ECONOMICS REPORT - U.S. Agency Moves to Take Over Pilots' Pe

ECONOMICS¹ REPORT - Carbon Trading
By Mario Ritter

Broadcast: Friday, January 14, 2005

I'm Gwen Outen with the VOA Special English Economics Report.

Carbon trading has its roots in the Kyoto Protocol². This is the international agreement to reduce levels of industrial gases believed to cause climate change. Many scientists link warmer temperatures to carbon dioxide and other pollutants³.

One way carbon dioxide enters the atmosphere is when oil and other carbon-based fuels are burned. Under the Kyoto Protocol, companies have an allowance⁴. This is the amount of carbon dioxide they are permitted to release.

Companies can go over their limit. But they must buy credits from companies that have more than they need. These are companies that have not used all of their allowance. Each credit permits the holder⁵ to release one ton of carbon into the atmosphere.

Carbon credits have been traded unofficially since two thousand three. Since then, the price of a credit has risen by about forty percent. Now, the European Union will require factories and power stations in the twenty-five member countries to use the system. A program called the European Emissions⁶ Trading Scheme took effect on January first.

Only companies in industries that produce large amounts of carbon dioxide must take part in the system. But anyone can buy carbon credits in financial markets.

Nord Pool, the Nordic Power Exchange, has already begun to trade carbon credits. The European Climate Exchange, in the Netherlands, is to officially start trading in February. Euronext and the European Energy Exchange in Germany have also announced plans to trade carbon credits.

Experts say the market could grow to nineteen thousand million dollars by two thousand ten.

A group of companies created the Chicago Climate Exchange in two thousand three. But carbon trading in the United States is not based on legal limits, as in Europe.

About one hundred thirty nations have signed the Kyoto Protocol. The United States has not approved it. This is largely because big developing countries like China and India are not required to make the same cuts as wealthier nations.

But enough nations have approved the Kyoto Protocol for the treaty to take effect next month. It aims to reduce the amount of carbon dioxide produced in the world to below levels recorded in nineteen ninety. This is supposed to happen by two thousand twelve.

This VOA Special English Economics Report was written by Mario Ritter. I'm Gwen Outen.

1 economics   

n.经济学，经济情况

参考例句：

• He is studying economics,which subject is very important.他正在学习经济学，该学科是很重要的。
• One can't separate politics from economics.不能把政治与经济割裂开来。

2 protocol   

n.议定书，草约，会谈记录，外交礼节

参考例句：

• We must observe the correct protocol.我们必须遵守应有的礼仪。
• The statesmen signed a protocol.那些政治家签了议定书。

3 pollutants   

污染物质（尤指工业废物）( pollutant的名词复数 )

参考例句：

• Pollutants are constantly being released into the atmosphere. 污染物质正在不断地被排放到大气中去。
• The 1987 Amendments limit 301(g) discharges to a few well-studied nonconventional pollutants. 1987年的修正案把第301条（g）的普通排放限制施加在一些认真研究过的几种非常规污染物上。 来自英汉非文学 - 环境法 - 环境法

4 allowance   

n.津贴，补贴，零用钱

参考例句：

• My monthly allowance is 50 yuan.我每月的津贴是50元。
• I have to work to earn my allowance.我非得工作挣零用钱。

5 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

6 emissions   

排放物( emission的名词复数 )； 散发物（尤指气体）

参考例句：

• Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
• Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。