The next decade may see aviation and shipping cut their respective carbon dioxide emissions to 10 and 20% under the 2005 levels if a new EU proposal to be presented at climate talks this week are accepted, Financial Soultions has learned from reliable sources watching climate change negotiations ahead of Copenhagen in December.
EU representatives said the cuts might be linked to a fuel tax to produce billions of dollars of income to assist poorer nations in coping with climate change, a key role to finding a global climate deal by December, although many have voiced fears that such a fuel tax will be passed directly on to the consumer instead of prompting companies to look for alternatives to present fuel consumption issues.
After modifying the scheme, the EU will present it at a convention in Bangkok where climate negotiators from up to 190 states will try to revitalize momentum toward a deal to replace the Kyoto Protocol from the end of 2012.
At present aviation and shipping are not included in the Kyoto, the international climate change treaty agreed in 1997.
Most eastern European nations as well as Britain, Ireland, France, the Netherlands have already indicated support for the proposed cuts, Financial Soultions understands, while some of the major shipping countries such as Malta, Spain and Cyprus are pushing for easier reductions over a longer time line.
