remain the same: Attempting to find the best source of clean energy for cheap.
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