29 October 2007
In a recorded message, Mr Brown called the launch of the group in Portgual today a "significant step forward" in the fight against climate change. Building a global mechanism for trading carbon emissions is "fundamental" to reducing greenhouse gases while enabling economic development, he said.
Read the PM’s message
The launch of the International Carbon Action Partnership is a truly significant step forward in the global effort to combat climate change. I very much regret I cannot be with you on this important day, and I thank Portugal and Prime Minister Socrates for hosting this important event.
I know that Governor Schwarzenegger, who has provided so much leadership and inspiration on this issue, also wanted to be with you. Our thoughts are with the people of California during these tragic times.
Building a global carbon market is, I believe, fundamental to reducing greenhouse gas emissions while allowing economies to grow and prosper. Trading emissions between nations allows us all to reach our greenhouse gas targets more cost-effectively. And it therefore allows us to reduce emissions by more than we could by acting alone.
The United Kingdom has set its cap for the second phase of the European trading scheme, from 2008 to 2012, at 13% below its 2005 emissions. We can do this by trading emissions with others in Europe and by investing in emissions reductions in the developing world.
There are now 27 European nations trading emissions reductions and three more will join next year. Over the last year we have watched the increased interest in, and commitment to, emissions trading in the US states, in Canada, in Australia, in New Zealand, and around the world. Those represented here today are the global leaders.
I congratulate you on coming together to form this vital new partnership. By working together we can make our shared vision of a global carbon market a reality. Thank you.
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