DUBAI, UAE, December 11, 2012 /24-7PressRelease/
-- Advanced Global Trading
- In a united bid to control global warming, nearly 200 countries agreed over talks last weekend in Doha to extend the Kyoto Protocol - a treaty that limits the greenhouse gas output of some rich countries, but will only cover around 15 per cent of global emissions.
After hotly debated sessions and despite objections from Russia, the extension was adopted by a UN climate conference after hard-fought sessions with decisions including promises of financing to help poor countries cope with climate change and affirmation of a previous agreement to adopt a new global climate pact by 2015.
Despite low expectations for the two-week conference in Doha, many developing countries rejected the deal as insufficient to put the world on track to fight the global warming, which is believed to be shifting weather patterns, melting glaciers and raising sea levels.
However, Charles Stephenson, CEO of Dubai headquartered sustainable investment group
, Advanced Global Trading, was positive about the results from the talks. He said: "The news the Kyoto Protocol is continuing - or the 'second wave' - has been the culmination of seven years of hard work and it's important news for the participating countries who have made vast collective efforts to reduce global warming.
"Another positive outcome is the fact governments who have accrued (AAU) tradable Carbon Credits
will not be carrying them forward, which can only be good for the environment on a global scale."
Between 2005 and 2012, many countries managed to cut their emissions by more than they had promised, giving them a surplus of emissions permits, known as Assigned Amount Units. If these AAUs were carried over into the second commitment period, it could have hugely reduced the effectiveness of the entire agreement, as the extra permits will allow certain countries to increase emissions levels and use their surplus.
Mr Stephenson adds: "However, it is disappointing those governments who have signed up to the second period of the Kyoto Protocol, which will run from January 2013 - 2020, only account for 15 per cent of the world's carbon dioxide emissions, while the first period covered 33 per cent of the world's emitters. Also, during the second period there will be no involvement from the world's biggest emitters China and the United States."
The emissions gap is still a whopping 6-11 billion tonnes of CO2 equivalent per year. The gap between technological feasibility and political will is still such that at the current rate global greenhouse gas emissions are set to produce global warming greater than three degrees according to the latest published scientific literature. It has been calculated that a one-degree increase would eliminate fresh water from a third of the world's land surface by 2100. It is believed the possibility of avoiding two degrees of global warming is 93 per cent, but only if emissions of greenhouse gases are reduced by 60 per cent over the next decade.
Mr Stephenson concludes: "Living in this region we should be acutely aware of the implications of such discussions. The UAE has consistently among the highest rate of energy consumption per person in the world. If we continue at the current rate, the demand for energy will simply exceed the supply. There just won't be enough to go round. Shortages, even blackouts, may occur and there will certainly be drastic consequences for the environment.
"This continued climate agreement creates an opportunity for the UAE and its people to consider their carbon footprint or even offset their carbon emissions and show the rest of the world it's possible to achieve carbon neutrality."
Dubai-headquartered global investment company Advanced Global Trading
, one of the world's leading sustainable investment groups, employs over 100 professionals across four offices worldwide. Advanced Global Trading's consulting arm works with organisations to create effective carbon management and reduction strategies. The company also sources and trades Carbon Credits to help organisations and individuals offset their CO2 emissions and mitigate the harmful effects of climate change.
Advanced Global Trading
is the global leader in the verified carbon market and the first world-class sustainable investment group to trade Verified Emissions Reduction Carbon Credits. Advanced Global Trading provides this service for individuals, hedge funds and corporations worldwide and is the first to have developed an online trading platform via its iPhone app. Advanced Global Trading provides its clients with the security of high liquidity and an international presence, with offices in four countries and its extensive group headquarters in Dubai, UAE. It is also an official partner of the Lotus F1 Team offsetting all their carbon emissions.
Advanced Global Trading is the global leader in the verified carbon market and the first world-class sustainable investment group to trade Verified Emissions Reduction Carbon Credits. Advanced Global Trading provides this service for individuals, hedge funds and corporations worldwide and is the first to have developed an online trading platform via its iPhone app. Advanced Global Trading provides its clients with the security of high liquidity and an international presence, with offices in four countries and its extensive group headquarters in Dubai, UAE. It is also an official partner of the Lotus F1 Team offsetting all their carbon emissions.