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Announcement Of Second Phase National Allocation Plans
Climate Change Group urge EC to get tough
(London, 24 November 2006) A group of major European banks and businesses involved in combating climate change will today urge the European Commission to set meaningful caps for each of its Member States on the carbon emissions their industries can emit.
On Wednesday, the European Commission will rule on the caps for 2008-2012 proposed by national governments. European Carbon Investors and Services (ECIS) are urging the Commission to reduce what countries are asking for by at least 10 percent in order that countries achieve carbon reduction targets set out in the Kyoto Protocol and avoid illegal subsidies through over-allocation to particular sectors and companies.
In an open letter to EC president Jose Manuel Barroso, the ECIS group said that, although the Commission were hampered in setting meaningful targets the last time by the absence of data, verified information on emissions has become available this year and "the EU must now show its commitment to the legally binding targets adopted under the Kyoto Protocol."
The group said that the EU needed to seize every opportunity to provide a strong signal to investors in climate change as the period between now and 2020 is the one in which the EU's ambition to avoid global warming about two degrees Celsius will succeed or fail.
A spokesperson for ECIS said last night: "It is important that the EU does not over-allocate and it must set out caps that are consistent with the Kyoto Protocol otherwise no one will believe the EU's new targets to be agreed in 2007. Investors need credible and consistent political decision making in order to deploy capital in the emerging carbon market. When the first phase of caps was decided, most countries proposed excessive allocations. Now that there is adequate data and the ongoing need for Kyoto compliance, the Commission must stand firm, despite political pressure from its member states to back off. This will help create a realistic price for carbon which will be sufficient to reward investors in clean technologies and incentivise companies to cut their emissions. This is what everyone wants."
Enquiries:
ECIS
Imtiaz Ahmad +44 (0)7770703613 Imtiaz.Ahmad@morganstanley.com
Kate Hampton +44 (0)207 290 6039 khampton@c-c-capital.com
Seb Walhain +31 (0) 653374799 seb.walhain@nlfortis.com
Climate Change Capital
Communications Team +44 (0)207 939 5319 media@c-c-capital.com
Notes to Editors:
About ECIS
On 31 October 2006, 18 carbon market leaders comprising 13 investment banking groups, three Kyoto project developers, an exchange and an international law firm announced the launch of a trade association called the European Carbon Investors and Services (ECIS) to represent the 'market' perspective on emissions trading and climate investments to policymakers worldwide.
ECIS was founded by: ABN AMRO, Baker & McKenzie LLP, Barclays Capital, BNP Paribas, Camco International, Climate Change Capital, Credit Suisse, Deutsche Bank, Dresdner Kleinwort, European Climate Exchange, Fortis, GreenStream Network, HypoVereinsbank / UniCredit Group, IXIS E&I / European Carbon Fund, MGM International, Morgan Stanley, ORBEO (Société Générale / Rhodia) and Standard Bank.
About Climate Change Capital Ltd.
Climate Change Capital Ltd. (“CCC”) www.climatechangecapital.com is an investment manager and advisor specialising in the opportunities created by the transition to the low carbon economy. Its activities aim to make the world’s environment cleaner while delivering attractive financial returns.
- Fund Management: Develops and manages funds that invest in companies, projects and technologies that provide products or services facilitating climate change mitigation or adaptation. CCC has over US$1.6 billion under management across the following alternative asset classes: Infrastructure and Carbon, Private Equity, Listed Equities, Real Estate, Land and Water.
- Advisory: Provides financial, strategic and policy advice to energy-intensive industries, financial institutions, clean technology companies and governments.
Through the combined talents of investment professionals, market specialists, and thought leaders we reconcile economic gain with environmental benefits without compromising implementation, discipline, client focus and accountability.We call this Creating Wealth Worth Having®.
Climate Change Capital Limited is authorised and regulated by the Financial Services Authority.