Global Climate Plan May Emerge From Regional Responses

Climate change policy is likely to be driven by regional responses before an international agreement is put in place, JPMorgan Chase & Co. said.

“Instead of the top-down Kyoto coming down, we’re going to see it come up,” Odin Knudsen, the managing director of environmental markets at the New York-based bank and a former head of the World Bank Carbon Fund, said at a conference in Melbourne today. “We’ll break down to regional, and at some point later on, we may see an international, legally binding agreement. In the interim, we’ll have something like the Copenhagen accord, which will be the political commitment.”