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.
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