Review of carbon markets: Creating a successful international framework

As part of Tony Blair and The Climate Group’s Breaking the Climate Deadlock initiative, launched at the July G8 Summit, we were commissioned to review the state of the carbon markets. Our review, just released, recommends what it will take to create a successful international framework.

The Breaking the Climate Deadlock initiative provides an accessible resource for political and business leaders, climate change professionals, and anyone wanting to understand more fully, the issues shaping the international climate change debate. It has been prepared to build decisive political support for a post-2012 international climate agreement in the lead up to the December 2009 UN climate change negotiations in Copenhagen.

Our review, part of an ongoing programme of collaboration with opinion leaders to inform climate change policy, argues that the sum of the parts of the carbon markets as they stand will not deliver the real cuts in emissions that are required.

It sets out a vision for a more open, global carbon market and makes recommendations on issues which require decision in the run up to Copenhagen.

A central issue is the question of scale. Linking national and regional schemes may go some way to address this, but a new international framework may be required beyond 2012. Reform of the Clean Development Mechanism and increased institutional capacity, especially in developing countries, may also be required.

For a copy of our review click here.