Gaia News 2011
A new Gaia study: Carbon markets reform to accelerate global emission reduction measures
New market mechanism initiatives, such as enhanced project-based mechanisms, sector-based crediting mechanisms or various emission trading schemes could help in removing existing bottlenecks on international carbon markets, shows an analysis made by a consortium led by Gaia.
In particular, the now published survey
provides an analysis of the reform process of Kyoto mechanisms, the
implications of recent restrictions on the use of industrial gas Certified
Emission Reductions (CERs) within the European Union Emission Trading Scheme
(ETS), and the development of new carbon market mechanisms. The report provides
a set of conclusions concerning the on-going initiatives and identifies a
series of key aspects to take into consideration in removing existing
bottlenecks and in the development of new market mechanisms.
"While there is a strong consensus of the fact
that existing market mechanisms are not sufficient to catalyze the required
global emissions reductions, as clearly indicated by climate science and
acknowledged in the Cancun COP 16 agreement, mechanisms such as the Clean
Development Mechanism (CDM) have generated significant investment in green
energy in developing countries. Now, a myriad of new initiatives are seeing
daylight. For example sector based Nationally Appropriate Mitigation Actions
(NAMAs) will require the development of policies, cross-sectoral collaboration
and coordination between a much broader group of stakeholders, including the
private sector" concludes Mikko
Halonen, one of the authors of the study.
The study was prepared at the request from the
Ministry of Environment of Finland and conducted in collaboration with First
Climate AG, a leading carbon asset management company, and Condes Oy, with
world class expertise in climate and development financing. Gaia offers an
array of climate change services ranging from profound market analysis to
corporate climate change strategies and practical Carbon Management Plans.
Report “Päästöyksiköiden markkinoiden kehityssuuntia”
(in Finnish)
Pasi Rinne, Chairman of the Board, Gaia, tel. +41 79 472 6909, firstname.lastname@gaia.fi