Cmia Press Release - 8 July, 2009

PRESS RELEASE London, 8 July 2009 .

The Carbon Markets & Investors Association (CMIA) is an international trade association representing financial institutions and other service providers to the global carbon market as well as investors in low-carbon technologies. Formed to represent businesses working to reduce carbon emissions through the market mechanisms of the United Nations Framework Convention on Climate Change (UNFCCC), CMIA member companies include organisations that have been involved in an estimated 75 per cent of the value transacted in the global carbon market, worth roughly $100 billion in 2008.

CMIA welcomes the continued initiative of the G8 in addressing climate change. In particular, we applaud the focus of the Major Economies Forum on this crucial issue. We hope that the outcome of this meeting of global leaders will provide further momentum and impetus for consolidated action ahead of the UNFCCC Copenhagen negotiations. Furthermore, we hope that the importance of the private sector in the global transition to a low-carbon economy is recognized and addressed. A UNFCCC study1 estimates that by 2020, 86 per cent of financing required for mitigation will come from the private sector. These high expectations need to be supported by market-friendly mechanisms in order to deliver required fund flows. Credible and long-term national low-carbon development plans and policies, along with ambitious 2020 targets that maintain the environmental integrity of carbon markets, are likewise crucial for an optimally efficient transition to a low-carbon global economy. CMIA also fully recognises the importance of public finance to securing an ambitious and comprehensive international agreement. For this reason, and for the potential role that public finance has in leveraging significant private sector finance, we welcome the UK Government’s recent announcement on its public finance for climate change. We hope commitments from other developed countries will follow. The private sector is ready and willing to contribute to the global challenge climate change presents. At this crucial juncture, CMIA encourages policy-makers and the international community to ensure that the private sector is fully engaged and consulted on the arrangements for an expeditious and efficient global transition to a low-carbon economy.

ENDS

CMIA Contact Information: Alexandra Galin Manager, Policy and Working Groups [email protected]

1

UNFCCC Study – “Investment and Financial Flows to Address Climate Change” (2007)

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