Carbon market value hits lowest level

The global carbon market lost a third of its value in 2012, to €61bn (£53bn, $83bn), the lowest level in its five-year history. Thanks largely to an over-allocation in the EU, the permits’ worldwide average value fell from €11.20 a tonne to €5.70, according to Bloomberg New Energy Finance, adding to fears that permit schemes designed to reduce CO2 emissions are proving ineffective. Donald MacDonald, who chairs the Institutional Investors Group on climate change, said: “The carbon price looks much too low. We need intergovernmental action to increase it.” In the UK, new legislation will put a ‘carbon price floor’ on emissions, initially £16 a tonne, rising to £70 by 2030.

The hospitality and tourism industries have backed the launch next month of Whole World Water, a social enterprise designed to help businesses in these sectors collectively protect access to safe and clean water. In this UN-proclaimed Year of International Water Co-operation, the companies supporting the campaign include Soneva, Six Senses, Virgin Hotels, Banyan Tree, Auberge du Soleil, Tao Restaurant Group, the Ritz-Carlton Charlotte, The Ritz-Carlton Lake Tahoe, Oberoi Hotels & Resorts, Dusit Hotels and Resorts, JetWing Hotels, and The Ranch at Live Oak Malibu. Whole World Water co-founder Karena Albers said: “We estimate that, with scale, the hospitality and tourism industry can contribute $1bn per year to help eradicate this global issue.” Whole World Water launches on 22 March – which is World Water Day.