Category: News

The 11th Annual AREDAY Summit

AREDAY 2014

August 10-13 marks the 11th Annual AREDAY Summit in Aspen, Colorado. At the conference, I will deliver keynote remarks, “Economics of Air Capture and Carbon”; attend a luncheon with former president Jimmy Carter as a member of the American Renewable Energy Institute’s (AREI) Board of Directors, and receive an award for “Leadership in Technical Innovation and Solution.”

You can view the agenda here. You can also register for the conference on the AREDAY Summit website.


Two New Graciela Chichilnisky Presentations from the Green Economics Conference in India

On August 7, 2014, I will present four speeches to the Green Economics: MEA IIM Conference in India. You can view my presentations now in the slides below:

The first is a presentation on “green capitalism” and the solution it provides to climate change:

The second presentation includes my reflections on the Kyoto Protocol carbon market, as its author:

Thank you for viewing.


Green Economics – The Road to a Balanced and Healthy Economy

In August, Graciela Chichilnisky will present keynote speeches at the International Seminar on “Green Economics – The Road to a Balanced and Healthy Economy” organized by Meghalaya Economic Association in collaboration with the Indian Institute of Management (IIM), Shillong. See Graciela’s schedule below, and view the seminar brochure here.

August 7:

Pinewood Hotel, Shillong, India:
10:00 am – 11:30 am: Keynote Address: Carbon Credit Market: Reflections from Its Author
12:00 pm – 1:30 pm: Technical Session I – Special Lecture on Green Capitalism

Indian Institute of Management (IIM), Shillong, India:
3:00 pm – 5:00 pm: Technical Session II – Special Lecture on Kyoto Protocol and its Effects

Pinewood Hotel, Shillong, India:
7:00 pm – 9:00 pm: Technical Session III – Chairperson, Discussion Forum on Ecological Issues


Graciela Chichilnisky Presents at Beijing University

Graciela Chichilnisky presented three speeches at Beijing University of Science and Technology this week, including: “The Kyoto Protocol and the Carbon Cycle,” “Economic Returns from the Biosphere,” and “Resilience and the Knowledge Revolution.” Below, the two photos show Graciela standing in front of a sign announcing her speech and Graciela with two students from Beijing University of Science and Technology:

Graciela at Beijing UniversityGraciela with students at Beijing University


Graciela Chichilnisky to Present Guest Lectures at the University of Science and Technology Beijing

Graciela will present the following guest lectures at the University of Science and Technology Beijing, at the Dongling School of Economics and Management:

July 14, 8:00 am-11:00 am; 2:30 pm-5:00 pm: “The Kyoto Protocol and the Carbon Cycle”
July 15, 8:00 am-11:00 am; 2:30 pm-5:00 pm: “Economic Returns from the Biosphere”
July 16, 8:00 am-11:00 am; 2:30 pm-5:00 pm: “Resilience and the Knowledge Revolution”


READ: Graciela Chichilnisky’s New Paper

In “The Topology of Change: Foundations of Probability with Black Swans,” Graciela postulates new axioms for probability theory that require a balanced treatment for rare and frequent events, based on what she calls the “topology of change.” Read the full paper here.


Catch up on Global Thermostat’s exciting year so far

This month, you can catch up on our latest work when an interview with our own Peter Eisenberger and me airs on CNBC and Fox Business.

The 21st Century Television interview with Peter and me helps explain the carbon market and Global Thermostat’s role, and it examines the technology we are using to confront global warming.

The program will air on CNBC June 11 at 11:30 pm PT and on Fox Business June 22 at 8:30 am PT.


International Seminar on Green Economics: The Road to a Balanced and Healthy Economy

Countries have developed during the past 20 years, but questions have remained unanswered: What kind of development have we had? What has really happened in past 20 years? Have things got better or worse for most people and most things on the planet and its systems? What kind of growth we have had? Does the sustainable development concept make societies from developed, developing and undeveloped countries wealthier, happier or healthier? The gap between richer and poorer sections of society has increased. World economies have grown and developed in terms of and in relation to their GDP. On the one side, there is poverty (deficit) and on the other side, there is wastage (excess). The global economy witnessed a high degree of imbalance in terms of extraction and usage of resources. The state of nature and its natural resources like the quality of water and air are on a downward spiral and have reached an alarming point.

