"Humankind’s failure to pay for damaging the environment is the "biggest market failure ever seen," declared Sir Nicholas Stern, the author of last year’s groundbreaking report on climate change and former adviser to Tony Blair.
Sir Nicholas called for higher taxes on fuel to combat environmental damage yesterday at a summit of business and political leaders in Davos, Switzerland.
As reported by The Guardian (U.K.), the issue of global climate change dominated the agenda of the first day of the
World Economic Forum’s annual meeting.
Making the environment pay is one of 17 sessions focusing on climate
change this week. According to The Guardian, a majority of attendees at a standing room-only
session yesterday backed Sir Nicholas’s contention that carbon taxes
were a force for good and twice as many of the high-level attendees
said environmental protection should be a priority for world leaders as
did a year ago.