World Bank Learns From Oil, Tries to Jumpstart CO2 Market - Businessweek
June 2 (Bloomberg) -- The World Bank, helped by its AAA credit rating, is considering guaranteeing sales of greenhouse- gas credits, taking cues from the crude-oil market to jumpstart the United Nations-overseen carbon markets.Global warming should be limited to 1.5C, UN climate chief says | Environment | guardian.co.uk
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The value of new-project transactions under the UN’s Clean Development Mechanism tumbled 44 percent to $1.5 billion last year from $2.7 billion in 2009 as global climate talks stalled and the European Union set restrictions for some UN emission- reduction credits, according to World Bank estimates. The program, which generates offsets for projects that cut greenhouse gases in developing nations, needs bigger demand that would come from stricter climate targets, UN Climate Chief Christiana Figueres said yesterday.
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“There’s much to be gloomy about,” the World Bank’s Andrew Steer told delegates at the Carbon Expo in Barcelona, citing a spate of thefts of emissions allowances in the European Union emissions market. “We’re not going to stay in the business if it stays at $1.5 billion.”
The world may need to prepare for temperature increases of 4 degrees Celsius (7.2 Fahrenheit), and the U.S. Navy is preparing for a 1.3-meter (5-foot) rise in sea levels, he said.
Christiana Figueres, executive secretary of the UN Framework Convention on Climate Change, told an audience of carbon traders: "Two degrees is not enough – we should be thinking of 1.5C. If we are not headed to 1.5 we are in big, big trouble."
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