21 Dec 2009
A PricewaterhouseCoopers partner has warned that New York could challenge the UK for its title as carbon trading capital.
Carbon trading markets are worth an estimated £75bn since the launch of the EU Emissions Trading Scheme (ETS) in 2005.
Richard Gledhill, head of carbon markets and global leader of climate change at PwC, told the Daily Telegraph: "The big question now for the City is whether London will lose its leadership in carbon markets to the US."
"America is going to take action on climate now. Lose this battle and we risk a financial sector brain drain from the carbon markets in London," he added.
Leaders who met at the Copenhagen climate summit last week failed to sign a binding agreement, however president Barack Obama signalled his intention to force a carbon trading system through the Senate this spring.
Gledhill claims carbon markets could triple over the next decade.
Support grows for carbon tax on aviation and shipping
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