The website BusinessesGreen.com writes "Business seem to have called time on the US's only national carbon trading market, blaming an absence of legislation as emissions-trading laws remain mired in Congress.The Chicago Climate Exchange (CCX) operates a cap-and-trade scheme which, since its launch in 2003, has attracted major players such as Ford, Bank of America, IBM and Intel.Members made a voluntary but legally binding commitment to meet greenhouse gas emissionreduction targets either by cutting emissions or by buying emissions permits sold by members.The scheme relied on the government setting mandatory caps on emissions – legislation that has not emerged after the Democrats abandoned plans for cap-and-trade legislation over the summer. Republican gains in today's mid-term election would likely push the possibility of legislation even further off the agenda."
There are a huge criticism against the cap and trade system saying that this will not speed up the lowering of greenhouse gas emissions. This system is used inside the EU but it has not really done that much to emission targets. The financial crisis did a much better work in this aspect. At least Cap and Trade can be one way to get business into the work but the resistance against any climate legislation in the USA seems to killed the voluntary CO2 market. And if the Republican get a lot stronger today the climate policies seems to come a lot more far away in the coming two years. This is not a good day for all of us struggling to change the view on a sustainable world and a more just world in the coming years. But still ; We can Hope and we can act....
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