The Financial Times notes today that the “departure from office of US President George W. Bush will give a ‘very promising‘ outlook to international talks on global warming and the $64bn market in greenhouse gas emissions,” according Yvo de Boer, the U.N.’s top official on climate change:
“The US is very promising. All three [presidential] candidates are interested in climate change, all three want international engagement, all three favour a cap-and-trade approach [on emissions], which augurs well for the continuation of the carbon market,” said Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change, the parent treaty to the Kyoto protocol, in an interview with the Financial Times.
“The market in carbon was worth $64bn (40bn, £32bn) last year and is forecast to be worth $3,000bn by 2020 if the US joins it,” the Times adds. The fact that the three candidates are “willing to negotiate a new [climate change] treaty and support the setting up of an emissions market in the US –- a policy vehemently opposed by Mr Bush -– has come as a relief to carbon market investors.”