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Article

8 Oct 2007

Author:
James Smith, UK chairman of Royal Dutch Shell, in BBC News

Firms 'need clear climate policies'

Long-term thinking has never been more important in the energy industry… [C]arbon dioxide (CO2) emissions are set to rise even faster than demand for energy, unless we take quick action… Governments must urgently provide policies that encourage investment in new technologies and energy conservation. These policies fall into three broad categories: regulations for energy efficiency; putting a price on CO2 emissions; and targeted incentives to speed up the development of promising new technologies… A good way to put a price on CO2 and to force reductions is to implement a "cap-and-trade" system. Such a system puts a cap on the CO2 emissions a company is allowed to emit; and the cap gets reduced over time.