80% of Businesses Believe in a Successful Outcome at UN Climate Change COP18

Doha, November 27 (QNA) -Some 80% of businesses in the world’s carbon market believe that the UN Climate Change COP18, meeting in Doha, will clinch a breakthrough towards an agreement organizing rules for the second phase of the Kyoto Protocol,  and result in a positive outcome in confronting global warming.
A survey conducted by the International British Society For Emissions covering 100 major companies in the carbon market said ignoring the application of the commitments in the protocol will negatively reflect on investments in the private sector in the mechanism of clean energy and the joint execution thereto.
The survey, made public on Tuesday by the society on the sidelines of the ongoing UN Climate Change COP18 in Doha showed that companies hopes were high that Qatar will skillfully manage the current phase of negotiations and bridge differences among parties.
Some of the companies polled showed a willingness to set up a fund for buying carbon emission reduction certificates.
The carbon market is one of the mechanisms established by the United Nations Framework Convention on Climate Change to reduce carbon emissions, whereas major energy companies are taking the onus of harmful emissions and emphasize their commitment to environment protection rules.
The International British Society For Emissions was set up in 2000, grouping 170 major world companies spanning energy, oil and gas, aluminum, chemical and other industries.
Carbon trade, valued more than $100 billion in 2010 , has become a bustling market grabbing world attention due to its contribution to reducing gas emissions and supporting sustained development projects. (QNA)

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