LONDON, Oct. 1 /CNW/ - Al Gore, the former vice president of the United
States and leading environmental campaigner, says that market forces will play
the pre-eminent role in the fight to combat climate change in an exclusive
interview published by Euromoney.
"In some cases the commitment of larger banking institutions has run
ahead of the expertise and knowledge that currently exists. And that's OK.
It's right to try to understand the best ways to maximise the opportunities.
It's a massive shift, and it's going to pick up speed and be one of the
largest movements in the history of business," comments Gore.
In a special report that will gain widespread distribution at the annual
World Bank/IMF meetings in Washington, Euromoney looks at how green finance
will change the fabric of the global capital markets in the years to come.
Ted Roosevelt, chairman of Lehman Brothers' Global Council on Climate
Change, says: "The economic transformation driven by climate change, we
believe, will be more profound and deeper than globalization, as energy is so
fundamental to economic growth."
Michael Klein, chairman and co-CEO of Citi Markets and Banking, who have
committed $50 billion to combating climate change over the next 10 years,
says: "The impact on funding markets will be transformational. The sectors
that will be most affected by dealing with climate change are infrastructure,
transport, energy and technology. These account for up to half the global
financing in any given year. The impact on financing could be hundreds of
billions of dollars."
Bankers are already hoping that the carbon trading market will become one
of the largest global commodities markets, and are looking to opinion formers
such as Vice President Gore to promote the role that markets can play in
carbon reduction to regulators in the largest polluting countries such as the
US and China that have yet to adopt a cap and trade system.
Gore believes cap and trade will have to co-exist alongside taxation.
"The carbon trading regime is like a bucket with a large whole in it. It will
become more universal. I think it will become the principal way that the
international political community addresses carbon emissions. But there will
be a growing recognition that CO2 taxes alongside cap and trade represent the
most efficient way of reaching the desired outcome."
For the full interview visit http://www.euromoney.com
For further information:
For further information: Mishal Karia, +44-(0)-20-7779-8032,