The Kyoto Protocol and the capital market: opportunities and risks in the financial market

The Protocol of Kyoto established financial mechanisms and created a certificate market of emission with the intention of making flexible and diminishing the costs of the reduction of emissions of the industrialized countries, which raises a series of opportunities for the countries in developed. The projects under the mechanism of clean development (MDL) raise from the structuring to the emission of certificates, a series of processes within which opportunities for the financial sector in the projects and the market of certificates glimpse. Also, the environmental valuation on the part of the financial sector is outlined like an element to consider in the future, by the risks that this entails, in the measurement that the projects credit object present/display difficulties in their execution by the nonfulfillment of the environmental norms.