Details in European Commission (EC) proposals for a global agreement to tackle climate change, announced in January, have added strong momentum to a potential global carbon trading scheme, regardless of the UN's success in implementing a successor to the Kyoto Protocol.
Along with headline targets to peak emissions by 2020 and then cutting them to less than 50% of 1990 levels by 2050, the EC said that an EU-US working group should be formed to help create an OECD-wide carbon market.
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