Firms may help set price of carbon

Washington Times (May 26 2009) Construction , Cap and Trade , Carbon Tax , Emissions , Wind

1. COPENHAGEN -- Business leaders vowed Monday to help world governments set a price on carbon, establishing a market that governments can use to cut greenhouse gases. "I think we can craft some pretty clear direction," said Tony Hayward, the chief executive officer of BP PLC. That approach requires governments to join a new U.N.-administered treaty for regulating greenhouse gases that proponents hope to hammer out by December. It would set limits on carbon dioxide and then issue permits to companies that would divvy up how much of the overall pollution each of them can emit. Any unused portions could be traded to other companies. Mr. Hayward said most executives he had spoken with agree the world "is going to establish a carbon price" - making carbon emissions a global commodity, with a universally accepted price, probably through so-called cap and trade by governments and the marketplace. (Read Full Article)

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