Canada: probe into GHG reporting could restrict trading rights

This May 7 Globe and Mail article gives an indication of some of the difficulties that international carbon trading schemes could impose on individual countries. If rules imposed and monitored by the U.N. are not followed, or carbon reporting mechanisms are deemed insufficient by the U.N.’s “enforcement branch,” a country’s right to trade carbon credits internationally could be restricted or suspended.

Canada will be probed on suspicion of violating rules for
registering greenhouse gases that are the mainstay of a UN-led fight
against global warming, official documents show.

Ottawa could be suspended from rights to trade carbon dioxide if found
to be in breach of the rules by the enforcement branch of the UN’s
Kyoto Protocol. Greece was suspended last month, the first nation to
face such a sanction under Kyoto.

“On 5 May 2008 Canada was given an official notification of the
decision of the enforcement branch to proceed” with a formal question
over Canada’s compliance with rules on registering emissions, the
enforcement branch said in a statement.

The enforcement branch, a panel of legal experts, had warned Canada
last month that it risked scrutiny over alleged shortfalls in its
greenhouse gas registry. It said Canada missed a Jan. 1, 2007,
reporting deadline by more than two months.

12. May 2008 by Jason Hayes
Categories: Canada, Cap & Trade, carbon, Climate Change, Emissions, Energy Trading, Marketplace Information | Tags: , , , , | Comments Off on Canada: probe into GHG reporting could restrict trading rights