Leo Diarioresponsable.com that the financial sector, as part of the Initiative Environment Programme Finance United Nations, have made this Friday in London called for the development of a carbon market that can attract investors.
This is one of the main conclusions of "Reddy-Set-Grow: Opportunities and Role of Financial Institutions in forest-carbon markets "prepared as a contribution to the climate change meeting to be held later this year.
Banking entities, insurance and investor who helped with the study in this initiative offer their cooperation to work with national and international regulators to get a forest carbon market.
To Abyd Karmali, managing director of carbon markets at Bank of America Merrill Lynch, this market has significant potential but also requires design efforts by regulators to make it attractive for private capital.
In this sense, the alliance with the private sector and financial institutions are essential for the implementation of the mechanism, sponsored in the last session of the UN Convention for Change Climate meeting in Cancun last year, which promotes the reduction of deforestation and forest degradation (REDD + its acronym in English).
To achieve a reduction of two degrees Celsius in temperature of the earth that will give the reduction of deforestation required under United Nations an estimated investment of between 17 and 33 billion U.S. dollars. The study estimated that public investment can not deal with these dimensions is therefore a need for private capital.
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