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Such systems would work in much the same way that an existing U.N. system awards globally traded carbon credits to investors in projects to cut greenhouse gases.
The system of carbon trading exploded after the Kyoto Protocol and in 2006 sustained a $30 billion market representing nearly 1.7 billion tons of traded carbon dioxide.
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There are already proposals to trade carbon credits like hog or cattle futures.
The fraud involves a criminal registering to be able to trade carbon permits in the ETS.
From 2009, Connecticut, Delaware, Maine, New Hampshire, New Jersey, New York and Vermont will begin trading carbon under the Regional Greenhouse Gas Initiative (RGGI).
Dong Jianguo, its president (and a senior Chongqing land official), describes this as something like a market for trading carbon emissions.
We should also create an incentive for companies to limit emissions by letting them trade carbon emission permits.
The review said facilities covered by the safeguards mechanism could trade carbon credits to help reduce emissions, making the system a second emissions trading scheme.
Resetting the policy would turn it into a kind of emissions trading scheme, where companies trade carbon permits with one another.
Encouraged by this flurry, the Sydney futures exchange now wants to create an electronic market for trading carbon credits.And if the forest burns down?
Individual government departments may be allowed to trade carbon allowances when new carbon budgets come into force in April, the climate change secretary, Ed Miliband, said today.
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