19.06.2015 - Pope attacks emissions trading as a possible 'ploy'
Pope Francis attacked one of the major policy initiatives in the fight to combat climate change, warning in his encyclical published on Thursday that the trading carbon credits could merely reward speculators instead of controlling global greenhouse gas emissions. The pope, the first from the developing world, cautioned that carbon trading systems could be a smokescreen to allow large carbon emitters in wealthy countries to keep doing so, suggesting it might be "a ploy which permits maintaining the excessive consumption of some countries and sectors." The sharp critique of the market-based approach to curbing emissions comes as support for carbon trading is growing, embraced by institutions like the World Bank and United Nations, as well as the heads of many multinational companies and countries like China................................................Full Article: Source
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