The World Bank released its annual State and Trends of the Carbon Market report at Carbon Expo in Cologne, Germany, on 26 May. The report indicates that the value of the global carbon market grew six percent, to US$144 billion, in 2009 despite being its most challenging year to date.

Bolivia's attempt to win fresh support for the Kyoto Protocol is a step ahead in the efforts of the developing world to advance climate negotiations. Brazil, South Africa, India, and China have, as the BASIC countries, called for a legally binding, long-term cooperative agreement under the United Nations Framework Convention on Climate Change and the Kyoto Protocol.

AT ITS third meeting in Cape Town, the BASIC group (comprising Brazil, South Africa, India and China) sought to re-establish its developing country credentials. The four advanced-developing countries made it clear that their forum was firmly anchored in the developing country bloc of G-77 and China.

Environment ministers of the BASIC bloc -- Brazil, South Africa, India and China -- have said that a legally binding global agreement to limit climate change needed to be completed by 2011, noting that the world could not wait indefinitely for the US to finalise its legislation on the issue.

Environment ministers of India and three other key developing nations will meet on Monday in Cape Town to discuss climate strategy in the run up to the Cancun conference at the end of the year.

The joint Statement issued at conclusion of the meeting of ministers of BASIC Group at Cape Town. Ministers felt that a legally binding outcome on long-term cooperative action under the UNFCCC and its Kyoto Protocol should be concluded at Cancun, Mexico in 2010, or at the latest in South Africa by 2011.

This article synthesises the pledges made by both industrialised and developing countries, following the Copenhagen Accord, and their implications for stabilising the earth

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