Carbon market lobby group names new director

LONDON, ENGLAND - The Carbon Markets and Investors Association (CMIA) appointed as its new director Miles Austin and said 2010 will be a pivotal year for the $136 billion global carbon markets.

Austin joins the lobby group from JPMorgan-owned carbon credit aggregators EcoSecurities, where he was head of European regulatory affairs.

"Following the outcomes of the Copenhagen summit, 2010 will undoubtedly be one of the most challenging and interesting years for the future of international climate change policy," Austin said in a statement.

"Amongst the many pressing topics we will be focusing on will be the fate of draft U.S. and Australian domestic emissions trading legislation."

National climate change bills, which would launch emissions trading markets in both countries, faced fierce opposition late last year, casting doubt on their successful passage in 2010.

Carbon market sentiment is also raw following a failed United Nations climate summit in Copenhagen in December, where efforts to seal a legally binding global pact to cut greenhouse gas emissions were stalled.

The international market for carbon credits edged up to $136 billion last year, compared with a World Bank estimate of $126 billion for 2008, Oslo-based Point Carbon said in a recent report.