First summit on carbon markets held with business leaders

The first summit on carbon markets with government and business leaders was held yesterday (February 19th) at 11 Downing Street.

Hosted by the exchequer secretary to the treasury, the summit was attended by representatives from some of the largest finance groups including Barclays Capital, Citigroup, City of London Corporation and KPMG as well as the Department for Environment, Food and Rural Affairs and Climate Change Capital.

The Carbon Markets Experts Group was formed last year to provide an opportunity to discuss the global carbon market.

The environmental goods and services sector in the UK is expected to roughly double by 2015, creating at least 100,000 jobs.

Commenting on yesterday's meeting, exchequer secretary Angela Eagle said: "We are working to ensure that we make the UK the centre of a new and rapidly growing market in carbon trading.

Environment minister Phil Woolas added: "A strong carbon market is essential in our fight to tackle climate change. Businesses play an important role in spearheading green investments and shaping our low carbon economy.

"The City is not simply the centre of the UK economy but a key player in a far bigger environmental picture."

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