Carbon Markets Expert Group

Mr. Dai Davies
To ask the Chancellor of the Exchequer when the first summit of the Carbon Markets Expert Group was held; which organisations were represented; what matters were discussed; and what decisions were taken.

Angela Eagle
The first meeting of the Carbon Markets Experts Group was held on 19 February 2008 and was attended by representatives from:

Barclays Capital;

Cameo Global;

Cantor Co2e;

CEAG Ltd;

Citigroup;

City of London Corporation;

Climate Change Capital;

Department for Environment, Food and Rural Affairs;

Ecosecurities;

European Climate Exchange;

Financial Services Authority;

HM Treasury;

JP Morgan plc;

KPMG;

Lehman Brothers;

Merrill Lynch;

Morgan Stanley;

Natsource Europe Ltd;

TFS;

UBS.

The meeting covered London's role in the global carbon market, the EU 2020 energy and climate change package and the progress of Phase II of the EU ETS. There was a detailed discussion on the opportunities and areas for further growth within the UK and market views on developing UK and European policy. Attendees generally supported the broad thrust of the EU's recent proposals, and welcomed the greater certainty they provide for the EU Emissions Trading Scheme post 2012. There was also discussion of the limits that the EU package proposes on the use of project credits. The group was encouraged to respond to the current Government consultation on UK plans for auctioning Phase II EU allowances.

The next meeting will be held in the summer.