I was reading through the financial times this morning and the UN secretary general, Ban Ki Moon is saying that the agreement in Bali, by all participants for a roadmap process for “Kyoto 2” brings business opportunities; carbon trading. The financial sector is bussing and carbon traders are smiling and scheming! Of course this will only be realised if a meaningful target for carbon emission is set by countries, a deep cut reduction is being discussed -20-40%, with the developed countries, taking this target reduction.
The biggest challenge is not limiting the carbon change, because the cost is still manageable, but actually cutting the gas emission by 2050 to reach the very ambitious targets discussed, would be equivalent to global growth slowing by 0.1% pr year, through to 2050.
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