With this as the background, the Meghalaya Economic Association (MEA) in collaboration with IIM, Shillong is organizing an International Seminar on Green Economics: “The Road to a Balanced and Healthy Economy” on the 7th and 8th August, 2014 in Shillong. The noted personalities, Prof. Graciela Chichilnisky, Colombia University and the Architect of carbon credit market, and Miriam Kennet, founder of Green Economics Institute, United Kingdom have been invited as key speakers to the proposed seminar. The event will also draw together academicians, government officials, political leaders and key institutional, business and sustainability practitioners to create, explore and share experiences related to the subject.­­­­

The event will take place August 7th and 8th at the Pinewood Hotel in Meghalava, India. For more information, click here.


Graciela Chichilnisky to Participate in the Women and the Work World Roundtable

Graciela Chichilnisky was a a panelist at the Women and the Work World roundtable. The event took place on Saturday, May 17, 2014 at 2:30-4:30pm at The Helix Center for Interdisciplinary Investigation, The Marianne & Nicholas Young Auditorium, 247 East 82nd Street, New York, NY 10028.

The event discussed what the past 50 years have been like for women in the work place. Participants explored the various obstacles to women’s employment and career advancement. They considered the causes and consequences of those obstacles among both men and women.

For more information click here.

 


ISEEE Spring 2014 Meeting of International Stock Exchange Executives Emereti, Inc.

This spring, international stock exchange executives will gather in New York for ISEEE’s Spring 2014 Meeting. Our CEO Graciela Chichilnisky will be presenting at the private event. Below is more information on the session Graciela will be participating in:

Discussion Session: “Market Developments Worldwide – the Problems and Opportunities and the Actions to be Taken”

Topics to be Discussed:

  • The “Fair Tax” – Effect on Exchange Markets
  • Development of a Secondary Market for Small Cap Companies
  • Market Developments at African Exchanges
  • Fiduciarization of the Financial Securities Sector
  • Merits of Introducing a “best interest” standard (i.e. fiduciary statndard) for those advising retail clients and public responsibilities for stock exchanges that profit from high frequency trading
  • Proposed regulation or banning of high frequency trading and dark pools – some exchanges like HFT as it drives volumes but exchanges do not like dark pools
  • Proposals to ban payment for order flow and related issues such as rebates (maker/taker) and soft dollar arrangements
  • Conflicts between For-Profit Exchanges and the public good. How do you keep competition and the need to drive EPS from undermining capital formation and leading to higher levels of systemic risk . Concerns that capital formation is under pressure. Who is the ombudsman for capital formation? What has been lost in the age of for profit, competitive, computer based trading?
  • Crowdfunding, the Problems and Opportunities

Session Co-Chairmen: Richard Bernard, Former Executive Vice President and General Counsel NYSE and John Herzog, Founder of the Museum of American Finance

Presentations by:

Europe

Drasko Veselinovic, Founder Ljubljana Stock Exchange

Aril Seren, Former Vice Chairman Istanbul Stock Exchange

Professor Dr. Rüediger von Rosen, Former CEO Frankfurt Stock Exchange

Hannes Takacs, Former Head of Consulting and International Projects at Vienna Stock Exchange

Asia-Pacific

Nik Mohamed Din, Former Executive Chairman Kuala Lumpur Stock Exchange

Middle East and Africa

Tom Minney, Former General Manager Namibian Stock Exchange

Mohamed Abdel Salam, Former Executive Chairman Egyptian Securities Exchange

North America

A. Michael Lipper, Founder, Lipper Advisory Services Inc., and Former Chairman Advisory
Committee to NYSE Board of Directors

Steve Shelton, Former President Scottish Crown Life Insurance Company, Bermuda, Current President Cornerstone Global Group, LLC, Chicago

Edward Waitzer, Former Vice President, Toronto Stock Exchange and Chairman of Ontario Securities Commission and IOSC

Dr. Graciela Chichilnisky, Professor, Columbia University and Chief Executive Officer, Global Thermostat

Anatoly Veltman, Former Manager of Dow Jones Moscow; Chief Global Analyst, M3 Capital

Alex Magid, Former USSR Government Official, Moscow; Board Member, M3 Capital


Can Today’s Technology Save Us?

“Technology is often touted as the savior that will rescue us from our misbegotten ways, redeem us and put us on the track to utopia.” This article by David Doody examines ways technology can help us address pressing global issues. To read the full article, which discusses Global Thermostat’s work capturing carbon, click here.


