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The Group was launched last year to provide a forum for discussion on enhancing and developing the global carbon market. The Government sees developing this market as an essential part of international efforts to tackle climate change, while supporting economic growth and development and increasing the City of London's competitiveness in global financial markets.
The group discussed areas where Government and industry can work together to further facilitate growth of the marker in London. The Group also discussed the development of Government policy on the EU 2020 climate change and energy package and proposals for auctioning carbon allowances in Phase II of the European Union Emission Trading Scheme.
Speaking after the meeting, Angela Eagle, Exchequer Secretary said:
"We are working to ensure that we make the UK the centre of a new and rapidly growing market in carbon trading. I am keen to listen to the industry and ensure that the Government takes every opportunity to facilitate innovation and growth in this area."
Environment Minister, Phil Woolas who also attended the summit said:
"A strong carbon market is essential in our fight to tackle climate change. Businesses play an important role in spearheading green investments and shaping our low carbon economy. The City is not simply the centre of the UK economy but a key player in a far bigger environmental picture."
Background
1. This was the first meeting of the HM Treasury Carbon Markets Experts Group. The Group was jointly established by the Economic Secretary to the Treasury and the Exchequer Secretary to the Treasury. This meeting was chaired by the Exchequer Secretary to the Treasury, and was attended by representatives from:
Barclays Capital
Camco Global
Cantor Co2e
CEAG Ltd
Citigroup
City of London Corporation
Climate Change Capital
Department for Environment, Food and Rural Affairs
Ecosecurities
European Climate Exchange
Financial Services Authority
JP Morgan plc
KPMG
Lehman Brothers
Merrill Lynch
Morgan Stanley
Natsource Europe Ltd
TFS
UBS
2. The global carbon trading market was worth €40 billion a year in 2007, an 80% rise on 2006 (according to estimates by Point Carbon) and is expected to increase significantly in future. The annual turnover of the environmental goods and services sector in the UK is more than £25 billion , and is expected to roughly double by 2015, creating at least 100,000 jobs.
