The International Carbon Action Partnership (ICAP) has been formed by a coalition of European countries, US states, Canadian provinces and New Zealand. The Partnership’s goal is to lead in the creation of a global carbon trading market.
Some of its signatories include British Prime Minister Gordon Brown, Norway, the Premier of British Columbia Gordon Campbell and New York Governor Eliot Spitzer.
ICAP says it wants to send an important signal to others states and countries that by working together, the world can reduce emissions.
ICAP plans to create incentives for cleantech investment and economic growth while avoiding criticisms of carbon markets – that they let polluters off the hook.
At least 16 states in the U.S., New Zealand, Australia and seven Canadian provinces are thinking about following Europe’s lead and establishing carbon trading.