The Copenhagen summit was a heavy blow to the hopes of environmentalists – and to prospects for a much bigger global carbon market. But emissions traders are taking it in their stride, as Siân Williams discovers.
The political stalemate at the Copenhagen climate change
conference in December has thrown a cold bucket of doubt over
the carbon market.
Up to a few months before the UN Framework Convention on
Climate Change summit, many believed that a global agreement
could be reached, containing measures significant enough to
change the outlook for carbon markets.
But as the summit approached the mood became more sober, and
the eventual outcome was worse than many had expected.
Many questions are impossible to answer definitively: will a
global agreement be reached? If so, when? Is it now less likely
that individual nations will introduce legislation mandating
Though carbon was never expected to be a highly volatile
commodity, the price has not only been changed by fundamentals
and by macroeconomic factors; it has also ended up being
affected by uncertainty.
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