Global: World emissions rise, carbon markets fail

Global greenhouse gas emissions rose faster than ever last year and the market-based schemes set up to bring emissions down are in trouble. That’s the bad news from two recent reports by the International Energy Agency (IEA) and the World Bank. The IEA said emissions in 2010 were five per cent higher than 2008, the previous highest year. It estimated that about 44 per cent of the emissions came from coal, 36 per cent from oil and 20 per cent from natural gas. It also said 80 per cent of projected emissions from energy generation in 2020 'are already locked in as they will come from power plants that are currently in place or under construction today'.