Canada’s repudiation of its commitments under the Kyoto Protocol could harm its economy in coming years, warns the head of the United Nations Environment Program.
Achim Steiner says Canadian business could be left out of major profit opportunities created by an international emissions trading system that he predicts will be worth $100 billion in 10 years.
Steiner, a German who took over as UNEP executive director earlier this year, said there was disappointment with Ottawa’s stance at the UN Climate Conference that has just ended in Nairobi.
He predicted Canadian investors will press for greater certainty about the government’s intentions. “I think the best answers will come from the corporations.”
Steiner added in an interview that there’s nothing wrong with making profits if the result is lower emissions; that is precisely to purpose of the Kyoto Clean Development Mechanism, which allows companies to generate and trade carbon-emissions credits. “Frankly, some people will make money.”