Figueres says investors can no longer afford to ignore climate change costs

“Figueres says investors can no longer afford to ignore climate change costs”, UN, January 15, 2014. “The impacts of climate change on the global economy can no longer be ignored, the United Nations senior climate official told investment leaders today, urging them to ‘green’ their portfolios by supporting renewable energy assets and shift away from fossil fuel investments.” Toread the article click here.


World May Have To Suck Gases From Air To Meet Climate Goals

“World May Have To Suck Gases From Air To Meet Climate Goals”, Reuters, January 20, 2014. “Governments may have to extract vast amounts of greenhouse gases from the air by 2100 to achieve a target for limiting global warming, backed by trillion-dollar shifts towards clean energy, a draft U.N. report showed on Wednesday.” To read the article click here.


U.N. report: Don’t delay on climate change

“U.N. report: Don’t delay on climate change”, CNN, January 18, 2014. “Procrastinate on tackling a problem and it might get worse, and more expensive. Climate change is no different, a new report says.” To read the article click here.


Climate Change 2013: The Physical Science Basis

“The Working Group I contribution to the IPCC’s Fifth Assessment Report (AR5) considers new evidence of climate change based on many independent scientific analyses from observations of the climate system, paleoclimate archives, theoretical studies of climate processes and simulations using climate models.” Read more here.


Graciela Chichilnisky to Deliver Keynote Address at Sustainable & Responsible Capital Markets Forum

We thank Euromoney Conferences for providing the following information for its upcoming Sustainable & Responsible Capital Markets Forum happening March 12 in New York, NY.

Our CEO, Graciela Chichilnisky, will deliver the keynote address. Please click here to view the full agenda.

Additional information has been provided below:

The Forum will be the first key international conference to bring together issuers, investors and intermediaries to discuss and debate the burgeoning sustainable and responsible fixed income market.

The overriding objective of the Forum is to support and promote the development of the market, discuss and debate the framework and criteria for issuing and investing and to incubate innovation in sustainable and responsible bonds.

Speakers confirmed to date include:

• Graciela Chichilnisky, Professor of Economics and Mathematical Statistics, Columbia University
• Alfred Evans, Chief Executive Officer, Climate Change Capital
• Marcus Fedder, Director, International Finance Facility for Immunisation
• Evelyn Hartwick, Head of Socially Responsible Bond Programs, Treasury, International Finance Corporation
• Sean Kidney, Chief Executive Officer, Climate Bonds Initiative
• Stuart Kinnersley, Chief Investment Officer, Nikko Asset Management Europe
• Manuel Lewin, Head of Responsible Investment, Zurich Global Investment Management
• Stephen Liberatore, Managing Director, Fixed-Income Portfolio Manager, TIAA-CREF
• David Madigan, Chief Investment Officer, Breckinridge Capital Advisors
• Jonathan Maxwell, Chief Executive Officer, Sustainable Development Capital
• Pierre Van Peteghem, Group Treasurer, African Development Bank
• Heike Reichelt, Head, Investor Relations and New Products, The World Bank
• Cheryl Smith, Managing Partner, Trillium Asset Management
The Forum will bring together:
• The supranational issuers that have been active in issuing green, climatic and thematic bonds
• Potential issuers: corporates, supranationals, municipalities, financial institutions
• Active SRI and ESG investors
• Fixed income investors that are yet to participate in the market
• Representatives from the sponsoring intermediaries
• Government officials
Topics for discussion:
• What are the environmental and social issues that require urgent attention?
• ESG, SRI & Fixed Income – the birth of a new market
• Is the market investor driven or issuer driven?
• Socially responsible investors – where is the demand? What returns are being offered?
• Framework – standardization vs. transparency. Issuers rating vs. use of proceeds
• Where to from here – developing the market for corporate issuance
• Financing green infrastructure
• Development of a long-term asset backed market

For speaking and sponsorship inquiries, please contact Andrew Lennon on alennon@euromoneyplc.com or +44 20 7779 8043.

Click here for more information: http://www.euromoneyconferences.com/SRI.html


AREDAY 2013

Cutting- Edge Carbon Capture Technology Panel

August 17th- Aspen, Colorado

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Schedule of AREDAY 2013 Events

Thursday August 15 10 am to 4 pm
Film Festival
Celebration of Environmental Films
Paepcke Auditorium

Thursday August 15 Noon
AREDAY in conjunction with the Aspen Business Luncheon presents:
General Wesley Clark and Vice Admiral Dennis McGinn,
Rocky Mountain Institute’s Founder Amory Lovins,
AREI CEO Chip Comins, Moderator, in a panel discussion
“Renewable Energy and National Security”.

