COPENHAGEN — They started appearing at business and industry meetings in 2001 after Marrakesh — the UN climate meeting that established rules for a global market for trading greenhouse gases. Representatives for the emissions trading industry became increasingly more visible and today compete with rich, well-connected carbon-emitters for international influence.
“You’re seeing a new commodity emerging that has been 10 years in the making,” says Doug Russell, a former UN delegate from Canada who now consults on climate for private corporations. The industry was worth $126 billion this year, but that market could mushroom depending on the decisions being made in Copenhagen and in the years after.
Governments are turning to traders for expertise in how to reduce global emissions without collapsing the global economy, Russell says. “All representatives are looking at the International Emissions Trading Association.” For good reason: the IETA represents more than 160 companies worldwide, including many multinational heavyweights: top financial players (Citigroup, Deutsch Bank, Goldman Sachs, Credit Suisse), big oil (Shell, Gazprom, and Petrobas), large conglomerates (Mitsubishi , Dow Chemical, Rio Tinto) and others who smell big money in the new carbon economy (Deloitte and Touche, Lloyds Register, New York Mercantile Exchange).