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09 Apr 2009 05:04:00

New rules would make London low carbon finance centre



New rules would make London low carbon finance centre
London could become the financial centre of a low carbon world it if takes steps to force heavy emitters to disclose carbon liabilities, according to the WWF and the Co-operative Financial Services (CFS).

Oil, gas and power companies should be required to reveal future carbon liabilities, the organisations claimed, backing an Early Day Motion which was tabled in the House of Commons earlier this month.

WWF and CFS claimed that disclosure of carbon liabilities should be part of the reforms introduced in the world's financial systems and said that continued investment in heavy emitting industries could cause further problems for the financial system.

WWF-UK's director of campaigns David Norman said: "Industries like tar sands are a long-term lose-lose: the planet loses and the economy loses. The UK already has assets tied up in tar sands. Yet in the long run, money invested in tar sands is money wasted."

He added: "Carbon-intensive industries and those who invest in them will face ever-increasing carbon costs."

According to Chris Hope of Cambridge University's Judge Business School the price for a permit for emitting a tonne of carbon should be £85, the Sunday Times reports.

This could make future carbon liabilities significantly higher than if calculated at the present level. At the moment, credits in the Emissions Trading Scheme are trading at about £11.


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Discussion Thread  

09 Apr 2009

Over recent months, there's been a lot of media focus on the energy industry. The brighter energy debate aims to explain the complexities of the industry and address the issues that affect us all - from energy bills to energy efficiency.
npower has taken an interesting, interactive approach to discussing energy matters and many videos on important topics are planned for release this year.
The first one is npower’s response to the profits announced last week. It comprises an interview with npower CEO Kevin Miles with the broadcaster Peter Snow:
http://thebrighterenergydebate.npower.com/




Discussion Thread  

 


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