CIG believes that businesses and investment analysts have met the recent climate deal struck at the Copenhagen climate conference with reserved optimism but complained that there was insufficient clarity on how the agreements commitments would be translated into law.
With the move to green tech and a cleaner global economy, the private sector is expected to carry most of the financial burden for financing the move away from fossil fuels with high carbon emissions.
CIG understands that businesses and primarily the energy sector are demanding clear carbon targets in order to invest effectively and efficiently in, for example cleaner power stations with longer than 40 year life spans.
Businesses applauded the fact that for the first time, the globes largest carbon emitters had agreed to take steps to limit emissions, keeping global warming to below 2 degrees Celsius and to raising $100 billion annually by 2020 to aid developing nations with fighting the effects of climate change, thereby cementing a international shift towards a low-carbon future.
"The implications for investment flows is very clear, we're irreversibly on a low-carbon path," CIG was told that the head of emissions trading at Bank of America Merrill Lynch was quoted as saying.
The policy director at the Climate Group declared, "That should give comfort to people who are investing in low-carbon technology."
