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May 27 2012 11:21
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May 27 2012 11:49
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May 27 2012 13:09
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Cape Town - In two years' time "Copenhagen" will take place in South Africa, when the United Nations 17th Framework Convention on Climate Change meets.
In an appendix to the agreement concluded in Copenhagen over the weekend it is confirmed that the next summit will be held in Mexico at the end of the November 2010, and the next - from November 28 to December 9 the following year - in South Africa. According to the appendix, a formal host-country agreement with South Africa still needs to be finalised.
This will be a critical conference because it will take place just before 2012, when the existing climate agreement in terms of the Kyoto Protocol expires.
Meanwhile, on Tuesday European carbon credits for delivery in December 2010 were 2% up to €12.70 per ton on London's Climate Exchange, after Monday's 8.3% decline in reaction to the weak agreement achieved in Copenhagen, as reported by the Bloomberg financial news service.
According to analysts, carbon credits could again recover to €13 as the Copenhagen agreement has not altered the current demand and supply situation in the carbon market.
Environmental activists could now, according to a report in the Vancouver Sun, shift their focus to Canada which is to host the G8 and G20 conferences in 2010.
The weak Copenhagen agreement will hamper the attempts of United States legislators to get through legislation that will establish a carbon-exchange market in the country because China cannot yet be forced to curtail its greenhouse gas emissions, reports Reuters.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.