Mitigating climate change is easy. We need only make it more expensive to emit greenhouse gases. Unfortunately, that would also make energy more expensive, and many people would prefer that governments make energy less expensive. Witness the protests started over a modest gas tax in France, a leader in international climate change negotiations. Rather than work against this incentive — and continue to be surprised at the glacial pace of progress against climate change — an international agreement should try to harness it. It’s time to abandon the effort to secure a global deal to lower emissions, and instead work towards an agreement to make sizeable investments in clean-energy technology. Incentives matter — a lot. Successful international agreements — including the Montreal Protocol, which phased out ozone-depleting substances, and the marine pollution convention Marpol 73/78, which lowered pollution from ships — have mainly required actions by just a few countries, the ones that ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now