Business and Policy Leader Events
NYU Stern, The Economist and CFR.org Hold Debate on Global Issues: Energy and the Environment
On December 3, 2007, NYU Stern, The Economist and The Council on Foreign Relations.org, held a panel discussion on "Energy and The Environment," the second in a series of discussions of global issues that will have an impact on the upcoming US presidential election. Panelists Mark Tercek, Managing Director at Goldman Sachs and professor at Stern; Vijay Vaitheeswaran, reporter for The Economist who teaches at Stern; and Elizabeth Economy of the Council on Foreign Relations discussed issues of climate change, the involvement of business to affect change and China's role in global energy investment and security. The discussion was moderated by Mike Moran, Executive Editor of CFR.org, before an audience of students, alumni and business leaders.
Moran launched the discussion by revealing that Australia had received a standing ovation at this week's UN climate change meeting in Bali, when it agreed to ratify the Kyoto treaty. The US is now isolated as the only rich nation not in the pact. What does the next president need to do, he asked, to be a player on this issue? Tercek explained that the US is the largest emitter of greenhouse gases, and that the time is now for the next US president to put a stake in the ground on the issue. Regulation would give business the guidance to make smarter, long-term investments in their businesses and in alternative energy, but admitted that it is political suicide for a candidate to propose caps or taxes on carbon emissions that impose a short-term cost for a long-term gain. Vaitheeswaran agreed with the need for regulation, noting Republican governors in California, New York, and Massachusetts have enacted environmental policy, but that a broad national policy is needed. He summarized candidates' positions on the issue: Clinton, Edwards and Obama would like to reduce emissions by 2050, Guiliani and Romney have not committed and McCain endorses a free market solution. All of the panelists agreed that the next president must take a leadership role and take action.
Shifting to the topic of energy security and independence, Economy observed that China and the US were on the same policy page when it comes to subsidizing gasoline, with China providing even larger subsidies. The urbanization of China will increase demand by 350 percent by 2030 as 400 million people move from rural areas. Economy noted that China would like the US and other developed nations to share renewable-energy technology with poorer nations free-of-charge, an idea the US is resisting.
Moran then opened the discussion to audience questions that ranged from whether and how to hold business accountable to environmental standards, water rights, ethanol imports, "green" hedge funds and the affect of deforestation on carbon emissions.
Video Podcast:
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Moran launched the discussion by revealing that Australia had received a standing ovation at this week's UN climate change meeting in Bali, when it agreed to ratify the Kyoto treaty. The US is now isolated as the only rich nation not in the pact. What does the next president need to do, he asked, to be a player on this issue? Tercek explained that the US is the largest emitter of greenhouse gases, and that the time is now for the next US president to put a stake in the ground on the issue. Regulation would give business the guidance to make smarter, long-term investments in their businesses and in alternative energy, but admitted that it is political suicide for a candidate to propose caps or taxes on carbon emissions that impose a short-term cost for a long-term gain. Vaitheeswaran agreed with the need for regulation, noting Republican governors in California, New York, and Massachusetts have enacted environmental policy, but that a broad national policy is needed. He summarized candidates' positions on the issue: Clinton, Edwards and Obama would like to reduce emissions by 2050, Guiliani and Romney have not committed and McCain endorses a free market solution. All of the panelists agreed that the next president must take a leadership role and take action.
Shifting to the topic of energy security and independence, Economy observed that China and the US were on the same policy page when it comes to subsidizing gasoline, with China providing even larger subsidies. The urbanization of China will increase demand by 350 percent by 2030 as 400 million people move from rural areas. Economy noted that China would like the US and other developed nations to share renewable-energy technology with poorer nations free-of-charge, an idea the US is resisting.
Moran then opened the discussion to audience questions that ranged from whether and how to hold business accountable to environmental standards, water rights, ethanol imports, "green" hedge funds and the affect of deforestation on carbon emissions.
Video Podcast:
Get the Flash Player to see this player.