15 October 2009 | Luca Del Buono
Climate Change, Energy, Europe, North America

 

The equation is simple, tougher targets (tariffs) boost low carbon energy both nationally and globally.

However, a weak economy in both Europe and the U.S. has investors less apt to trust the market's stability, especially when the proposed sum is billions of dollars in a one-year term policy.

General Electric Co's energy business, John Krenicki, made a statement Wednesday about climate change and the economy, "I don't sense a robust economy in Europe or the United States yet, not at the moment. There's still a lot of unemployment," and therefore, instability.

China on the other hand has taken another approach to toughening targets. Currently, they practice localized production of green energy.

"China's made a very aggressive commitment to renewable energy, with firm targets to 2020, they're going to do it. That's why there's a lot of action in China right now versus the United States. The current incentives in the United States expire in two years. That's the difference."

Additionally, the country is expected to install more wind turbines then Europe and the U.S this year.

A climate pact out of Copenhagen would mean real economic value would be placed on carbon emissions, worldwide and a set standard on targets.

Click here for Reuters article

 

Author: Caitlin Martinez

Photo: Larrazun/ flickr

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