Carbon trading market requires improved infrastructure to curb greenhouse gas emissions
The Bank of New York Mellon report claims the development of a successful global carbon trading market that delivers real and cost-efficient greenhouse gas emission reductions will require an improved market infrastructure to succeed.
New York– The development of a successful global carbon trading market that delivers real and cost-efficient greenhouse gas emission reductions will require an improved market infrastructure, according to a report issued by The Bank of New York Mellon entitled, "Towards a Common Carbon Currency: Exploring the Prospects for Integrated Global Carbon Markets."
The report–prepared in conjunction with Point Carbon, a provider of market intelligence, forecasting, and advisory services for the energy and environmental markets–finds that for a global carbon trading market to allocate capital to the lowest cost carbon reduction projects worldwide it must be based onstandardization, liquidity, transparency and predictability.
The paper recognizes the political and practical challenges of reconciling differing worldviews of what constitutes real, permanent and verifiable emissions reductions.
"Creating a more efficient global carbon market by linking global cap and trade programs and continuing the use of international offsets will reduce more greenhouse gas emissions at a faster rate and at a lower cost than would be possible through national or regional programs alone. This recognition, originally embedded in the Kyoto Protocol, needs to remain at the core of a new international framework on climate change," said Kjell Olav Kristiansen, director of advisory services at Point Carbon.
The paper advocates the development of a linked "cap and trade" market model, in which emitters are offered the widest set of options to reach their emission reduction targets, including the use of imported allowances or offsets.
The paper is available at The Bank of New York Mellon's website at
www.bnymellon.com/carboncurrency and Point Carbon's website
Control Engineering News Desk
- Events & Awards
- Magazine Archives
- Oil & Gas Engineering
- Salary Survey
- Digital Reports
Annual Salary Survey
After almost a decade of uncertainty, the confidence of plant floor managers is soaring. Even with a number of challenges and while implementing new technologies, there is a renewed sense of optimism among plant managers about their business and their future.
The respondents to the 2014 Plant Engineering Salary Survey come from throughout the U.S. and serve a variety of industries, but they are uniform in their optimism about manufacturing. This year’s survey found 79% consider manufacturing a secure career. That’s up from 75% in 2013 and significantly higher than the 63% figure when Plant Engineering first started asking that question a decade ago.