May 2, 2007—With a booming carbon market which reached US$30 billion in 2006, early advocates of market options to mitigate climate change renewed their commitment to an expanded role of the market in greening economic growth globally, at the opening session of Carbon EXPO 2007.
According to Yvo de Boer, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) “ If rich countries commit to reduce emissions by 60% by 2050 compared to 1990 levels, and if they buy half of the reductions in developing countries that would generate a $100 billion in financial flows for clean development options”
According to the “State and Trends of the Global Carbon Market Report 2007” launched here by the World Bank, developing countries benefited in 2006 with a financial flow of US$5 billion, through the carbon market.
“We need to move beyond these figures and scale up operations,” said Kristalina Georgieva, Sustainable Development Director at the World Bank, and she added “this will require a change from a project by project approach to sectoral initiatives in such areas as transport, construction, etc, as a way to upscale the market to more relevant volumes which can have an impact in both mitigating climate change and promoting green economic growth in developing countries.”
For Andrei Marcu, who represents more than 100 companies belonging to the International Emissions Trading Association (IETA), “The market is maturing. In addition significant change in the US, Australia and Canada is taking place. But there are still issues. We need to ensure the credibility of the market. I would characterize the market as resilient and successful and with a clear growth potential.”
According to Koelnmesse, the German trade fair organizer, a record 3,000 participants are attending Carbon EXPO and more than 200 exhibitors are showcasing projects and innovative approaches both from developing and developed countries.
“Cologne is the perfect place for Carbon EXPO because our city takes climate concerns very seriously, promoting alternative sources of energy for the transportation sector and the building industry,” Fritz Schramma, Mayor of Cologne said when opening Carbon EXPO 2007.
Fifty delegations from developing countries are participating in Carbon EXPO 2007 as part of the outreach efforts developed by the World Bank. More than 100 initiatives for new projects will be discussed with prospective buyers of carbon emission reductions during the conference.
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