Friday August 16
AREDAY Summit from 8 am to 5:30 pm
Taj Mahal and the Phantom Blues Band
“unplugged”
at Paepcke Auditorium 8 pm

Saturday August 17
AREDAY Summit from 8 am to 5:30 pm
Gala to benefit ACELI (AREDAY Climate & Energy Literacy Institute) 8 pm

Sunday August 18
AREDAY Summit 8 am to 12 pm
AREDAY EXPO downtown on Cooper Street Mall


Armutsbekämpfung hilft dem Weltklima, ist die Ökonomin Graciela Chichilnisky überzeugt. Eine CO2-Steuer sei keine Lösung

Armutsbekämpfung hilft dem Weltklima, ist die Ökonomin Graciela Chichilnisky überzeugt. Eine CO2-Steuer sei keine Lösung
Armutsbekämpfung hilft dem Weltklima, ist die Ökonomin Graciela Chichilnisky überzeugt. Warum eine CO2-Steuer keine Lösung für das Klimaproblem ist, sagte die Architektin des CO2-Handelssystems Günther Strobl.

STANDARD: Es gibt die Theorie, OECD-Staaten würden CO2-Emissionen in Länder wie China exportieren und so besser dastehen.

Chichilnisky: Das ist Fakt. Die Art, wie in China produziert wird, ist wirklich schmutzig. In Summe wird etwa gleich viel CO2 emittiert wie in den USA. Aber es sind viel mehr Menschen, die dort leben. Ein Chinese verbraucht im Schnitt einen Bruchteil der Energie eines Durchschnittsamerikaners.

STANDARD: China setzt aber weiter auf Kohle, die ja besonders schmutzig ist?

Chichilnisky: In China gibt es enormen Bedarf an zusätzlicher Energie. Peking verfolgt das Ziel, 500 Millionen Menschen in Städten anzusiedeln, die jetzt noch unter schwierigen Bedingungen auf dem Land leben. Wenn wir die globale Umweltkrise in den Griff bekommen wollen, müssen wir den Nord-Süd-Graben planieren. 80 Prozent der Weltbevölkerung leben in unterentwickelten Regionen. Armut ist die Hauptursache, warum begrenzte Ressourcen zu billig abgegeben und im Übermaß gefördert werden.

STANDARD: Zum Beispiel?

Chichilnisky: Billiges Rohöl verhindert, dass wir in großem Stil auf neue Technologien wie Solar umsatteln. Öl ist vergleichsweise billig, weil es großteils arme Länder sind, die es exportieren. Das Kräfteverhältnis zwischen Industrienationen und Entwicklungsländern ist krass.

STANDARD: Aber Öl wird wohl teurer werden.

Chichilnisky: Der Ölpreis wird, relativ betrachtet, sinken.

STANDARD: Wegen Schieferöls, das zusätzlich auf die Märkte drängt?

Chichilnisky: Noch einmal: Es ist die Armut, die den Preis von Rohöl bestimmt. Armut in Nigeria, Ecuador, Mexiko. Armut auch in Algerien und in vielen weiteren Ländern, die einen Großteil ihres Öls exportieren.

STANDARD: Länder wie Saudi-Arabien subventionieren den Treibstoff …

Chichilnisky: … und die sind nicht arm. Saudi-Arabien hat eine andere Motivation. Die trachten, dass Rohöl nicht zu teuer und von alternativen Energieformen abgelöst wird.

STANDARD: Sie sind die Architektin des Emissionshandelssystems. Sind Sie enttäuscht, wie es wirkt – sieben Jahre nach Einführung?

Chichilnisky: Ganz und gar nicht. Warum das Handelssystem in Europa nicht abhebt, hat einzig technische Ursachen. Es sind schlicht zu viele Zertifikate in Umlauf. Insgesamt funktioniert das System aber. Außer in Europa gibt es mittlerweile auch in Australien, Japan und China einen CO2-Handel. Kanada ist mit der Provinz Alberta ebenso dabei wie die USA mit Kalifornien.

STANDARD: Die aber nicht verbunden sind?

Chichilnisky: Märkte, die nahe beisammen liegen, haben die Eigenschaft, dass die Preise konvergieren, auch wenn die Märkte nicht direkt miteinander verbunden sind. Das trifft auch bei CO2 zu.

STANDARD: Emissionszertifikate wurden eingeführt, damit die Luft reiner wird. Jetzt passiert fast das Gegenteil – siehe Deutschland und der verstärkte Einsatz von Kohle?

