Ian Johnson Clarifies the Clean Development Mechanism
Civic Exchange - Civic Exchange
Public policy think tank Civic Exchange and the British Consulate-General co-organised a workshop to explore the latest developments in carbon trading and the implications for the financial centres of the world. This workshop is supported by Hong Kong Exchanges and Clearing Limited.As the world considers how to meet the climate change challenge, financial centres such as Hong Kong must work out what positive role they can play to price greenhouse gas (GHG) emissions.This would be an important step in ensuring the right financial incentives are in place to achieve large emissions reductions within the foreseeable future.The UNFCCC's flexible market mechanisms, including emissions trading and the Clean Development Mechanism (CDM), were designed to assist in that process, but they face many challenges.There is expectation that significant progress can be made by the Conference of the Parties takes place in Copenhagen in 2009. One of the hurdles for Copenhagen 2009 is how to adjust the flexible market mechanisms so that they work better, and how financial services can be reshaped to help the mitigation of and adaptation to climate change - Civic Exchange