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The Low Carbon Economy Ltd

07 Dec 2007 04:12:45

Single global carbon market is 'the way forward'

Single global carbon market is 'the way forward'
National and regional carbon markets should be linked to establish a single global entity, according to a leading business association.

In a new report, the World Business Council for Sustainable Development (WBCSD) has called for country's to link their differing carbon management schemes together to create a single market and single cost for emissions.

A single market would, the report argues, promote equal access to low-cost carbon reduction opportunities for both developed and developing nations.

The organisation also called for international trading, with the global carbon market structurally based on financial markets, claiming this would also benefit developing nations.

"If done well linking national or sector based initiatives in various parts of the world and establishing a global cost of carbon could unlock enormous efficiencies, providing access to lowest cost abatement opportunities by developed and developing countries alike," said David Hone, WBCSD associate.

According to figures published by the World Bank, the worldwide size of the carbon market tripled in size in 2006 to $30 billion (£14.78 billion).ADNFCR-1235-ID-18386464-ADNFCR

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