At the Copenhagen harbour, a statue of the little mermaid sits, as if to remind us all of the tragic fate that awaits the hopeful. And just like in the fairytale, ideals vanished into thin air at the COP 15 last month, as world leaders failed to establish any binding consensus on climate change. All is not lost. Some politicians, analysts and activists are still holding out for the alternative happy ending to the tale, where politicians will ratify an international agreement at the next COP convention… and if not, the one after that. But for those who have no time to waste on the romantic ideals of forging a global mandate, market mechanisms in carbon trading may still be our next best bet.
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Copyright © Singapore Management University 2012
Banking on markets to save the post-Nopenhagen world. (2009). Knowledge@SMU.
Available at: http://ink.library.smu.edu.sg/ksmu/4