Carbon Market & Futures Investors Say They're "Open" To Self-Policing - Reuters

[hatrack]

Oh, good.

Carbon market players said on Tuesday they will consider developing self-policing rules after a call to action by the U.N.'s new climate chief, but warned that more political will is needed by governments to spur investment.

Christiana Figueres, who officially starts her new role in July, on Friday said market participants had "seriously impaired the trust of governments, civil society and non-profits," through several scandals that rocked the largely unregulated $144 billion market last year. "I believe that if the private sector itself does not develop self-policing mechanisms, somebody else will step in and do it for you," she told a carbon conference in Germany.

The Carbon Market & Investors Association, one of three trade groups identified by Figueres, said it would consider Figueres' proposition, CMIA director Miles Austin told Reuters. Last year, the market's reputation was rattled by allegations of carbon credit theft, tax fraud and trade in recycled credits. "We cannot aspire to more advanced financial mechanisms ... if current transactions are not squeaky clean," Figueres said.

"Market participants need to hold themselves to a higher standard. This market needs public trust ... without it, it does not function."

EDIT

http://planetark.org/enviro-news/item/58278

[daggahead]

1. I was looking for the link to The Onion or Andy Borowitz. n/t

[DJ13]

2. Great, another casino for the wealthy to play in!

[abelenkpe]

3. Because self policing has worked out so well, right? nt

[phantom power]

4. ...

:rofl:

[Kringle]

5. printing carbon offsets, just like trintimg money .nt

[abqmufc]

6. If you have not seen this video....

It is great, "The Story of Cap and Trade". Are we willing to trust the same market system which has destroyed the housing and banking markets?

http://www.storyofstuff.com/capandtrade/

[XemaSab]

7. .

[supernova]

8. My, how magnanimous of them

"willing to consider self-policing"

:rofl: :rofl: :rofl: :rofl: :rofl: