| Treasury launches Carbon Markets group |
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| Wednesday, 14 November 2007 | |
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The government has established a carbon markets expert group to discuss ways of enhancing and developing the global carbon market and to act as an industry liaison for the Treasury.
Exchequer secretary to the Treasury Angela Eagle made the announcement at the International Carbon Markets Conference in London. The economic significance of climate change means it is critical to establish a credible international framework that can deal with climate change efficiently, promoting environmental benefits alongside economic growth and development. Eagle explained that the international challenge posed by global warming means that carbon emissions need a global price, not just a price in the UK or in Europe. She added, "Creating a global carbon market will, of course, be a real challenge - and we have to recognise the scale of that ambition. If we're to do it, then there's a huge role for the private sector to play. To help us to use the knowledge and the skills of the private sector, we are setting up a carbon markets experts group that will act as a sounding board for the Treasury, and that will discuss ways of enhancing and developing the global carbon market." Global centre Economic secretary and city minister Kitty Ussher, who last month called for London to aspire to be the global centre for carbon trading, said, "I want our economy to not only grow strongly, but also to be green and carbon trading is the key to achieving that. It can help us address the challenge of climate change and also further strengthen London's position as a global financial centre.” The global carbon trading market is worth $30 billion a year, a figure the government expects to increase significantly in future. The annual turnover of the environmental goods and services sector is more than £25 billion in the UK, and is expected to roughly double by 2015, creating at least 100,000 jobs. Adam Nathan, director of communications for the Carbon Markets Association (CMA) said, "CMA welcomes today's conference as a way to focus finance ministries worldwide on creating an efficient global carbon market for combating climate change. Now more than ever it is important that finance ministries work in harmony with environment ministries to design a global system that delivers efficient reductions in emissions". In Budget 2006, the Chancellor announced a commitment to work with the financial sector to establish the High-Level Group, with senior representatives from across the financial sector, to develop and support a new strategy to promote London as the leading international financial centre. The first meeting was held at 11 Downing Street in October 2006, followed by a further meeting in May 2007. Related articles Related links |
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