New climate change action could open up huge opportunities

Jeremy Barnett, of St Paul’s Chambers in Leeds who is speaking at the Energy & Environment Expo in London on Wednesday, said governments across the world are planning to underwrite the innovation projects and policies of developing nations to attract “eye-watering sums” required for Green House Gas abatement programmes.

He said: “Yorkshire and the Humber is already starting to establish itself as a UK hub for green technologies, with Hull’s emerging wind turbine manufacturing industry a great example. But the global action I’m talking about here will see completely new opportunities opening up, particularly in the early stages for those operating in the fields of measurement, reporting and validation.

“It will quickly become a multi-billion pound market, but the secret to identifying the business opportunities lies with learning the new language that goes with this international action.”

Mr Barnett said the changes will be driven by Nationally Appropriate Mitigation Actions, which will underpin the new Green Development fund that aims to have in place $100bn by the end of the year, contributed by the developing nations. Private capital will then be targeted as new bonds and instruments replace the private sector EU Emissions Trading Unit certificates that are being traded in carbon markets.