(Corrects percentage reduction starting in headline.)
European Union governments are likely to reduce emissions outside the bloc’s carbon market by 8.8 percent more than required under the Kyoto Protocol, according to projections published today on an EU website.
The oversupply of reductions needed for compliance with the 1997 protocol will amount to 1.03 billion metric tons in the five years through 2012, potentially freeing up some of the 419 million tons of offset emission credits the nations are buying for compliance, according to the data.
Italy is the only nation likely to undershoot its reduction target, with a yearly shortfall of 11.7 million tons, the EU said.
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