European Commission plans global carbon trading scheme

The European Union's goal is to limit global warming to less than 2°C above pre-industrial temperatures "as there is strong scientific evidence that climate change will become dangerous beyond this point", said an EC statement.

To stay below 2°C, global emissions need to peak before 2020 and then be cut to less than 50% of 1990 levels by 2050. This will require action by both developed and developing countries, says the EC.

Part of the effort should be an OECD-wide carbon market, linking the EU

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