Energy companies in the US, already unhappy about the new administration’s dim view of offshore continental shelf drilling, will not be cheered by comments from Todd Stern. In an FT interview published today, the US chief climate negotiator warned that companies making carbon-intensive investments could live to regret it, as measures to reduce carbon emissions are introduced.
“How good will the business judgment of companies that make high-carbon choices now look in five, 10, 20 years, when it becomes clear that heavily polluting infrastructure has become deadly and must be phased out before the end of its useful life?”
He also talked about the challenges of agreeing to multi-lateral aid to help poorer countries cut their emissions.
“We are in the middle of trying to work through how a financing package might be constructed … There might be some that comes from public monies, appropriated monies, but I do not think that will be the core of it. We will doubtless need to use carbon markets in one fashion or another.”