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Driving Sustainable Carbon Markets

The Institutional Investors Group on Climate Change has called for urgent action to boost the effectiveness of carbon markets and the mitigation of climate change risk in developing countries in their recent report ‘Toward an Effective Global Carbon Market’.
The European group, representing over €4tr, identifies the need for strong pricing signals to further encourage investor interest in carbon markets which have grown to $110 billion last year. Challenging caps will also drive investment in low carbon technologies by causing scarcity and demand and, hence, higher prices.
Alongside calling for greater transparency around data and direct government participation in schemes, IIGCC Chairman Peter Dunscombe highlighted that governments should “learn from the experience of the EU ETS and the problems faced by long-term investors as a result of excessive volatility and uncertainty.”
Members have also called for local carbon trading schemes to bear in mind global compatibility of allowances and credits in order to foster a climate for a single global carbon market, realising a more efficient market and a realistic carbon price.
Furthermore, there remains concern that despite these measures, further public intervention needs to be done in order to harness current growth and ensure secure foundations in developing countries. In the same way that carbon emissions trading systems need to be co-ordinated in order to create a single global carbon trading environment, so intervention in the shape of public policy demands co-ordination in order to avoid an inefficient, unattractive patchwork of policies which may serve to stifle innovation and entrepreneurialism.
For example, such public policy initiatives may take the shape of access to debt or equity-based support harnessed by export credit guarantees and political risk insurance.
The full report, ‘Toward an Effective Global Carbon Market’ may be accessed at the IIGCC web site.

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