Stern At Royal Economic Society - Climate Mess "Greatest Market Failure The World Has Seen"

[hatrack]

Delivering the Royal Economic Society (RES) public lecture in Manchester, ahead of next week's world summit on climate change in Bali, Sir Nicholas said targets and trading must be at the heart of a global agreement to reduce greenhouse gas emissions.

"The problem of climate change involves a fundamental failure of markets: those who damage others by emitting greenhouse gases generally do not pay," said Sir Nicholas.

"Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming. We risk damages on a scale larger than the two world wars of the last century. The problem is global and the response must be a collaboration on a global scale."

He added that rich countries must lead the way in taking action. "That means adopting ambitious emissions reduction targets; encouraging effective market mechanisms; supporting programmes to combat deforestation; promoting rapid technological progress to mitigate the effects of climate change; and honouring their aid commitments to the developing world," he said.

EDIT

http://www.scenta.co.uk/Nature/1710383/stern-climate-change-a-market-failure.htm

[opihimoimoi]

1. Bush..."Blah blah blah blah......"

He and cronies won't be listening...they be blaming, ignoring, and denying