Banking on Carbon? (COP 13)
I talked at the Ecosecurities’ party with its founder and President, Pedro Moura Costa – another ECI Alumnus who has his main office in Oxford. His company’s stellar rise suffered a temporary setback recently when it announced that it was talking longer to get CDM project approvals than planned. But he remains very optimistic for the medium to long term. We discussed the issue of market certainty and stability in future carbon markets and he referenced early talks of establishing a carbon equivalent to the IMF – the ICF or International Carbon Fund.
I was delighted to hear this since it aligned precisely with a policy submission SustainAbility made early this year to the Quality of Life Commission: it proposed that the UK should have a Carbon Treasury with a brief to build carbon reserves (similar to gold reserves) as a hedge against economic cycles and to provide stability in carbon markets. Pedro is keen to explore how an international version of this could be developed and we plan to collaborate further when we are both back in Oxford.
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