PricewaterhouseCoopers this week unveiled a global internet exchange for trading greenhouse gas emissions as environmentalists put pressure on governments to meet Kyoto climate control agreements.
The Big Five firm launched its CO2e.com website in the Hague as 185 countries negotiated rules to push through greenhouse gas emission cuts agreed three years ago at the UN summit in Kyoto.
The new bourse will first trade in carbon dioxide emissions, but will then be extended to include other greenhouse gases. ‘This is a phenomena of misguided talent that is not in the spirit of Kyoto,’ a Green Party spokesman said. ‘Emissions trading is simply a diversion from the task of tackling the world’s biggest single environmental problem.’
Steve Drummond, leader of PwC climate change financial advisory services, said the site would give industry information about its environmental responsibilities as well as offering an online marketplace.
A Friends of the Earth spokesman said it was up to governments to settle on capping emission trading, and within those agreements exchanges could ‘facilitate’ meeting targets.
The US government estimates its emission trading market is worth up to $100m and worldwide could be worth $3 trillion by 2010.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice