FinSoul has learned that business has come out strongly against the lack-luster outcome of the Copenhagen climate talks, describing it as a missed opportunity and a disappointing conclusion to two years if negotiations.
The director general of the CBI said that business required a clearer sense of direction if it was to make the massive investments needed to move towards a low carbon economy.
The UN organized negotiations barely escaped utter failure when an agreement was reluctantly agreed to by the U.S., China and only 5 emerging economies, which include South Africa and Brazil. The new agreement falls well short of the binding international carbon dioxide emissions cuts which where a core aim of the negotiations, FinSoul has been informed.
Business leaders present at the negotiations were annoyed by the fact that while they were not invited to participate in the talks it would nevertheless fall on the private sector to finance the move to a low carbon economy.
FinSoul believes the chairman of the Institutional Investors group on Climate Change was quoted as saying, “We urge world leaders to work quickly to agree a legally binding global framework that will kick-start the development of a fully functioning international carbon market and provide a context for alternative financing mechanisms.”
