9 October 2008: At a special event at Columbia University in
New York, US, UNFCCC Executive Secretary Yvo de Boer and economist Jeffrey
Sachs discussed whether a carbon market or carbon taxes are the best way to cut
greenhouse gas emissions.

Sachs criticized current international measures as
inadequate, qualifying the Clean Development Mechanism (CDM) as a very small,
marginal tool, and called for a global fund to finance new technology to help
poor countries tackle climate change. He also called for developing countries,
in particular China, to set emissions targets. De Boer defended the CDM,
stating that it was a useful tool for engaging poor countries in climate change
issues, while acknowledging that current gains were incremental.
He added that
the Kyoto Protocol’s flexible mechanisms represent necessary first steps to
“building confidence” in the system, and had brought substantial private-sector
involvement. De Boer also addressed the international financial response to
climate change, and to what extent the meltdown in the financial sector may
impact international climate change negotiations. Jeffrey Sachs is Director of
the Earth Institute at Columbia University and Special Advisor to the UN
Secretary-General on the Millennium Development Goals. The debate was moderated
by John Drexhage, Director, Climate Change and Energy, International Institute
for Sustainable Development (IISD). [IISDRS coverage] [Webcast of the debate]