underground. The technology is particularly interestingfor countries, which due to their strong growth andlarge reserves will continue to rely on coal in thecoming years. Through CCS, less CO2 is releasedduring coal-based power generation, thus making itmore environmentally friendly. Countries such as Indiaand China will rely on these technologies, as CO2emissions in both countries will rapidly increase in theyears to come. This also applies for other emergingcountries. Many studies and future scenarios show thatclimate change can only be limited to a 2°C increase intemperature with great difficulty without the use ofCCS. In order for CCS to be used worldwide, supportfrom policymakers is indispensable for furtherresearch. A decisive point here is that this technologyalso be accepted by the general population. BEYOND BONN, OTTAWA AND CANCUNSustainable thinking means having the future in mind.It is now important that there is a commitment toconcluding a new climate agreement with bindingemission reduction targets. This requires a mutualunderstanding of long-term objectives as well as who canmake which contributions. Onlyinthis way will it be possibleto solve the problems in a sustainable manner. nSUSTAINABLE BUSINESS049CARBON CAPTURE AND STORAGE(CCS) AROUND THE WORLDCCS is already contributing to the fight against climatechange by reducing emis sions of CO2 to theatmosphere. There are currently four industrial scaleCCS projects in operation across the world:Sleipner, Norway - The Sleipner CCS project, operatedby StatoilHydro since 1996, was the world's firstindustrial scale CCS project.In Salah, Algeria - BP, Sonatrach and Statoil Hydrooperate a natural gas development which removes onemillion tonnes a year of CO2 from natural gas Snøhvit, Norway - StatoilHydro operates a CCS projectat the Snøhvit Liquefied Natural Gas (LNG) plant. TheCO2 is separated from natural gas before the gas isliquefied as LNG.Weyburn, Canada - Three million tonnes of CO2 arecaptured annually from the Dakota GasificationCompany's Great Plains Synfuels Plant in the USA andtransported several hundred kilometres by pipeline tothe Weyburn oil field in Saskatchewan, Canada,The deployment of future CCS projects is supported byan active technology development programme. Thenext step is to roll out a programme of CCS plants fittedto commercial-scale power plants and other industrialsources of CO2 in order to realise efficiency gains andbring the cost of the technology down. Source: The Carbon Capture and Storage Association (CCSA). For more information visit: www.ccsassociation.org.ukLeft: A strong advocate ofCSR, Professor Hanns Michael HoelzHowever, to date only the EU has introduced anemission trading system, while the launch of suchsystems is being prepared in other countries. Atpresent, such trading systems have regionallimitations, which leads to a distortion in competitionsince the affected companies of a region are subject toharsher reduction obligations than competitors outsidethe region. The introduction of a global emissiontrading system is thus of great significance. A first stepwould be to link the ETS with the planned regionalemission trading systems in the United States.PROTECTION OF INTELLECTUALPROPERTYEconomic incentive is the best impetus forinnovations. However, this impetus is lacking whenthere is insufficient protection for intellectual property.Without this security, companies lose their incentive toconduct further research. However, the successfuldevelopment of new environmental and climatetechnologies is vital in order to meet the demands ofclimate policy. Companies need protection againstimitation for their own products so that highinvestments in new products are not devalued. "JOINT IMPLEMENTATION" AND"CLEAN DEVELOPMENT MECHANISM"Companies have an interest in seeing the instrumentsknown as "joint implementation" and the "cleandevelopment mechanism" being used better than theyhave been in the past. Both are important instrumentsfor financing environmentally friendly technologies andestablishing affordable climate protection capacities inemerging and developing countries. They must befurther developed and stripped of excessive red tape. OPPORTUNITIES FOR GROWTHTHROUGH CLIMATE PROTECTIONClimate protection is a job engine. This applies both incountries where products are developed and producedas well as in countries where the product is used.Environmentally friendly products are rightfullyexperiencing a global boom that is securing andcreating a large number of jobs. The frameworkconditions for a new climate agreement secure andstrengthen companies that focus on climate protectionand are thus geared towards the future. A LOOK TO THE FUTURE: CARBONCAPTURE AND STORAGE (CCS) In CCS technology, CO2 created in the generation ofenergy from fossil fuels and in various industrialprocesses is separated and permanently stored" "THE SUCCESSFULDEVELOPMENT OF NEW ENVIRONMENTALAND CLIMATE TECHNOLOGIES IS VITAL IN ORDER TO MEET THE DEMANDS OF CLIMATE POLICY

he global finance and investmentcommunity will be approaching theforthcoming United Nations climatesummit in Cancun with a sense ofwariness. Sure, there will be the usual meetings andglad handing around the climate policy circuitsbeforehand but, for the large part, the collectivefinancial services and investment community feltbadly let down in Copenhagen, for more than just theobvious reasons. Why?Many of the bankers, insurers and investors whoattended the blighted UNFCCC summit left the Danishcapital with a real sense of having gone to the party "alldressed up" only to be left as a wall flower without asingle hope of securing a dance partner. For two years in the run up to COP15, various financeand investment groups struggled to chisel a cohesivemessage for policy-makers. A message that woulddeliver granular policy-input to help operationalise themuch called for public-private cooperation to leveragethe US$ multi-trillion, multi-decade financing whichwould speed the move to a low-carbon, resource-efficient economy. Arriving in Copenhagen, expectationswere high that after having stressed the critical role ofprivate finance and capital markets, the policycommunity would be ready to work with private financeand investment in an informed dialogue.A tsunami of perplexing politics swept all of these hopesaway. Experienced hands from the financial communityknew that to be the case at the end of the first week inCopenhagen, ahead of the chaotic second week of neverending queues and disturbance in the streets. Despitemore than two years of increasingly co-ordinated effortto present the views of private finance and investmentfrom groups such as the Institutional Investors Group onWARINESS AND HOPE IN CANCUN?050FINANCETROB TACON, FORMER CHAIRMAN, AND PAUL CLEMENTS-HUNT, HEAD, UNEP FINANCE INITIATIVE (UNEP FI)