London urged to join government to deliver low carbon energy for Africa
Environment minister, Phil Woolas has issued a challenge to the City of London to work with the Government towards more equitable investment in clean development technologies in the developing world – with a major focus on Africa.
In a speech to a major City conference on the Clean Development Mechanism and the global emissions market, Mr Woolas said that London was the undisputed centre of the global carbon market. He said the City needed to play a key role in a critical stage in the market’s development.
“In the last five years, we have shown that it is possible to build an international market in carbon with London at its heart that generates emissions reductions from across the world,” he said.
“Carbon markets and carbon finance have a fundamental role to play in a future global framework to tackle climate change – and while continuity is important, so is change. The market must extend and transform to meet the immense challenge of stabilising global CO2 emissions.”
Mr Woolas said the carbon market needed to meet two specific challenges – the need for new instruments for major emitters, and mechanisms to ensure investment in less developed countries.
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Page published: 19 July 2007