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UNGA Discusses Role of Global Private Investments in Climate Change

Drsrgjankerim

9 June 2008: The UN General Assembly

(UNGA) considered private investment's role in mitigating climate change and

how climate change, in turn, influences private investment decisions, during

this body's first follow-up to its February 2008 thematic debate on climate

change.

Panelists at the 9 June 2008 meeting outlined the scope of

environmental concerns that affect the market, which they said is marked by

more uncertainty than predictable regulation regimes. The panelists

offered examples where specific local regulations had spurred investment and

technological innovation, and agreed on the need to adopt stable regulations to

provide incentives for private sector action. Representatives from developing

countries highlighted the concept of equal but differentiated responsibilities

in relation to panelist's suggestion for a substantial worldwide carbon tax. Sha

Zukang, UN Under-Secretary-General for Economic and Social Affairs, pointed out

that, while equal but differentiated responsibilities are not a private sector

concern, they are a major principle for international organizations. [Meeting

website] [UNGA

Meeting Summary]

Photo: Srgjan Kerim, President of the 62nd session of the General

Assembly. Credit: UN