Trans-Atlantic Carbon Market?
Britain and California have formed a trans-Atlantic partnership to address global warming [more], bypassing the Bush administration to explore ways to curb greenhouse gas emissions and promote clean-burning fuels. The pact appears to be largely symbolic, though British Prime Minister Tony Blair and California Gov. Arnold Schwarzenegger are investigating laying the groundwork for a new trans-Atlantic market in carbon dioxide emissions – a marvelous idea. Blair and Schwarzenegger announced their collaboration during a meeting to exchange views with industry CEOs in a round-table discussion on how to work together to accelerate the deployment of clean-energy technologies. The Bush administration was notably absent from the list of participants. If this trans-Atlantic carbon market truly eventuates it would be a momentous moment as California would be accepting a cap on carbon emissions [more], something that the national government has fiercely resisted. This move would be a thorough repudiation of the President's lack of leadership on the matter (Alert).