Thursday, September 21, 2006

Carbon Market News Flash…

A few more exciting recent headlines from PointCarbon – the main clearinghouse for information on the carbon markets – that I wanted to share:

  • Goldman Sachs takes 10.1% stake in Climate Exchange
  • Schwarzenegger’s climate strategist goes national, beginning a multi-state consultation process aimed at inducing federal regulation of greenhouse gases
  • The US Congressional Budget Office (CBO) concluded that putting a price on emissions – through cap & trade – reduces them more cost-effectively than merely funding research and development (R&D) of new technologies
  • The global carbon market could see $100 billion being invested each year
    in the Kyoto Protocol's CDM & JI, according to the secretariat of the UNFCCC
  • The Chicago Climate Exchange (CCX), a voluntary carbon trading programme in the US, will allow members to use greenhouse gas emissions reductions achieved through the Kyoto Protocol’s CDM (clean development mechanism), as well as energy efficiency projects, towards compliance with their targets

When you put the pieces together, it paints a nice picture of the US moving towards a federal cap & trade system that could include credits from CDM projects, which represent a huge market. This all gives me great hope for making real progress on eliminating greenhouse gas emissions – and finding some exciting work in NYC, which is again the top-contender for a move after our project here in Sweden finishes up in December. Stay going.