CLIMATE change is “the greatest market failure the world has ever seen”. That is the view of no less an authority than Nicholas Stern, former chief economist at the World Bank, and he has a point. As long as the market exacts no penalties from companies or industries that emit the gases that are beginning to transform the planet’s climate, it can do nothing to keep pollution in check as economies grow. So is there some way to fix the market so that it punishes polluters and encourages greener growth?
The world has just embarked on an audacious experiment to…
