The Hill Times
LONDON, U.K.—It’s hard to imagine a less plausible venue for the annual UN-sponsored conference on climate than the dictatorial petrostate of Azerbaijan. Baku, the capital, has a walled medieval centre that’s worth a day or two, but offshore the shallow Caspian Sea is littered with a century’s worth of old and new oil wells.
That deal expires this year, and a much bigger deal has to take its place. The economists have been hard at work for the past couple of years, and they have come up with a new target of US$2.4-trillion a year to cover all the extra costs of ensuring that the developing countries install clean energy rather than fossil fuels.
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