Kyoto Pollution Curbs May Lapse on UN Deadlock - Bloomberg
European Union carbon permits dropped as much as 11.5 percent today, losing almost one-fourth of their value this week, as slower economic growth and Europe’s debt crisis held back factory production. United Nations emissions credits plummeted to a record low of 4.6 euros in a move that reflected concerns about the outcome of the climate summit, said Per Lekander, a Paris-based analyst at UBS AG.
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“Let’s be frank: At best we could only get the EU, Norway and maybe two or three more countries to sign up for a second Kyoto period,” Hedegaard said this week in Oslo. “That will not make any difference whatsoever for the overall trend in global emissions. It would also take away pressure from other countries, both developed and developing, to engage in more ambitious climate action.”
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