British climate official to become IETA president
NEW YORK (Reuters) - An international greenhouse gas emissions group has tapped a British climate change official to be its president and CEO, the group said on Monday.
Henry Derwent, currently the director of international climate and air at the UK Department for Environment, will take the top position at the International Emissions Trading Association on February 18, according to a release from IETA.
Derwent has been closely associated with the development of greenhouse gas trade in the UK and Europe and has overseen the UK's role in international negotiations. Before that, he was a corporate finance executive at an investment bank.
He said IETA will be promoting market mechanism solutions in North America, Europe and developing countries to help find a successor agreement to the Kyoto Protocol.
"Business has to act together if trading is to achieve its full potential and a truly global market is to be created out of a mushrooming number of national and regional schemes," Derwent said in the release.
In greenhouse gas emissions markets, governments set industry limits on output of the gases. Big polluters that can't reduce their emissions under the limit can buy credits representing reductions of the gases accomplished by other industry or by clean projects, such as alternative energy in developing countries.
(Reporting by Timothy Gardner, editing by Marguerita Choy)