CO2 emissions penalties may cost 20 countries $46 billion
November 16, 2008
Japan, Australia, and several European countries face billions of dollars in emissions penalties under the Kyoto Protocol, reports Bloomberg.
According to an analysis by New Carbon Finance, 20 countries may miss targets agreed upon under Kyoto, the international climate agreement signed in 1997. As a penalty the countries will be required to buy permits for a collective 2.3 billion tons of CO2. At current prices the permits would cost 36 billion euros ($46 billion). Canada, Japan (587€ million), Italy (325-421€ million) Spain (395-405€ million), and Australia (325€ million) will miss their targets by the largest margin, while the U.K., Sweden and several eastern European nations are expected to meet their Kyoto obligations.