UN Climate Chief Skeptical about Global Carbon Tax. Why? Well it would cost $100 billion a year for starters!

The head of the U.N. Framework Convention on Climate Change Yvo de Boer said on Wednesday “I personally am skeptical on the notion of global carbon taxes.” The very same official however, claimed that taxes on a national level, as well as laws capping carbon emissions are possible and indeed are good for business.

The United Nations HQ in New York.

Speaking at a news conference during the first full-scale U.N. meeting dedicated to climate change, de Boer Claimed that international taxes would take too much time to implement citing the Netherlands’ environmentally friendly tax. He added that national taxes didn’t offer predictable progress against climate change, but predictable revenue, which would reach the UN even later.

He favoured so-called cap-and-trade laws, which limit carbon emissions and offer a way for those who emit more than the limit to buy carbon credits from those who emit less.

The U.N. Intergovernmental Panel on Climate Change has said climate-warming emissions must be reduced by 50 percent by 2050. Without investment, emissions could double.

Globally, de Boer predicts that we will probably invest $20 trillion over the next 20 to 25 years to meet the energy demand that goes with economic growth. To make these investments “green” would require an additional investment of perhaps $100 billion a year, he said.

Reuters reported that de Boer said he was:

“ encouraged by comments at this meeting from developing nations that recognize the need to combat climate change — which hits the world’s poorest countries disproportionately hard — even as their economies grow.”