Lord Nicholas Stern described climate change as "the biggest market failure in history" - a market failure to which carbon trading is meant to be a market solution. Yet, the plummeting price of carbon down as low as €8 - far below the €30-€45 range at which renewables can compete with fossil fuels means that the use of fossil fuels continues unabated. As policymakers debate ways to effectively reform derivative markets, little attention is being paid to how and whether new financial regulations will be adequate to govern the carbon derivatives markets, which many experts believe may eventually be larger than the credit derivatives market. This seminar will give an overview of the impacts of the financial crisis on carbon. We will also give a brief update on improvements announced at Poznan by the CDM Executive Board and an update on climate policy and law in Australia and China and the recent announcement by the National Reform and Development Commission (“NDRC”) that Hong Kong companies can now operate CDM projects as wholly foreign owned enterprises.

Date: 22nd May, 2009 (Friday)
Time: 8:30am - 10:20am
Venue: The Main Dining Room, FCC, 2 Lower Albert Rd, Central, Hong Kong.

Guest Speakers:
Christopher Tung, Partner of Mallesons Stephen Jacques
Bill Kentrup, Senior Vice President of Macquarie Bank Ltd
Calvin Q. Xu, Senior Energy Specialist of Global Financial Markets
Hubert Tose, Executive Director and Founder of Anemone Green Capital

Moderator:
Ciara Shannon, Director of CCBF

To download the presentations delivered at the event click on the links below:

Christopher Tung's Presentation
Bill Kentrup's Presentation
Calvin Xu's Presentation