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In the non-binding "Washington Declaration" on February 16, 2007, the G8+5 group of leaders agreed in principle to a global cap-and-trade system that would apply to both industrialized nations and developing countries, which they hoped would be in place by 2009. [1] [3] Official G8+5 Climate Change Dialogue Web site
The Group of Eight + Five (G8+5) was an international group that consisted of the leaders of the heads of government from the G8 nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States), plus the heads of government of the five leading emerging economies (Brazil, China, India, Mexico, and South Africa).
The Heiligendamm process is an initiative that will institutionalize high-level dialogue between the G8 and the five most important emerging economies, known as the O5 (Outreach 5): [1] China, Mexico, India, Brazil and South Africa. The framework will also seek establishment of a common G8/G5 platform at the OECD.
An innovation at the Gleneagles G8 summit in 2005 was an "outreach dialogue." The United Kingdom was host for the annual summit of G8 leaders; and the UK invited the leaders of Brazil, China, India, Mexico, and South Africa to participate. The invitation caused the five countries to negotiate amongst themselves about presenting common positions.
Under the program, which is essentially a cap-and-trade emissions trading system, SO 2 emissions were reduced by 50% from 1980 levels by 2007. [58] Some experts argue that the cap-and-trade system of SO 2 emissions reduction has reduced the cost of controlling acid rain by as much as 80% versus source-by-source reduction.
The Gleneagles Dialog is a summit (meeting) of the environment and energy ministers from the G8 countries Canada, France, Germany, Italy, Japan, Russia, United Kingdom, and the United States, as well as from Australia, Brazil, China, India, Indonesia, Mexico, Nigeria, Poland, South Africa, South Korea, Spain, and the European Union.
Nationally, "Cap & Trade" first entered the American lexicon during the 2008 presidential campaign, when then-Sen. Barack Obama, D-Ill., wooed environmentalists with the idea of taxing entities ...
Allowance prices for carbon emission trade in all major emission trading schemes in Euro per ton of CO2 emitted (from 2008 until August 2024) Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO 2) and other greenhouse gases (GHGs).