New action on emissions?
The British Government recently commissioned Sir Nicholas Stern, former Chief Economist for the World Bank, to review the economics of climate change. His report is due to published tomorrow. Ahead of publication, the last week has seen a flurry of newspaper articles anticipating his findings. This Financial Times story on Friday is typical. If these articles are correct, the report will push Government towards more active involvement and tougher requirements on business, in trying to reduce greenhouse gas emissions.
“The global market for trading carbon emissions is set for a massive boost with a UK government report on Monday proposing a huge expansion of trading and Morgan Stanley, the investment bank, yesterday unveiling plans to invest $3bn (£1.6bn) in carbon credits.
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Carbon trading is seen in London as the most politically feasible way of engaging with the US, which refused to sign the Kyoto protocol.”