Carbon trading in the U.S. has been gaining traction on multiple fronts from Washington where legislation is being crafted to voluntary markets coming on line in New York, California and elsewhere, proponents said Tuesday at an industry meeting.
Jack Cogen, CEO of Natsource, a company with $1.1 billion in assets under management to deploy in carbon markets, said at the Carbon Market Insights 2007 conference that U.S. policy at the federal level "took a major step forward in the past few weeks."
Citing a series of Congressional white papers, and legislation introduced by Sens. Joseph Lieberman, I-Conn., and John Warner, R-Va., Cogen said the federal government, "is beginning to catch up with those in industry and the financial community that know that this issue requires attention at the federal level and understand they need to participate in the process."
Players pushing for uniform climate change and carbon-trading legislation include international energy companies, power companies, banks and financial service providers, and accountants, brokers, engineers and lawyers.
Carbon broker Andrew Ertel of Evolution Markets said he expects global emissions trading - now based mostly in Europe to increase to about $80 billion in 2007 from about $50 billion in 2006.
Ertel, who is chief executive officer of Evolution Markets, said the U.S. is ramping up efforts under regional voluntary programs such as The Regional Greenhouse Gas Initiative, or RGGI, in the Northeast and Middle Atlantic Region....MORE