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EU ready to sign a deal in Cancún

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Tuesday, 01 June 2010

EU ready to sign a deal in Cancún

The EU will be ready to sign a post-2012 international climate change deal this year, said Europe’s climate action commissioner Connie Hedegaard said. “Copenhagen did not result in the deal we all hoped for,” she said, speaking at an International Institute for Environment and Development event in London. “We still need a binding agreement and the EU will be ready to sign up to a new treaty as early as Mexico.”“The carbon market is essential” to a new deal, Hedegaard said, adding that this is one area where progress is “urgently needed” in the negotiations – especially as it has the potential to generate $38 billion of finance a year, she said, citing a Commission report from last year. And while the Clean Development Mechanism (CDM) has been a success, it needs to be along sectoral lines, she said, repeating previous calls from the EU that the CDM should be scaled up and applied to entire industry sectors, rather than individual projects.

Source : Carbon-financeonline.com