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Carbon Market by Far the Biggest Challenge the Travel & Tourism Industry has Ever Faced
Thursday, 11 Apr, 2010
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When Cap and Trade systems come into being in the next year or two, the global travel and tourism industry will reel from the cost and the shock – report
Cop15 may have been widely reported as a failure and the global news media seem to be full of challenges to the science of global warming and climate change. However the legislative mechanisms have been set in place and the clock is running – it is only a matter of time before rigorous legislation and increasing energy prices take their massive toll on the travel and tourism industry. Says the Tourism & Carbon Market Guide, released today.
SOME FACTS:
SOME HURDLE: The world’s industrialised countries have already committed to reduce Greenhouse Gas emissions by 5.2% from 1990 levels. To put that in some context, per capita GDP in the UK in 1990 was $16,073 and in the US $23,196, by 2005 GDP had risen to $33,000 and $44,000 respectively – a doubling in 15 years.
SOME LEGISLATION: Globally, legislation is quietly but deftly being enacted. For instance, in the UK the Carbon Reduction Commitment Energy Efficiency Scheme was introduced on 1st April 2010 mandating all large energy users including hotels to be audited and pay market rate for excess emissions.
SOME MARKET: Currently around $150bn is traded annually on the world’s emissions exchanges. Because of the recession last year, you would have thought that there would have been a great deal of unused emissions capability and the market should have slumped. It didn’t blink. As Cap and Trade legislation is put in place across the globe, trillions of dollars in CERs will be traded.
SOME MONEY: The travel industry is integral to the carbon market. Airlines are already in the EU-ETS emissions trading scheme, hotels will be captured by the coming legislation. The hotel group IHG estimates that its Green Engage system will save $200m a year in the next few years. This is chickenfeed compared to the industry wide cost of increasing energy and emissions taxes.
Welcome to a new world – The Carbon Market is by far the biggest challenge that the travel and tourism business has ever faced.
Tourism and Carbon Market Guide forecasts and outlines the race for the Carbon Neutral Destination; clarifies opportunities and challenges for tour operators and travel agents, hotels and other accommodation providers, destinations and all forms of transportation companies.
Tourism and Carbon Market Guide has been designed to simplify and help chart a course through this complex set of issues and understand how it all works, see the dangers and opportunities clearly, get one step ahead.
For further information about The Carbon Market and Tourism email [email protected]
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