China will have a cap-and-trade system to limit its emissions by about 2015 as the world’s biggest polluter takes a lead role in developing clean energy, London School of Economics professor Nicholas Stern said.
China’s rising carbon dioxide emissions must return to today’s level by 2030 if warming since pre-industrial times is to be kept to 2 degrees Celsius (3.6 degrees Fahrenheit), London School of Economics professor Nicholas Stern said.
Countries that fail to adapt their economies to “cleaner” technologies are likely to lose export markets to those that do, said Nicholas Stern , former chief adviser on climate change to the U.K. government.
China is taking the lead in a new industrial revolution that will curb greenhouse gases, said Nicholas Stern , the London School of Economics professor who wrote the U.K. government report on the costs of cutting pollution.
The U.K. appointed Nicholas Stern, a former World Bank chief economist, to counsel the government on setting up a planned Green Investment Bank to expand industries that promote economic growth while curbing climate change.
U.S. Treasury Secretary Timothy F. Geithner said China needs to continue to allow its currency to gain, adding that the world’s second-largest economy is “very supportive” of the Group of 20 nations’ framework on reducing global imbalances.