The G8 tackles Global Warming

global-warming.gifThe G8, which stands for the “Group of Eight,” will meet this week in Gleneagles, Scotland. Together, these eight industrialized nations comprise 60% of the world’s GDP. At the top of their agenda for this meeting is global climate change. The Economist reports that 24 of the world’s biggest companies petitioned the G8 to develop a worldwide system of greenhouse gas emissions limits, with tradable permits for businesses. These permits would limit the amount of CO2 each company could emit.
The only such mandatory system currently in place was started this year by the EU. Under this system, companies are given a certain allowance for carbon dioxide emissions. By improving their emissions standards, companies who fall under their designated emissions allowance can sell their excess “carbon permits” to companies who have exceeded their limits. Currently, the U.S. has a similar program called the Chicago Climate Exchange, but membership is optional and not government enforced.
Presently the US opposes mandatory emissions standards. US support for such measures is seen as vital, largely because America is the world’s largest polluter. With China poised to overtake the US as the greatest greenhouse gas producer by 2025 and India right behind (see SF Chronicle), a unified accord could serve as a vital precedent for such rapidly developing nations. US backing of such policies in slowing the heating of the planet appears to be vital.