Wednesday, August 29, 2007

US Opposing Carbon Market Scheme; Goldman Sachs Disappointed by Ex-CEO's Failure to Deliver

China Confidential has learned that the Bush administration and investment banking giant Goldman Sachs are at odds over creation of a global carbon market.

The Wall Street firm was counting on its former chairman and CEO, Treasury Secretary Henry Paulson, to successfully spearhead support for the scheme, which is backed by the United Nations, the European Union and China. But the US, under Bush, is pushing technology-based solutions in tandem with voluntary carbon markets.

The US delegate to a UN climate change conference cast doubt Wednesday about the creation of a global carbon market to help cut greenhouse gas emissions.

"It's unclear when and if there's going to be a global carbon market," Harlan Watson, the head of the US delegation, told a press conference in Vienna.