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The Low Carbon Economy Ltd

25 Aug 2010 12:08:45

Confidence in CDC at a "very low ebb"

Confidence in CDC at a
The European Union's (EU) efforts to develop an international carbon market are being hampered by a lack of "regulatory certainty and business continuity", according to the International Carbon Trading Association (ICTA).

In a letter to climate change commissioner Connie Hedegaard, the ICTA said that currently confidence in the Clean Development Mechanism (CDM) was at a "very low ebb" due to "decisions taken or expected by the EU".

Three recommendations to increase levels of private financing were made to the commission. The ICTA suggested that the EU should clarify rules on international offsets, end the debate on the carbon instruments that can be used in the emissions trading scheme and develop more market measures, such as green bonds.

The ICTA said that despite the need for significant private financing to reach climate change goals, currently "a variety of EU actions seem more intended to pursue domestic political and international negotiation objectives that will drive private sector investment away just when it is most needed".

EU targets are for a 20 percent reduction in carbon emissions on 1990 levels by the year 2020.  ADNFCR-1235-ID-800039280-ADNFCR

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