United Nations’ Executive Secretary, Yvo de Boer, has defended market-based mechanisms, such as carbon trading, as a solution to climate change, suggesting they be made a priority over regulation. The appeal comes as United States’ President Barack Obama announces their decision to classify carbon dioxide as a health hazard.
As the US looks to adopt more regulation, Yvo de Boer asks businesses at Copenhagen to continue market-based deals in order to encourage market investment.
Explaining his concerns, de Boer said, “we all know taxes and regulation tend to be a lot less efficient and much more expensive than market based approaches. Please, please, if you are a businessman, do a deal in Copenhagen and please, please, please make it market-based. Because if we fail to get a market-based agreement we will be forced to turn to tax and regulation.”