Climate Change Is a Story of Market Failure

Stern Report: Climate change is the greatest example of market failure we have ever seen. If one could put a price on this, then actually the mechanics of market based economics will mean that those products will be priced out of the market allowing the introduction of less or zero carbon emitting energy technologies. The way which you tell the story of climate change influences the shapes, the type of interventions or the types of policies that you're likely to seek to pursue. What is needed here is not just putting a price on carbon but innovation challenge.