Demand for clarity on global response to climate change
βIn Durban, it is incumbent upon governments to demonstrate their willingness to address climate change by laying out a clear roadmap for how and when a successor framework to the Kyoto Protocol will be achieved, in a manner that could accommodate and recognise efforts at any scale from regional up to global, and set a level of ambition that, in contrast to the current pledges, will actually enable us to limit the average global temperature rise to 2 degrees Celsius as Heads of State have previously agreed in Copenhagen and Cancun, β stressed Miles Austin, Director of the Climate Markets & Investment Association (CMIA). The first period of the Kyoto Protocol that currently provides the international framework for how countries together tackle climate change ends in 2012 and governments have yet to agree on what follows it. The lack of clarity has already resulted in capital flight. Investments in projects that bring down carbon emissions in the developing world have fallen from a high of US$7.4 billion in 2007 to US$1.5 billion in 2010. Figures for 2011 are widely expected to reflect a further decline βA successful response to climate change will be defined by policies that succeed in meaningfully engaging private capital. Our specific suggestions for Durban therefore include further improvements to the Clean Development Mechanism, ensuring that the Green Climate Fund is operationalised and has an explicit strategy to attract private capital, and a formal recognition that countries can use all forms of finance, including markets, to reduce emissions from deforestation and forest degradation (REDD+),β emphasised Abyd Karmali, President of the CMIA and Global Head of Carbon Markets at Bank of America Merrill Lynch. | ||
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