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