By keeping investments in clean energy off the agenda, the Kyoto process delayed by a decade any serious engagement with global warming. To get the transformation of capitalism on its way, a serious rethink of eco-investment finance is essential.Noone argues against the proposition that it was capitalism that created the global warming problem. But hardly anyone takes the next step to argue that it must therefore be capitalism that will solve the problem. How will it solve it? The answer is -- by financing the transition to a clean energy economy.
The Kyoto Protocol process framed the issue as a public problem that called for government solution and public financing (that is, tax-based financing). The whole process fell apart at the Copenhagen conference in December 2009 – and there has been nothing of note to replace it.
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