Chichilnisky: Tatsache ist, dass die Kioto-Unterzeichnerstaaten ihre Emissionen seit 2005 um zwölf Prozent gesenkt haben. Die Kioto-Länder werden für etwas geprügelt, wofür sie nichts können – dass die Emissionen im Rest der Welt zugenommen haben.

STANDARD: Befürchten Sie nicht, dass der Preiscrash bei den Emissionszertifikaten das ganze System gefährdet?

Chichilnisky: Ich bin überzeugt, es gibt kluge Köpfe in der EU, die das zu verhindern wissen.

STANDARD: Was müsste geschehen?

Chichilnisky: Die Emissionsmenge pro Nation müsste gesenkt werden.

STANDARD: In der EU wird überlegt, 900.000 Zertifikate aus dem Markt zu nehmen. Gut?

Chichilnisky: Das ist eine andere Möglichkeit, dasselbe Ziel zu erreichen – nämlich höhere Preise pro emittierte Tonne.

STANDARD: Wäre es nicht besser, den CO2-Handel durch eine CO2-Steuer zu ersetzen?

Chichilnisky: Um das Problem der globalen Erwärmung zu lösen, muss man die Menge an emittiertem CO2 begrenzen. Mit CO2-Steuern geht das nicht. Solche Steuern funktionieren gut auf nationaler Ebene; global brauchen wir einen CO2-Markt – und Limits. (Günther Strobl, DER STANDARD, 26.3.2013)

Graciela Chichilnisky, geboren 1946 in Argentinien, lehrt Volkswirtschaftslehre und Mathematik an der Columbia University in New York. Sie gilt als Architektin des im Rahmen der Kioto-Mechanismen 2005 gestarteten Emissionshandelssystems. Das Magazin “Time” hat Chichilnisky 2009 als “Umweltheldin” bezeichnet. Die Autorin mehrerer Bücher und Fachartikel war auf Einladung des Wirtschaftsforschungsinstituts in Wien.


Climate Experts Forum: Was the first week a waste of time?

Below, you will find Graciela Chichilnisky’s response to the following question from the Climate Experts’ Forum:

There was progress last week on technical matters such as forestry credits, technology transfer and, importantly, the EU’s fast-start financing commitment – but now that the ministers have arrived, Copenhagen talks are getting down to the central issues of binding emissions agreements and long-term financing. Was last week largely a waste of time?

The first week of the Copenhagen summit was somewhat chaotic and mostly about positioning – not very helpful. From my point of view it was difficult but very valuable.

The first week of the Conventions of the Parties always focuses on ‘technical issues’ in preparation for the political ministers’ meetings during the second week. At Copenhagen the first week ended yesterday – Monday. After a long and arduous week of negotiations I was able to introduce new wording into the Clean Development Mechanism (CDM) about ”negative carbon” technologies that could qualify for funding under the carbon makret and CDM process that has allocated so far about $25bn to developing nations. Negative carbon is necessary for the low emitting nations – Africa, Latin America and the small island states – to get significant funding from the Clean Development Mechanism for clean development, adaptation and mitigation. This was not possible until now.

The new wording may change all this. So far CDM funding has mostly gone to the large emitters, such as China and India – because they have more emissions to reduce. Africa, for example, emits only 3% of the global emissions and has little to reduce. With negative carbon technologies however Africa could reduce 20% of the carbon in the atmosphere – namely it can reduce much more than it emits. On this basis the low emitter nations can be significant assisted by the CDM – and can become important contributors to resolving climate change risks.

There are several ‘negative carbon’ examples involving projects that reduce more carbon from the atmosphere than what they emit:

For example, REDD (reducing emissions from deforestation and forest degradation) is carbon negative, another example is a technology that “sucks carbon from air” and was recently advocated by Dr Pachauri of the International Panel on Climate Change as being necessary for averting climate change at this late stage of the game. One can build power plants that suck carbon from air, reducing atmospheric carbon while they produce electricity. With the wording we now introduced during the first week of the negotiations – I expect a solution for the climate negotiations that involves building power plants that suck carbon from air in Africa, Latin America and the small island states. This would involve a $200bn-a-year fund – underwritten by the OECD nations with private funding – for the purpose of building power plants in low emitter nations for development, adaptation and mitigation. This can also create new jobs and expand exports in the Organisation for Economic Co-operation and Development nations, all together a win-win solution for the world economy. A private-public fund of about $200bn a year would suffice to get positive results all around – a possibility that negative carbon technologies have now made possible. I will be working on this solutions from now on, as part of the CDM process.

