UNGA Discusses Role of Global Private Investments in Climate Change

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