Midwest states of the US have signed an agreement to cut down their greenhouse gas emissions. They will institute a carbon credit mechanism too.
A key global warming pact has been signed by the Governor Tim Pawlenty, on November 15, 2007. Eight more Midwest governors joined the agreement which is anticipated to push up the economy of the region while making it a pioneer in greenhouse emission reductions, as per the news published by Tcdailyplanet.
The pact strengthens the energy conservation measures and renewable resources goals of other states. This will meet the requirements set in Minnesota (2007) and puts the foundation for a regional carbon cap as well as carbon trade system before 2010. The participating states include Iowa, Illinois, Ohio, Indiana, Michigan, Kansas, South Dakota, Minnesota, Wisconsin and the Canadian province, Manitoba.
The plan envisages a leaner electricity demand by 2% before 2015 and 2% annually after that. It also mandates all coal-powered electricity plants to captivate harmful carbon dioxide underground by 2020. A third of the gas stations too would provide E85 ethanol blended gasoline by 2025. Another component of the agreement is the trading in carbon credits that shall positively be instituted in the region within twelve months.
The accord also obliges the participants to establish timeframes for reducing greenhouse gas emission, consistent with targets of the Midwest Governors Association (MGA) member states. It will assist in developing a multi-sector cap-and-trade procedure, based on market forces to ensure achievement of the reduction targets.
The pact will also institute a scheme to facilitate management, tracking and crediting for substances that lessen greenhouse gas release. It will also look into the development and implementation of supplementary steps to attain the reduction targets. The methods could be like fuel standards with low-carbon emissions as well as regional funding and incentives mechanisms.
A Research Analyst at RNCOS comments “Global warming is a serious issue across the planet. The initiatives taken by the Midwest governor will boost the energy production in the region, alongside fighting the threats posed by greenhouse emissions. The measures will also push governments around the world to formulate plans to fight against global warming. This is the need of the hour as the increasing machineries and automobiles require more fuel in future”.
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