With the ratification of the Kyoto Agreement by most countries and the failure of America to sign it, London is well placed to become the financial centre for the new, promised, market in carbon trading.

Cantankerous Frank (Courtesy: throbgoblins.blogspot.com)

The UK is already ahead of most of the rest of the world in the preparations it has been making for emissions trading. It has the only working domestic trading scheme, which is due to begin rewarding companies for their savings from 2003.

The issue is a big one for the construction industry. The built environment accounts for half of the CO2 emitted. If the scheme takes off, perhaps as early as 2003, clients and occupants may well be requiring buildings that perform in very different ways. In fact, the ability of a company to expand might be predicated on the carbon savings if can achieve with its property.

The debate asked whether the industry has more to gain than to lose by becoming an early champion of emissions trading — the corollary being that if we do, we then need to know what we should be doing about it. Is action needed by the institutions, by trade institutions or by client groups?

The debate was chaired by Bridget Roswell, Chair of both the Environment Business and Volterra Consulting Ltd.

Paper 1: Emissions trading - the political context

Chris Hewett, Senior Research Fellow at the Institute for Public Policy Research

Paper 2: Bright Eyed and Bushy Tailed

Paul Ruyssevelt, Director of Energy for Sustainable Development Ltd

Paper 3: Bright Eyed and Bushy Tailed

Neil Pennell, Engineering Director for the Development Business Unit at Land Securities Development

Action points generated on the night.