Angela MacDonald-Smith of Bloomberg News reports that Russell Caplan, chairman of Royal Dutch Shell in Australia called for global carbon trading to set a price on carbon and allow for investments in new energy-supply projects while reducing emissions. According to the article, which appeared in yesterday's International Herald Tribune, Caplan said Monday at the Asia-Pacific Economic Cooperation energy business forum in Darwin, "that while the European Union's carbon trading system is 'a good start,' a worldwide plan is required."
"'Market mechanisms are likely to be the most effective means of implementing change,' Caplan said at the forum. 'Trading needs to become global to become truly effective and establish a clear market price for CO2 that will be factored into the investment evaluations of the new technologies and energy conservation measures that we need for a low-carbon future.'"
Read the full article here: Energy
Access Mr. Caplan's speech: Caplan