Private sector should lead fight on climate change
12 Oct '07
2 min read
The private sector should take the lead on tackling the challenges posed by climate change, from investing in clean new technologies to encouraging countries and industries to make the necessary adaptations to change, Secretary-General Ban Ki-moon told business leaders in Washington.
Speaking to the United States Chamber of Commerce this afternoon, Mr. Ban said the role played by US businesses would prove particularly vital given their financial resources and historic leadership in technological innovation.
“We can promote economic growth, spur development and respond to climate change – this is not an either/or proposition,” he said. “Your ability to determine investment flows gives you great influence over the pace of innovation, technological change and adaptation.”
The Secretary-General called on business leaders to develop “innovative market mechanisms” as a means of combating climate change, particularly the perils raised by greenhouse gas emissions.
“I hope you will approach the carbon market as a major economic opening, one that has tripled in size $30 billion in just the past year alone. An expanded and improved carbon market is an essential part of the solution.” The carbon market is a mechanism allowing companies to trade emissions credits in order to ensure that mandated caps are met.
Climate change is also the focus of two other speeches that Mr. Ban is giving during his two-day visit to Washington that ends tomorrow.
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