Graciela Chichilniskyis the architect of the carbon market of the Kyoto Protocol and the co-author of Saving Kyoto.

To read all responses, please visit the Climate Experts’ Forum


Technologies Could Bridge Gap Between Wealthier, Poorer Nations

By Graciela Chichilnisky
Director, Columbia Consortium for Risk Management, and Professor of Economics and Statistics, Columbia University

The opportunity at this junction is for wealthy nations to help themselves while assisting developing nations to build their own energy infrastructure — and at the same time help avert climate change.

Developing nations need energy to protect themselves from the extremes of climate change, as well as to develop and fight against poverty. Adaptation and mitigation efforts need energy. The International Energy Agency reports that the largest increases in energy demand in the next decades will come from developing nations, rather than from wealthy nations.

This situation provides a uniquely profitable opportunity for U.S. energy industry to help build power plants where they are needed most, focusing the industry’s efforts in regions of the world with the largest increases in energy demand. Clean energy is of course a great new area of business, and it includes building solar, wind and other clean power plants, all of which increase energy available without producing emissions. The strategy is one of the smartest moves that the energy industry can make at this stage. As reported by Rep. Markey, for example, a recent McKinsey study noted that 80 percent of India’s 2030 infrastructure remains to be built.

This strategic opportunity for the energy industry was discussed since the first days of the Copenhagen conference.

But there is a further opportunity that has not yet been observed, and has the potential to transform the investment strategies of the energy industry worldwide while helping the poorest developing nations achieve funding for their infrastructure from the Clean Development Mechanism of the Kyoto Protocol. It could help resolve the current impasse between the industrial and developing nations about funding for adaptation and mitigation of the extreme damages produced by climate change.

All that is needed to achieve what is proposed here is the adoption of appropriate emissions limits to continue existing ones post 2013. Because of the carbon market, such limits will automatically unleash the positive business changes that reported below.

New technologies that suck carbon from air are available today, as reported recently by Dr. Pachauri, head of the Intergovernmental Panel on Climate Change. These technologies allow power plants that co-generate power production with carbon capture from air to be built. The approach has the ability to suck more carbon than what is produced, namely produce “negative carbon” – or a “carbon sink” namely an area that absorbs more carbon than it emits.

Power plants of this sort could be built with funding from the Kyoto Protocol Clean Development Mechanism, as they clean the atmosphere. The process can also be very profitable for the energy industry, as it adds the value of carbon credits to the value of the electricity sold when built in poor nations. This can make the world’s energy industry a best friend of the environment as well as a major investor in developing nations energy infrastructure.

The solution proposed here favors the wealthy nations’ energy industry, as it increases its exports and creates domestic employment. It also favors the developing nations who get to build new energy infrastructure. When coupled with the “negative carbon feature” that is mentioned above, this ensures that funding can be achieved from the Kyoto Protocol mechanism for regions such as Africa, Latin America and the Small Island States that until now could get little in terms of CDM investments. With this approach these nations can capture more carbon than they emit.

The approach is therefore attractive to developing nations as well as to private investors in developed nations who routinely invest in the energy field.

On this basis, I have proposed the creation of a $200 bn/year private fund to be underwritten by OECD nations (so as to reduce the largest slide of risk) designed to build power plants that suck carbon from air in the poorest nations of Africa, Latin America and Small Island States.

These plants can sell power as well as carbon credits, thus obtaining funding for their development. Developing nations from low emitting regions can be compensated with carbon credits for reducing more carbon than what they emit (negative carbon). The fund I propose could well become a solution for the current impasse in Copenhagen, as it will bring substantial funding and energy that are needed for adaptation and mitigation in developing nations. It will also favor employment creation and exports from OECD nations, and would be part of a strategy of focusing in demand growth areas that favors the world’s energy industry in OECD nations.

I welcome Rep. Markey’s response to the proposal presented here, and how it could perhaps help the passage of his excellent climate change bill when it goes to Senate.


Presentation at Washington University

At the invitation of Professor Norman Schofield, William Taussig Professor of Political Economy, Director of Center In Political Economy, of Washington University, Graciela Chichilnisky is presenting “The Global Commons” in his seminar series Center In Political Economy Seminar Series on Friday, October 21st, 2:30-3:30pm, at Washington University in St. Louis, One Brookings Drive, St. Louis, MO 63130. http://cpe.wustl.edu


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