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UN's Figueres Urges Carbon Board to Avoid 'Nightmare' Scenario
2010-08-05 17:00:02.478 GMT
By Mathew Carr and Catherine Airlie
Aug. 5 (Bloomberg) -- Members of the Clean Development
Mechanism executive board must avoid a "nightmare scenario"
for developing nations that includes fragmented carbon markets,
the United Nations' climate chief said in her first address to
the board.
Rich nations may drop participation in the so-called CDM,
the world's second-biggest carbon market by traded volume, and
prefer bilateral markets with developing nations, Christiana
Figueres, executive secretary of the UN Framework Convention on
Climate Change and a former board member, said at last week's
meeting in Bonn, according to a video on a UN website. Figueres
took over the post from Yvo De Boer last month.
"It's a real scenario that is really being considered,"
she said. Bilateral markets may be "comfortable" for developed
nations demanding credits, she said. Poorer nations would need
to promote their projects to many countries, she said. "It's
just a nightmare scenario," she said. It would also be more
difficult to ensure that each ton of carbon dioxide saved was
the same, a "core" value of the board, she said.
For Related News and Information:
Emission market news NI ENVMARKET <GO>
Today's top energy stories ETOP <GO>
European power-markets home page EPWR <GO>
Sustainability, environmental indexes SEI <GO>
--Editors: Rob Verdonck, Raj Rajendran
To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net;
Catherine Airlie at +44-20-7073-3308 or
cairlie@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
