The Green Gold Rush

30th April 2007 by Anne-Marie Warris

The timing of the FT articles The Green Gold Rush, April 26 and Defra in Storm over Discredited EU Carbon Plan, April 27, is very pertinent and clearly taps into a growing sense of public scepticism about this area. There is no doubt that carbon ‘cowboys’ pose a serious and current threat to the achievement of real reductions in emissions and the necessary change in consumer behaviour.

The issue needs to be addressed urgently if public trust in carbon markets and indeed the whole climate change issue is to be maintained.

Investors will not continue to pump money into businesses which are not accountable and consumers will give up on addressing their environmental impact, let alone buying ‘green’ products if they are confused or think the whole thing is a con.

That does not mean carbon markets can not work. It does mean that without the assurance that offset projects are legitimate, or that the emission reductions claimed is genuine and not duplicated the opportunity for the ‘cowboys’ to flourish will continue.

It does require that those of us who are committed to improving the operation and effectiveness of carbon markets must embrace impartial and independent verification whilst working harder at improving the effectiveness of the voluntary and regulatory control mechanisms.

All aspects of these mechanisms from accreditation through to the verification processes must be credible, reproducible and transparent. Further, the mechanisms must be appropriate and broad enough to meet current and future needs and deliver the outcomes they set out to achieve.

Do you think that carbon markets work?

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