Trading of Emission Certificates for Climate Protection: Using Markets and Private Capital for Development [chapter]

Rainer Durth
2011 Greening the Financial Sector  
The realisation that climate change is caused and can also be stopped by humankind gained increasing recognition in 2007. The magic threshold up to which an increase in the average global temperature is considered to be still tolerable is between 2° and 3° Celsius. If this threshold is exceeded, the consequences are significant and almost impossible to control. In order to avoid this, greenhouse gas emissions will have to be cut in half against 1990 emission levels over the next 40 years around
more » ... the globe. To achieve this, the European Union set itself ambitious goals in early 2007. It has resolved to reduce its carbon dioxide emissions by 20% against 1990 levels. If a successor to the Kyoto Protocol can be agreed upon, it even considers a reduction by 30%; to improve energy efficiency in Europe by 20% percent by the year 2020; and to meet 20% of end-energy consumption in the EU with renewable energies by the year 2020.
doi:10.1007/978-3-642-05087-9_7 fatcat:6nrrjymfobeyvhanuceixzp4na