UNITED NATIONS, May 10 (Xinhuanet) -- UN Secretary-General Kofi Annan said on Tuesday that the Kyoto Protocol is only a first stepand a framework for the years beyond 2012 is necessary to deal with climate change.

    That the Kyoto Protocol has come into force means "the world isnow using market mechanisms to reduce carbon emissions," Annan said in a video message to the meeting convened by the UN Foundation and the Investor Network on Climate Risk to discuss howto address the financial risks and realize the opportunities from global climate change.

    "That offers exciting opportunities for the investment community," he added.

    The Kyoto Protocol to the UN Framework Convention on Climate Change came into force on Feb. 16, 90 days after the Russian Federation ratified it.

    It includes creating an international carbon trading market for"emissions trading," enabling industrialized countries to buy and sell emissions credits.

    "We need a framework for the years beyond 2012 that embraces all countries and makes full use of new technologies," Annan told the Second Investors Summit on Climate Risk.

    The choices and pronouncements of investor communities could make decision-makers in government and industry take climate change seriously and investments can point the way toward smart policies and breakthrough technologies for energy and transport, he said.

    "You are accustomed to thinking big and thinking losing term," he said. "Those are exactly the skills we need to address one of the greatest challenges of this century."

    "I hope your discussions in our conference rooms will lead to bold action in your boardrooms," he said. Enditem