Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-01-Speech-2-297"
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"en.20030701.10.2-297"2
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"Mr President, the unanimous sign-off of this emissions trading directive in December 2002 at the Council of Ministers was a major wake-up call to corporate Europe and a signal that this was actually going to happen. Quite frankly, I do not think they believed it up to that point. I extend my sincere thanks to the rapporteur, my colleague, Mr Moreira Da Silva, for the enormous body of work that he did in bringing all of us to where we are today.
Ireland has one of the worst records, second only to Spain, for greenhouse gas emissions. National emissions allowance capping will ensure that quantifiable Kyoto objectives are met and that we decouple economic growth from increased greenhouse gas emissions. National allocations will have to be linearly convergent with the Kyoto Protocol. The national cap on allowances can start from the 2003 emissions level and not from that of 1990, provided that the allowances are decreased to the Kyoto figure by 2012. Amendment No 43 is very important as it allows Member States to benchmark the best available technology for allowance allocation. This should ensure that one-off, economically-vital industries can be looked after in a Member State.
The
provision is also necessary until a liquid trading market emerges. It is critical to secure the viability of the emissions trading market in the short term if it is to survive in the longer term. In particular, a situation where, as a result of market design, allowance prices significantly exceeded the long-run marginal cost of abatement within the EU and approached the penalty price would be unsustainable. It is appropriate that provisions be made to deal with unforeseen circumstances during the pilot period of 2005 to 2007.
In the absence of market management mechanisms and taking into account the risks involved, the current
clause could provide flexibility for Member States to cope with unforeseen events such as market failure, and avoid serious economic shocks. Definition by the Commission of the circumstances under which it may be applied is appropriate and desirable for Member States in advance of them preparing their national allocation plans.
In conclusion, the provision for banking 2005 to 2007 surplus allowances into the 2008 to 2012 period effectively reduces the number of allowances available for allocation in that period and will act as a constraint on Member States in applying
. Nonetheless, given the large uncertainties and the major risks involved, the provision for
must be retained."@en1
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