French President Sarkozy wants bigger 'green' economy - by Angela Charlton
French President Nicolas Sarkozy said Friday the fight against climate change needs massive new amounts of private investment and globally regulated "green" markets to succeed. About 90 percent of the money for fighting global warming will come from the private sector over the long term, Sarkozy said at climate talks in Paris with the world's biggest polluters. Mobilizing a few hundred million euros, or dollars, is not enough, he said, adding that the international community must "massively redirect financial flows toward this new low-carbon economy." The U.S.-sponsored talks in Paris this week are aimed at ironing out disagreements among leading economies such as the United States, the European Union, China and India over how to reduce global warming. They are meant to feed broader U.N. efforts to work out a follow-up plan to the 1997 Kyoto Protocol, which requires signatories to reduce emissions of heat-trapping gases that contribute to global warming.
Sarkozy also said the carbon credit market and other environmental financial tools currently used in Europe should be "globalized and regulated." Karsner, however, said he saw little need for a globalized carbon market.
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