World recession affects carbon market
If the U.S. adopts a carbon cap, the world carbon market may see an increase in trading.
Tue, Apr 14 2009 at 1:51 PM EST
Photo by Taras Kalapun The recession’s reach is far and wide and the world carbon market is even being affected. A segment that appeared on NPR’s Morning Edition last Friday discussed the issue – factories have had to cut production due to the recession and thus their greenhouse gas emissions have been reduced. As a result, these companies do not need to purchase as many carbon credits.
"If you go back 12 months," says Kenneth Ivanic of World Energy, "everyone was very bullish that carbon prices were going to keep taking off, it was just 'To the moon, Alice' type of approach. Now as the recession has hit, we've seen people become much more realistic." Source: NPR Morning Edition
Should the U.S. Congress create a carbon cap, the world carbon market could see an upswing in business. “given the United States' role as a global leader and its potentially substantial carbon market, the rest of the world will be watching what happens here very closely, experts from the carbon finance, climate policy, and clean-tech communities said.” Source: CNET.com
The carbon market was a hot news topic last week as the Carbon TradeEx America conference was held in Washington D.C. on April 7-8. For more information on the carbon market’s role in the economic recovery, watch Abyd Karmali of Merrill Lynch discuss the issue on E&E TV.
Photo by Abulic Monkey
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Comments
Ekaterina
04/17/2009 17:25 PM
Nevertheless, carbon constraints (climate change legislation and a greenhouse gas cap-and-trade program) are coming into effect soon. Most immediately, the EPA just relased its proposed mandatory GHG reporting rule for organizations that emit more than 25,000 tons of CO2e a year. And when it comes GHG emissions reporting, there needs to be a common system of standards on measuring, monitoring and managing carbon footprints. CSA just launched the .... More
