This could lead to a decision on new market-based mechanisms by December 2011, which could then come into action from December 2012, according to a UN text.

Christiana Figueres, a Kyoto Protocol veteran from Costa Rica, beat off front-runner Marthinus van Schalkwyk (from South Africa) to become the new head of the UN climate change secretariat when Yvo de Boer leaves the post in July this year.

Figueres is now pushing for a quick decision on how to use technology transfer to pour cash into the developing world and give carbon dealers and investors an idea of the products that could be traded in the future. This was one of the options in her road map towards the next big summit, in December this year aiming to whittle down conflicting national submissions into a manageable starting point.

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"From what I can see, [Figueres' draft] is a distilled and shorter version of the unfinished texts that came out of Copenhagen. So, in that sense, it should provide a good basis for continuing work," said Alina Averchenkova, analyst with project developer First Climate.

CDM reform

Parallel to the new market-based mechanisms, the UN's executive board is reforming the existing flagship CDM.

This work is not directly linked to setting up new market-based mechanisms, but Averchenkova still thought CDM reform would affect the design of new market-based mechanisms.

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The full text is available here: ICIS Heren