07 Oct 2008

Financing Climate Change: Bailing out the environment in the long-term may be just as important as bailing out financial markets

Arno Behrens

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Observing that the US Congress was able to reach agreement over support to the US banking sector within two weeks, Arno Behrens bemoans the fact that the US and other governments remain reluctant to contribute significantly to the global climate change bill. Instead of buying bad assets, however, he asserts that climate change mitigation is an investment in a global public good and in future prosperity. While cautioning against taking a hasty decision, he argues that there is a strong case to be made for increasing global resources for adaptation and mitigation with all due speed.