Carbon market lobby group names new director

Carbon Market Outlook 2010 analyzes post-Copenhagen climate policy, emissions trading prospects, carbon credits, and U.S.-Australia legislation as markets rebound to $136 billion amid regulatory uncertainty and intensified lobbying following a stalled UN summit.

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, with Kyoto carbon trade hitting 1 million tonnes a day," 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, as well as developments in Canada's carbon-trading market plans."

National climate change bills, which would launch emissions trading markets in both countries, faced fierce opposition late last year, even as U.S. carbon market growth was seen without a climate bill, 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, yet analysts expect the carbon market to thrive despite political failings.

The international market for carbon credits edged up to $136 billion last year, even as 2009 EU carbon emissions fell during the recession, compared with a World Bank estimate of $126 billion for 2008, Oslo-based Point Carbon said in a recent report.

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