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] as a gesture of good faith: [ILLUSTRATION OMITTED] She continued: "It seems that because of some countries dislike of our scheme, many countries are prepared to move in the [direction of] ICAO, and even to move toward a market-based mechanism at global level.
If governments decide that shipping should contribute to the UNFCCC 'Green Climate Fund'," said Hinchcliffe, "the industry can probably support this in principle as long as the details are agreed at the IMO, with the industry's clear preference for a market-based mechanism being a compensation fund linked to the fuel consumption of ships, rather than an emissions trading scheme.
New market-based mechanisms are needed in order to stimulate the reduction of greenhouse gas emissions across broad segments of the economy," the EU said in its submission, posted on the website of the UN Climate Change Secretariat, referring to power generation, iron and steel or cement sectors.
We are supportive of market-based mechanisms such as emissions trading, as long as they are developed in such as way as to be globally applied, sector specific, and create no competitive distortion," he added.
The United States Congress is considering proposals to limit greenhouse gas emissions using market-based mechanisms that would place a price on emissions.
But hopes that China might fully liberate prices -- allowing them to be set by the market or by a market-based mechanism -- were dashed, suggesting policymakers remain skittish about the idea of a liberalised market despite promising for years to encourage energy efficiency and deter wasteful use.
He will also discuss how initiatives such as CA AB32 and the Western Climate Initiative may adopt similar market-based mechanisms being implemented by RGGI.
“Although market-based mechanisms are the most effective way to allocate scarce resources—like slots—we have taken a very conservative approach to introducing these mechanisms with this proposal,” Mr.