MADRID
Saving the planet takes money, and lots of it. Money is both the theme and the subtext of the latest round of UN climate talks being held here—a vast river of cash flows through the UN climate process. Formally, the meeting is about nailing down one of the more obscure provisions of the Paris Agreement: Article 6, which provides for market-based instruments so that countries can trade their way out of their decarbonization commitments. Billions of cross-border dollars and transaction fees hang on the outcome.
With the negotiations concerning mind-paralyzing definitions of interest only to the most intrepid climate geeks, business and finance leaders could wind up taking center stage. When they first started coming to climate conferences, it was to observe and advise. Now it's to show-and-tell their green virtue. “Momentum is there,” declared Paul Polman, the former Unilever CEO. “Climate change is the biggest business opportunity of all time.” We're close to several policy tipping points, he suggested.
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