Opportunities in carbon trade
The World Bank and the United Nations Development Programme (UNDP) in partnership with the Government of Turkey have conducted two workshops on, “Opportunities in Carbon Trading” for government officials and local project developers who can potentially benefit from carbon trading.
Global carbon trade has been doubling every year since 2004. The World Bank newly released report, “State and Trends of the Carbon Market 2008” showed that the carbon trade doubled every year, from US$0.7 billion in 2004 to US$126 billion in 2008. The growth of the carbon market is primarily driven by the Kyoto Protocol which Turkey ratified on February 7, 2009. The Kyoto Protocol is the international and legally binding agreement to reduce greenhouse gas emissions world-wide that entered into force on February 16, 2005 following its ratification by 55 countries.
Most scientists agree that emissions of greenhouse gases are responsible for the rise in global temperature and are leading to erratic global weather patterns. The reduction of greenhouse gas emissions is a priority under the Kyoto Protocol to avert the damaging consequences of climate change. One way the World Bank is addressing the global climate change issue is by promoting the benefits of emission reduction projects. Together with the UNDP, the World Bank is helping Turkey build capacity to access the opportunities in carbon trading that will bring in new resources into the country, including access to “green” or clean technology.
The carbon finance workshops were held at Swiss Hotel in Ankara on June 17, 2009. The same workshop was also held at the Sabancı Center in Istanbul on June 19, 2009.Workshop participants were familiarized to the role of the World Bank in mitigating climate change and learned the ways in which Turkish enterprises can benefit from carbon finance.