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US: High-carbon gambles will not pay off, businesses told

Date: 13 Apr 2009

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The US lead negotiator on climate change, Todd Stern, has warned industry that money spent on high-carbon infrastructure is likely to be wasted within a few years as such business becomes untenable in the light of future global agreements.

Business that want to be able to show investors that they had made wise investments in five or ten years time need to explore all possible options for lower-carbon alternatives for their business model, he said. He included areas such as coal-fired power stations and cars with high fuel consumption as examples.

Stern told the Financial Times that a new treaty would be expected to include developing countries, and providing financing for such countries might well include the use of carbon markets.

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